According to the new market research report " anatomic pathology market by Product & Service (Instruments (Tissue Processing Systems, Microtome), Consumables (Reagent & Antibodies), Histopathology, Cytopathology), Application (Disease Diagnosis, Drug Discovery & Development) - Forecasts to 2021", published by MarketsandMarkets™, The anatomic pathology market was valued at USD 16.2 Billion in 2016 and poised to grow at a CAGR of 6.1% between 2016 and 2021, to reach USD 21.9 Billion in 2021.
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The high incidence of cancer and other target diseases, availability of reimbursement, and the growing focus on personalized medicine are the major factors driving the growth of the anatomic pathology market.
Market segmented into :
By product & service, the market is segmented into services, instruments, and consumables. The services segment accounted for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the availability of reimbursements for diagnostic tests, rapid growth in the geriatric population, and the increasing incidence of cancer and other chronic diseases.
Based on application, the market is segmented into disease diagnosis and medical research. The market for disease diagnosis is further segmented into cancer and other diseases. In 2018, the disease diagnosis segment accounted for the largest market share. This can be attributed to the rapid growth in the geriatric population and the increasing incidence of cancer and other chronic diseases.
Based on region, the market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest market share, followed by Europe. The easy accessibility to advanced technologies, government initiatives for screening cancer patients, favorable reimbursement scenario for anatomic pathology diagnostic tests, increasing healthcare expenditure, and the presence of high-quality infrastructure for hospitals and clinical laboratories in the region are the major factors driving the growth of the market in North America.
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Geographical Growth Analysis:
Based on region, the market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest market share, followed by Europe. The easy accessibility to advanced technologies, government initiatives for screening cancer patients, favorable reimbursement scenario for anatomic pathology diagnostic tests, increasing healthcare expenditure, and the presence of high-quality infrastructure for hospitals and clinical laboratories in the region are the major factors driving the growth of the market in North America.