Albany, NY -- (SBWIRE) -- 04/07/2017 -- According to a research report by Transparency Market Research (TMR), the global tissue diagnostic market is highly fragmented and is characterized by extensive research for technological advancements. The top six companies in this market, namely, Roche Holding AG, Danaher Corp., Abbott Laboratories, Becton, Dickinson and Co., Agilent Technologies, Inc., and Thermo Fisher Scientific, accounted for 67.5% of the market in 2015. These players have begun to focus more on mergers, acquisitions, and strategic collaborations to sustain in this market, which is likely to increase the rivalry between them in the forthcoming years, states the report.
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As per the report, the global tissue diagnostic market was worth US$3.57 bn in 2015. Proliferating at a CAGR of 9.50% over the forecast period from 2016 to 2024, the market's opportunity is likely to reach US$8.02 bn by the end of the forecast period. Tissue diagnostic instruments have been enjoying a greater demand from end users than the diagnostic kits. With the increasing uptake of these instruments in hospitals, diagnostic centers, and laboratories, this segment is expected to remain the key contributor to this market throughout the forecast period, notes the study.
Well-Established Pharmaceutical and Biotechnology Industry to Support North America to Retain Lead
The report further presents a regional analysis of the worldwide market for tissue diagnostics, of which, the Middle East and Africa, Europe, North America, Latin America, and Asia Pacific are the prime geographical segments. In 2015, North America led the overall market with a share of around 40%. The significant increase in research activities and the presence of a well-established pharmaceutical and biotechnology industry have been attributed for the substantial growth in the North America tissue diagnostic market in the recent past. The regional market is anticipated to retain its dominance over the period of forecast, thanks to the continual investments in research, technological advancements in tissue diagnostic devices, and a large pool of the leading market participants.
Among other regional markets, Europe and Asia Pacific witnessed healthy growth and are projected to remain doing so over the next few years. The European market has predominantly been driven by the rising investments from a number of research organizations for advanced study of various type of cancer and their treatments. Over the coming years, this regional market is likely to gain significantly from several healthcare reforms, increasing enforcement of government regulations, expansion of the pharmaceutical industry, and the technological advancements in diagnostic technology. Asia Pacific, on the other hand, is expected to gain substantially in the years to come from ongoing industrialization and the continual drug discovery.
Rising Prevalence of Cancer to Fuel Demand for Tissue Diagnostic Technique
"The rising incidence of cancer has opened new growth avenues for the global market for tissue diagnostics", says an analyst at TMR. According to the World Health Organization (WHO), Cancer accounted for approximately 8.8 million deaths in 2015. The rising awareness among people about the benefits of early diagnosis of cancer in their treatment and the accuracy in results provides by tissue diagnostic technique have has boosted its demand remarkably across the world. In addition, the improvement in the healthcare infrastructure, globally, is likely to support the growth of this market considerably over the forecast period.
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High healthcare cost, however, may act as a hindrance in the growth trajectory of this market in the years to come. Apart from this, the absence of a favorable regulatory reimbursement scenario and the lengthy approval procedure are also projected to hamper the growth of this market to some extent in the near future, states the report.
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