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Tissue Diagnostics Market Trends – Rising prevalence of chronic, lifestyle, and hereditary disorders in addition to improved availability of advanced technology
— Emergen Research
VANCOUVER, BRITISH COLUMBIA, CANADA, June 19, 2023/EINPresswire.com/ — The tissue diagnostics market was valued at USD 4.94 billion in 2021 and is anticipated to grow at a 6.6% CAGR in terms of revenue over the next five years. The steadily rising incidence of cancer worldwide can be linked to the steady market revenue rise of tissue diagnostics. Over 10 million fatalities, or roughly one in every six, will be attributable to cancer in 2020, making it the leading cause of death worldwide. The most common malignancies are those of the lung, breast, colon, prostate, and rectum. A tissue diagnosis is one of the gold standards for cancer diagnosis.
Spatial tissue analysis is one of the most fascinating fields of biological research right now, and it goes well beyond the basic tissue pathology that is routinely used in clinical practice. Many firms are investigating high multiplex techniques, which combine and image tens or hundreds of probes to provide a more comprehensive nucleic acid or protein profile. The opportunity is to incorporate some of this developing knowledge and technique into diagnostics and create powerful next-generation tissue diagnostic systems with considerable throughput and rapidly discover various genomic and proteomic targets at appropriate resolution without sacrificing throughput, hence bringing new technology to the market.
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The rising cancer incidence is one of the primary drivers of the tissue diagnostics industry. Cancer is one of the main causes of mortality worldwide, according to the World Health Organisation (WHO), with around 9.6 million deaths recorded in 2018. Tissue diagnostics allows for the precise identification and characterization of malignant tissues, which aids in early detection and treatment planning. The growing emphasis on early cancer detection and personalised therapy has increased demand for tissue diagnostics.
Furthermore, technological breakthroughs have revolutionised tissue diagnostics, resulting in greater accuracy and efficiency in disease diagnosis. Laboratory process automation and digitization have streamlined operations, reduced turnaround times, and improved diagnostic result quality. Immunohistochemistry, in situ hybridization, and molecular pathology are examples of advanced techniques that have improved the possibilities of tissue diagnostics, allowing the detection of specific molecular markers and genetic disorders.
Moreover, surge in participation in shooting sports is also positively impacting market growth. Rising demand for high precision, lightweight, and compact weapons at these events is expected to continue to propel growth of the market going ahead. Increase in demand for weapons for self-defense and upsurge in political instability is various countries is further fueling growth of the market. Trade of Tissue Diagnostics are playing a crucial role in economies of countries with civil wear situations, and where need for increasing security personnel is crucial.
Some players analyzed in the report are:
F. Hoffmann-La Roche Ltd., Danaher, Thermo Fisher Scientific Inc., Abbott, Agilent Technologies, Inc., Merck KGaA, Sakura Finetek Japan Co., Ltd., Abcam plc., BD, Bio SB
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Some Significant Report Highlights:
On 28 May 2021, following regulatory approval in the United States as a companion diagnostic to aid in the identification of Non-Small Cell Lung Cancer (NSCLC) patients who could be eligible for therapies with LUMAKRASTM (sotorasib), a recently approved therapy developed and marketed by Amgen Inc., QIAGEN N.V. announced the expansion of Companion Diagnostic (CDx) claims for the therascreen KRAS RGQ PCR Kit (therascreen KRAS Kit).
The consumables segment is expected to account for the largest revenue share during the forecast period which is attributed to a recurrent need for consumables as well as research and increased production for generating innovative reagents as well as other consumables. Sakura Finetek USA, Inc., for example, announced a significantly expanded reagent and consumables Catalog for the Tissue-Tek Genie Advanced Staining System on 30 October 2020.
The Immunohistochemistry (IHC) segment is expected to account for the largest revenue share during the forecast period owing to the rising frequency of cancer diagnosis, favorable reimbursement policies for IHC-based tests, and new advancements in IHC. Cell IDx, for example, announced the availability of new chromogenic multiplex IHC kits for manual staining of human FFPE tissue segments on 21 February 2020. This simple, rapid, out-of-the-box solution enables researchers to stain, scan, and analyze in a single day, making it a great complement to their current fast BOND RX-optimized Chromogenic Multiplex IHC Kits.
Market in North America is expected to account for the largest revenue share during the forecast period, which is attributed primarily to rising prevalence of chronic, lifestyle, and hereditary disorders in addition to the improved availability of advanced technology. Pathologists, for example, are starting to use software tools to help in cancer detection as artificial intelligence makes its way into hospitals and laboratories. Paige, based in New York, has developed several computer-aided cancer screening methods.
Key Reasons to Buy This Report:
Comprehensive Market Analysis: This research includes an in-depth examination of the tissue diagnostics market, including an industry overview, market size, and growth forecasts. It covers a wide range of segments, including product type, technology, application, end-user, and region, to provide you with a thorough overview of market dynamics.
Insights into Market factors: The study focuses on the important market factors driving the tissue diagnostics industry, such as the rising prevalence of cancer, developments in diagnostic procedures, and rising desire for personalised medicine. Understanding these drivers can assist you in identifying profitable possibilities and making sound business decisions.
Restraints and problems: In addition to the drivers, the report covers the restraints and problems that the tissue diagnostics industry faces. It addresses concerns such as limited access to healthcare institutions and excessive diagnostic test costs. Recognising these obstacles allows you to develop methods to overcome them and reduce potential hazards.
Identification of major Factors: The study highlights the major factors driving the tissue diagnostics market. It goes into topics such as research and development, companion diagnostics development, and the integration of artificial intelligence and machine learning techniques. This knowledge will assist you in staying ahead of the competition and capitalising on emerging trends.
Statistics from Government Organisations: The study contains statistics from well-known government organisations such as the World Health Organisation, the National Cancer Institute, and the European Society of Pathology. These figures provide accurate and trustworthy insights into the current situation of the tissue diagnostics market, assisting you in your market analysis and strategic decision-making.
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In addition, the analytical data are presented in a well-organized format in the form of charts, tables, graphs, figures, and diagrams in the report. This makes it easier for readers to comprehend the market scenario in a beneficial way. In addition, the report aims to provide a forward-looking perspective and an instructive conclusion to assist the reader in making profitable business decisions. The report concludes with a comprehensive SWOT and Porter’s Five Forces analysis of the segments anticipated to dominate the market, regional bifurcation, estimated market size and share, and more.
On the basis of type, the market is segmented into
Product Outlook (Revenue, USD Billion; 2019–2030)
Consumables
Instruments
Technology Outlook (Revenue, USD Billion; 2019–2030)
Immunohistochemistry (IHC)
In Situ Hybridization (ISH)
Digital Pathology & Workflow Management
Special Staining
Disease Outlook (Revenue, USD Billion; 2019–2030)
Breast Cancer
Gastric Cancer
Lymphoma
Prostate Cancer
Non-Small Cell Lung Cancer
Others
The report further divides the Tissue Diagnostics market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Tissue Diagnostics market.
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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