Tissue Diagnostic Market is Rising to a Valuation of US$8.02 bn by the End of the Forecast Period
In a recent report by Transparency Market Research (TMR), the global tissue diagnostics market is anticipated to gain a remarkable boost across the globe. This is mainly because of the rising prevalence of cancer. Another important factor responsible for boosting the global tissue diagnostic market is infrastructure development of healthcare and medical industry. Only new players with potential and expertise can exist in the market.
Some of the leading players in the global tissue diagnostic market are Roche Diagnostics, Thermo Fisher Scientific Inc., Agilent Technologies, 3DHISTECH, and Becton Dickinson & Co. These companies are substantially focused on mergers and acquisitions for sustaining their dominance in the market.
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As per the TMR report, the global tissue diagnostic market is estimated to exhibit a 9.50% CAGR within the forecast period of 2016 to 2024. The value is presumed to be valued at US$8.02 bn by the end of the forecast period.
Market to Witness Growth due to Rising Number of Cancer Cases
The global tissue diagnostic market is driven mainly because of the rising cases of cancer all over the world. It is assumed that on a global scale, one out of six deaths is due to cancer. This turns out to be a powerful factor increasing the growth for tissue diagnostic market globally. Apart from cancer cases, the growing number of geriatric population may also increase the demand for world tissue diagnostic market since elderly people are highly vulnerable to diseases and require medical care almost on a regular basis.
With the rising need for better treatment of cancer patients, the improvement in healthcare infrastructure has been noticeable. This may have a positive impact the tissue diagnostic market at a global level. Devices used for detecting cancer like computer-aided diagnostics (CAD) systems and imaging technology are also foreseen to positively influence the tissue diagnostics market.
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Delayed Approvals from FDAs Restricting Market Growth
An important factor that may restrict the growth of the tissue diagnostic market is delay in introduction of new treatment, and unfavorable reimbursement. Delayed approvals for new methods of treatment and other potential tests by the Food and Drug Administration (FDA) restricts growth. Apart from this, cost of healthcare essentials like diagnostic tests and high treatment charges are also anticipated to hamper the development of the tissue diagnostic market. Usually FDA approvals takes more time than usual, and may also attracts massive expense.
Despite delayed approvals and high cost expenses, rise in mergers and acquisitions, innovation, growing awareness, economic development and increasing disposable income are major factors leading to the expansion of the market. There is an increase in awareness about tissue diagnostic in developing countries. Apart from that, rising trend of both quantitative and qualitative tissue sample analyses along with targeted specific antibody discoveries in biopharmaceutical industries are expected to boost the global tissue diagnostic market.
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