Anatomic Pathology Market

Anatomic Pathology Market Size (2023 to 2028)

As per our report, the global anatomic pathology market is predicted to reach USD 29.48 billion by 2028 from USD 21.86 billion in 2023. The market is forecasted to grow at a CAGR of 6.16% during the forecast period. The use of anatomic pathology with biomarkers in diagnosing cancer is hugely impacting the market's growth rate positively.

Anatomic Pathology Market Share Insights:

• Based on product type, the instruments segment led the anatomic pathology market in 2022.

• Based on the end-user, the diagnostics lab segment dominated the anatomic pathology market in 2022.

• Based on the application, the lymphoma segment led a significant share of the anatomic pathology market.

• The Asia Pacific anatomic pathology market is projected to showcase the fastest CAGR of 8.09% during the forecast period.

MARKET DRIVERS:

The rising aging population worldwide and increasing incidences of chronic diseases due to changes in food habits and lifestyle are primarily accelerating the global anatomic pathology market.

Y-O-Y demand to improve the diagnostic procedures in clinical centers, increasing concern towards health and priority for early diagnosis and a rise in disposable income in urban areas is expected to boost the market’s growth rate. The growing adoption of the latest technologies and the launch of innovative techniques in the medical sector are estimated to favor the anatomic pathology market growth. In addition, the growing prevalence of effective treatment procedures and the promotion of the patient's well-being after surgeries create opportunities for the anatomic pathology market. Increasing investments in hospital construction by the government is likely to bolster the anatomic pathology market.

MARKET RESTRAINTS:

The shortage of skilled professionals to examine tissues and cells accurately in anatomic pathology in some countries is hampering the growth rate of the worldwide market. The high cost associated with diagnostic tests for anatomic pathology is another key factor hindering market growth. Unfavorable reimbursement policies for anatomic pathology tests in some countries are impeding market growth. The slow adoption of new technologies and stringent regulatory environment for anatomic pathology is further impacting the market growth negatively. Limited access to technological advancements in underdeveloped and developing countries, changing healthcare policies, and ethical and legal issues related to patient privacy and consent are limiting the growth rate of the market.

Impact of COVID-19 on the anatomic pathology market:

The anatomic pathology market has experienced a mixed impact from the COVID-19 pandemic. On one side, the demand for anatomic pathology tests has grown notably during the COVID-19 pandemic to test the presence of the virus in the human body, which has favored market growth. On the other side, the COVID-19 pandemic has created severe disruption in the supply chain ecosystem and caused a decline in the growth rate of the anatomic pathology market due to the shortages of essential supplies and materials for anatomic pathology labs. During the COVID-19 pandemic, the anatomic pathology labs have had to work continuously to address the increased need to test COVID-19 cases and the anatomic pathology labs have increasingly invested amounts to provide security in terms of PPE kits to the workforce. Likewise, the COVID-19 pandemic has shown a mixed impact on the growth of the anatomic pathology market. However, considering the reduced impact of COVID-19 impact and increased habituation of new normalization by people and companies, the global market for anatomic pathology is predicted to showcase a healthy CAGR in the coming future.

REPORT COVERAGE:

The global anatomic pathology market has been segmented in this research report based on the product type, end-user, application, and region.

Anatomic Pathology Market - By Product:

• Instruments
• Accessories 

Based on product type, the instruments segment led the anatomic pathology market in 2022. Changes in lifestyles and food habits, a rise in the incidences of various health disorders, and growing expenditure on healthcare are majorly elevating the growth of the anatomic pathology market. In addition, in the medical sector, there is a growing need to improve diagnostic procedures and analyze the issue with a clear vision to promote effective treatment for the patient, significantly influencing the market growth.      

Anatomic Pathology Market - By End-User:

• Diagnostics Lab
• Physicians' Office Lab
• Hospitals

Based on the end-user, the diagnostics lab segment dominated the anatomic pathology market in 2022. Increasing support from private and public organizations in healthcare centers is accelerating the market's demand. Growing awareness of the availability of various diagnostic procedures for many health disorders is likely to outshine the market's growth. In addition, the rise in the number of research institutes in the medical sector is lavishing the development of the anatomic pathology market.

Anatomic Pathology Market - By Application:

• Lymphoma
• Breast
• Lung
• Cervical
• Colorectal
• Prostate

Based on the application, the lymphoma segment led a significant share of the anatomic pathology market owing to the growing adoption of the latest technology in diagnosing and treating the disease. Increasing disposable income, especially in urban areas, and the growing tendency to launch innovative devices in favor of the end-users are ascribed to bolstering the growth of the anatomic pathology market. The rise in the revenue in developed and developing countries also magnifies the significant growth rate of the anatomic pathology market.

Anatomic Pathology Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Geographically, the North American anatomic pathology market accounted for the leading share in the global market in 2021. The rise in awareness of diagnostic procedures is driving the growth of the anatomic pathology market in North America. Besides, the growing number of research institutes to improve performance boosts the market's demand. As a result, the U.S. is expected to account for most of the share in the North American market during the forecast period.

The APAC anatomic pathology market was right behind the North American market in accounting for the leading share worldwide in 2021 and is predicted to register the fastest CAGR during the forecast period. The growing geriatric population is one factor outshining the business's demand. Also, increasing hospitals' construction with the latest equipment is broadening the growth of the anatomic pathology market.

The Europe anatomic pathology market witnessed the fastest growth rate in the past few years, and it is deemed to have a significant growth rate in the coming years. Furthermore, acceptance of the latest technologies and implementation of new devices at a high success rate is escalating the European market demand.

The Latin American anatomic pathology market is forecasted to grow at a CAGR of 6.93% from 2022 to 2027.

The anatomic pathology market in the Middle East and Africa is expected to have slight variations in the growth rate.

KEY MARKET PLAYERS:

Noteworthy companies in the global anatomic pathology market profiled in this report are F. Hoffmann-La Roche AG, NeoGenomics Laboratories Inc., Laboratory Corporation of America Holdings, Thermo Fisher Scientific, Quest Diagnostics Incorporated, Agilent Technologies, Danaher Corporation, Sakura Fine technical Co. Ltd., Metropolis, and BISWorld's Pathology Services.

RECENT HAPPENINGS IN THE MARKET:

• Roche Company completed the acquisition of spark therapeutics in 2019.
• Sarepta Therapeutics Company collaborated with Roche in Dec 2019. As a result, Roche has signed an agreement to use investigation gene therapy outside the US, developed by Sarepta.
• Qiagen inc. and NeoGenomics joined hands in 2019. This collaboration provided a companion diagnostic test to detect PIK3CA mutation in breast cancer patients.
• Sakura Finetek launched Accu-cut SRM 300 LT manual microtome in September 2018.
• F.hoffmann-la Roche has developed the BenchMark ULTRA Plus Staining System, which got approved by CE in 2018.