Certain factors that are driving the market growth include technological advancements and the increasing prevalence of chronic and infectious diseases.
Research is observing innovation and collaboration across specialties, including pathology, for developing new medical discoveries, which are to improve health. New drug and biomarker discovery largely depends on tissue pathology and the analysis of large volumes of tissue samples. Moreover, gene expression analysis has opened up new horizons of opportunity.
In addition, digital pathology and tissue image analysis tools have become essential in developing companion diagnostics and enabling pathologists to support clinical decisions. Companion diagnostics help in determining the patients to respond to therapy, but while detecting predictive biomarkers has been a strong focus for the industry that develops these invaluable tools, identifying and developing robust companion diagnostics is still a very challenging process.
Key Market Trends
Disease Diagnostics is Expected to Hold Significant Market Share in the Application Segment
Clinical pathology refers to the medical specialty that is concerned with the diagnosis of disease based on the laboratory analysis of bodily fluids such as blood and urine, as well as tissues, using the tools of chemistry, clinical microbiology, hematology, and molecular pathology. A complete and accurate pathology report is crucial to getting a precise diagnosis and deciding on the best treatment plan for anyone.
For example, the pathologist determines the precise type and severity (stage) of cancer and may also work with other members of the care team to recommend a treatment strategy that could include observation, surgery, chemotherapy, radiation therapy, or a combination of these approaches. Hence, the rising prevalence of such diseases is expected to directly contribute to the market growth.
North America is Expected to Dominates the Market During the Forecast Period
Over the past decade, the prevalence of various chronic as well as infectious diseases in North America has increased. According to the Journal of the American Medical Association, the practice of pathology in the United States is the application of all laboratory sciences to the prevention, diagnosis, treatment, and follow-up of the disease.
However, the National Intitute of Health has stated that the workforce of US pathologists has declined approximately 17% from 2007 to 2017, of all US physicians, while the number of physicians and the population overall continued to increase. Hence, the obvious place for the growth of pathology work is in precision medicine, which relies heavily on diagnostic genetics, and is booming. All such factors are generating a huge unmet opportunity for market growth across the region.
The global pathology devices market is moderately fragmented and consists of a few major players. Companies like Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Danaher Corporation, Definiens, Hamamatsu Photonics, Mikroscan Technologies, Ortho-Clinical Diagnostics, Roche Diagnostics, Thermo Fisher Scientific, among others, hold the substantial market share in the Pathology Devices market.
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