VANCOUVER, BC, Jan. 30, 2023 /PRNewswire/ -- The tissue diagnostics market size reached USD 4.94 Billion in 2021 and is expected to register a CAGR of 6.6% during the forecast period, according to latest analysis by Emergen Research. One key factor driving market revenue growth is a favorable reimbursement scenario. For instance, on 25 January 2022, the genomic profile test PGDx elio tissue complete received an upgrade to the Proprietary Laboratory Analyses (PLA) code, as per Personal Genome Diagnostics Inc., an innovator in cancer genomics. The PLA code (0250U) that PGDx acquired for the test has a finalized countrywide reimbursement rate of USD 2,919.60 from the Centers for Medicare & Medicaid Services (CMS). Furthermore, on 08 March 2022, Guardant Health declared that Medicare will now cover their Guardant360 TissueNext test for advanced cancer.
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Drivers:
Demand for tissue diagnostics has significantly increased over the years owing to advanced infrastructure development for cancer diagnostics. Given the rising worldwide cancer burden, various technologies and improvements in tissue diagnostics will result in improved pathology efficiency, which is essential for providing better cancer therapy and diagnosis. Increasing demand for digital pathology is also expected to drive market revenue growth in the forecast period. Digital pathology is being employed by laboratory facilities more frequently to enhance the delivery of quicker and more accurate diagnoses for conditions like cancer. Primary tissue diagnosis is presently carried out using digital pathology, and several systems have received FDA approval. Computational pathology has recently made strides in digital pathology. Image analysis is included in this with the addition of tested algorithms. Image analysis has revealed that breast cancer algorithms for ER, PR, Her2/neu, and Ki67 scores are very accurate, thus, driving more demand in the field.
Restraints:
There are numerous issues and difficulties facing the tissue diagnostics industry. High cost of diagnostic procedures is one such factor. For instance, in order to monitor, diagnose and forecast the prognosis of illnesses as well as the probability that a patient will respond to therapy, laboratory testing as a component of laboratory in vitro diagnostic (IVD) has evolved into a necessary tool in clinical practice. Over the past few decades, there have been more IVD tests made available in laboratory settings, and this trend is expected to continue. As a result, concerns regarding the overuse of laboratory tests and rising prices for testing in laboratories are developing.
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Growth Projections:
The tissue diagnostics market is expected to register a CAGR of 6.6% over the forecast period and revenue is projected to increase from USD 4.94 Billion in 2021 to USD 8.81 Billion in 2030. Utilization of Artificial Intelligence (AI) in tissue diagnostics is a growing opportunity in the field. For instance, on 22 December 2022, Netherlands-based, Aiosyn reported that it has secured USD 2 million in a new round of investment for its diagnostics platform that leverages AI to provide pathologists with precise and effective clinical diagnoses. At the moment, pathology is moving toward a digital method in which tissue samples are scanned as well as assessed on a computer. This enables the use of AI algorithms to support the diagnosis process.
Current Trends and Innovations:
The tissue diagnostics industry is undergoing gradual change as a result of new technology and innovations. Doctors could be better able to identify as well as monitor the development of cancer over time with the use of a new magnetic resonance imaging (MRI) technique that causes malignant tissue to glow in photographs of the body. According to studies, this new technology has a great prospect in terms of enhancing cancer prognosis, screening, and therapy formulation. Furthermore, on 13 December 2022, a new breast cancer detection tool has also been announced, with the potential to save lives and money for institutions like the NHS. The medical company Digistain developed the instrument in the UK, and after it underwent peer review and clinical testing, the Medicines & Healthcare Regulatory Agency granted it commercial permission. The technology will assist in reducing chemotherapy use, waiting times, and the COVID-19 hospital backlog.
Strategic Initiatives:
Major companies included in the market report are F. Hoffmann-La Roche Ltd., Danaher, Thermo Fisher Scientific Inc., Abbott, Agilent Technologies, Inc., Merck KGaA, Sakura Finetek Japan Co., Ltd., Abcam plc., BD, Bio SB.
- On 06 January 2023, Agilent Technologies, Inc. established a collaboration with Akoya Biosciences, Inc., to create multiplex-immunohistochemistry diagnostic tools for tissue analysis as well as to offer workflow products for multiplex assays in the clinical research industry. A single end-to-end commercial workflow, including staining, reagents, analysis, and imaging, will be produced by integrating Agilent's Dako Omnis and Akoya's PhenoImager HT for multiplex chromogenic immunohistochemistry (mIHC) as well as immunofluorescent (mIF) assays.
- On 10 September 2020, Cernostics, a privately owned company that specializes in providing next-generation cancer prognostics as well as diagnostics, and Deciphex, an innovator in the implementation of AI in histology applications, announced that they have formed a strategic partnership to examine the use of AI-driven image analysis technologies and tools to enhance early detection of cancers in individuals with Barrett's esophagus.
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Scope of Research
Report Details | Outcome |
Market size in 2021 | USD 4.94 Billion |
CAGR (2022-2030) | 6.6 % |
Revenue forecast to 2030 | USD 8.81 Billion |
Base year for estimation | 2021 |
Historical data | 2021-2030 |
Forecast period | 2022-2030 |
Quantitative units | Revenue in USD Million and CAGR in % from 2022 to 2030. |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
Segments covered | Product, technology, disease, end-use, region. |
Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
Country scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, Rest of MEA. |
Key companies profiled | F. Hoffmann-La Roche Ltd., Danaher, Thermo Fisher Scientific Inc., Abbott, Agilent Technologies, Inc., Merck KGaA, Sakura Finetek Japan Co., Ltd., Abcam plc., BD, Bio SB |
Customization scope | 10 hours of free customization and expert consultation. |
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Emergen Research has segmented tissue diagnostics market on the basis of product, technology, disease, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2030)
- Consumables
- Antibodies
- Kits
- Reagents
- Probes
- Instruments
- Slide Staining Systems
- Scanners
- Tissue Processing Systems
- Others
- Technology Outlook (Revenue, USD Billion; 2019-2030)
- Immunohistochemistry (IHC)
- In Situ Hybridization (ISH)
- Digital Pathology & Workflow Management
- Special Staining
- Disease Outlook (Revenue, USD Billion; 2019-2030)
- Breast Cancer
- Gastric Cancer
- Lymphoma
- Prostate Cancer
- Non-Small Cell Lung Cancer
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals
- Research Laboratories
- Pharmaceutical Companies
- Contract Research Organizations
- Others
- Regional Outlook (Revenue, USD Billion, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
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