The global tissue diagnostic market demonstrates fragmented structure owing to presence of small and large players, finds Transparency Market Research (TMR). The manufacturers are highly focused towards mergers and acquisitions, collaboration and partnership in order to expand their global outreach. The new companies with potential expertise exist in the global tissue diagnostic market. Some of these players operating in the global tissue diagnostic market are Thermo Fisher Scientific Inc., Becton Dickinson & Co. and Roche Diagnostics.
As per a report published by TMR, the global tissue diagnostic market is likely to expand at strong CAGR of 9.50% during the course of forecast period from 2016 to 2024. The global market is likely to touch valuation of US$8.02 bn by the end of 2024.
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Based on End user, the hospital segment dominate global tissue diagnostic market owing to the high efficiency of hospitals to incorporate innovative technologies, along with a large volume of processes carried out for monitoring, disease diagnosis, and treatment. From a geographical point of view, North America dominate global tissue diagnostic market owing to highly advanced pharmaceutical industry as well as biotechnology sector in the region. The North America market is likely to be dominating economy owing to increase in research and development activities in the region.
Increasing prevalence of cancer is expected to propel demand for global tissue diagnostic market in the coming years. The rapid advancement in healthcare infrastructure is other prime factor positively stimulating overall growth of the global tissue diagnostic market. In addition, rising awareness quantities and qualitative analysis of tissue sample is one of the major factor positively augmenting towards growth of the global tissue diagnostic market in the coming years. The growing number of geriatric population is other factor propelling demand for the global tissue diagnostic market as the elderly population are highly vulnerable to disease and need regular checkup and this is other factor positively stimulating demand for global tissue diagnostic market in year to come. Other factors for instance standardization process for anatomic pathology laboratory and enhancement in laboratory workflows are some of the key factor positively stimulating market growth in the year to come.
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The rising need for better treatment of cancer patients and growing healthcare infrastructure are some of the major factor positively augmenting towards growth of the global tissue diagnostic market. Procedures used for identifying cancer such as imaging technology and computer-aided diagnostics (CAD) systems are also predicted to positively propel the tissue diagnostics market in the coming year. These are some of the factor positively driving demand for global tissue diagnostic market.
On the other hand, unfavorable reimbursement process and introduction of new method to treat disease and high cost associated with the tissue diagnostic is hampering overall growth of the global tissue diagnostic market in the coming years. Late authorizations for new methods of treatment as well as other potential tests by the Food and Drug Administration (FDA) are some of the key factor majorly hampering overall growth of this market in the year to come. In addition, the FDA approvals takes more time than normal, and may also cost high and this aspect may likely to limit market growth in the near future. However, the increasing awareness among the population regarding the tissue diagnostic in developing and developed region is propelling overall growth of this market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Tissue Diagnostic Market (Product Type – Instruments and Kits; Technology – Immuno Histochemistry, In-Situ Hybridization, Digital Pathology, and Special Staining; End User – Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, and Research Laboratories) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024.”
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