Albany, NY -- (SBWIRE) -- 09/05/2017 -- The global tissue diagnostics market is consolidated to a considerable degree, with the top six players accounting for more than 67% of the market in 2015. These six players, namely Danaher Corp., Roche Holding AG, Becton, Dickinson, and Co., Thermo Fisher Scientific, and Agilent Technologies Inc., are set to extend their dominance in the tissue diagnostics market in the coming years, with mergers and acquisitions likely to be a key growth strategy. Other strategic acquisitions could also play a key role in the burgeoning tissue diagnostics market, as significant potential for new players specializing in innovations exists in the commercially lucrative market.
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According to Transparency Market Research (TMR), the global tissue diagnostics market is expected to exhibit a robust CAGR of 9.5% from 2016 to 2024. The tissue diagnostics market was valued at US$3.57 bn in 2015 and is expected to rise to more than US$8 bn by 2024.
Steady Growth of Pharmaceutical Industry Crucial for Tissue Diagnostics Market
A prime driver for the global tissue diagnostics market is the rapid growth of the pharmaceutical industry in developing regions. This has driven the prospects of several drug development avenues, as both investment and skilled labor have been abundantly available in emerging regions, and is likely to prove vital for the tissue diagnostics market in the coming years. The pharmaceuticals sector in developed regions such as North America and Europe, meanwhile, is likely to remain influential in the coming years due to the steady presence of several global leaders.
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The rising prevalence of cancer is likely to be a major driver for the global tissue diagnostics market in the coming years. Cancer has risen in prevalence in the last few years, aided by the growing prevalence of unhealthy dietary and lifestyle patterns in developed regions, and has thus become a consistent problem for the healthcare sector. The rising prevalence of cancer in developing regions such as Asia Pacific is likely to be an influential driver for the global tissue diagnostics market in the coming years. The increasing research into genomic and stem cell therapeutics against cancer is likely to be a vital factor for the global tissue diagnostics market in the coming years.
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Instruments to Dominate Tissue Diagnostics Kits in Near Future
By product type, the global tissue diagnostics market is segmented into instruments and kits. Tissue diagnostics instruments lead the global tissue diagnostics market and are likely to remain the dominant contributor to the market in the coming years due to the rising sophistication being introduced to the medical devices sector thanks to the rising reliance on modern manufacturing and design tools. Instruments accounted for close to 80% of the global tissue diagnostics market in 2015. By end use, hospitals dominate the global tissue diagnostics market, leading entities such as research laboratories, diagnostic centers, and ambulatory surgical centers.
Regionally, North America accounted for a dominant share of more than 40% in the global tissue diagnostics market in 2015. The developed market is likely to remain the leading contributor to the global tissue diagnostics market in the coming years due to the highly sophisticated research facilities available in countries such as the U.S. Nevertheless, emerging economies in Asia Pacific are likely to contribute to the drug discovery sector in an impressive way in the coming years, making them important regional players in the tissue diagnostics market.
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