APAC Is Dominating Anatomic Pathology Market

The anatomic pathology market is witnessing growth, and this can be credited to the increasing occurrence of chronic illnesses, growing technical improvements, and a growing elderly populace.

During the projection period, on the basis of the product segment, the consumables category is projected to produce higher income in the industry. Not like instruments, consumables are bought repeatedly, which is why this category is also projected to witness quicker development, at a CAGR of 6.2%, in the coming years.

On the basis of type, the histopathology category is projected to produce the highest revenue share in the industry for anatomic pathology solutions and grow at a CAGR of 6.0% during the projection period. This is mainly due to the increasing count of cases of tissue-linked ailments, like cancer and communicable illnesses. which can be identified via histopathology tests.

During the projection period, the special staining category is projected to hold the largest share under the technique segment. This will be because each pathological test includes staining to study the blood or tissue under a microscope. However, the genetic testing category is projected to experience the fastest development, at a CAGR of 7.2%, during the projection period. This can be credited to the rising count of hereditary testing procedures throughout the globe.

The field of anatomic pathology is undergoing continual technological advancements. For instance, in November 2018, Greg Clark, the business secretary of the U.K. government, revealed plans to establish five cutting-edge imaging and digital pathology centers across London, Oxford, Leeds, Glasgow, and Coventry.

These centers will leverage artificial intelligence (AI) to expedite the process of disease diagnosis, marking a collaborative effort involving various sectors within the anatomic pathology industry. The U.K. government aims to allocate USD 65 million from the Industrial Strategy Challenge Fund towards the development of these centers.

The world is experiencing a substantial rise in the elderly populace, which is extremely vulnerable to chronic illnesses. The thriving populace of the aging will, thus, propel the anatomic pathology industry development in the coming years. The World Population Prospects report by the United Nations (UN) estimates that the worldwide elderly populace will triple by 2050 from 2017.

In 2017, the elderly population numbered 137 million, projected to increase to 425 million by 2050. The World Health Organization (WHO) states that aging is linked with health issues like heart disease, diabetes, dementia, chronic obstructive pulmonary disease (COPD), and organ failure, requiring accurate diagnosis and treatment. Anatomic pathology stands out as a primary method for diagnosing these conditions, aiding in treatment planning.

Hence, the surging prevalence of chronic diseases, rising geriatric population, and rapid technological advancements are the main anatomic pathology market growth drivers.

SOURCE: P&S Intelligence