Tissue Diagnostic Market to Reach a Valuation of US$8.02 bn by the End of the Forecast Period 2016 – 2024
Global Tissue Diagnostic Market: Snapshots
The rising prevalence of the cancer is likely to propel the growth of the global tissue diagnostic market in near future. The development of infrastructure in the healthcare and medical sector is another factor attributing to the overall growth of this market in near future. Additionally, increasing awareness about the qualitative and quantities analysis of the tissue samples, high awareness about tissue diagnosis and the discovery of the specific target antibodies in the biopharmaceutical sector are some of the important factor driving the growth of the global tissue diagnostic market in coming years. Also, the increasing need for improvement in healthcare infrastructure and the better treatment of cancer patients have positively upsurge the demand of the tissue diagnostic over the forthcoming years.
Apart from the cancer cases, the geriatric population may likely to influence the growth of the tissue diagnostic market, across the globe. Also elderly population are highly vulnerable to disease and requires medical check-up on the regular basis. This could be another factor augmenting the demand of the tissue diagnostic market, globally.
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On the other hand, the delay approval of new treatment and other potential test by the Food and Drug Administration (FDA) hampers the growth of the tissue diagnostic across the globe. Also, despite high expense of the diagnostics, growing awareness, and rise in merger and acquisition, innovation and rise in disposable income could be some important factor influencing the expansion of the market in near future.
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.
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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.
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.
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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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