Anatomic pathology refers to the examination of cells, tissues, and organs to determine the presence or absence of disease. Anatomic pathology procedures such as biopsy, cytology, and autopsy help to diagnose and characterize chronic diseases like cancer. The global Anatomic Pathology Market is estimated to be valued at US$ 30.16 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of chronic diseases is a major driver of growth in the anatomic pathology market. According to WHO, cancer is the second leading cause of death globally, accounting for an estimated 9.6 million deaths in 2018. Similarly, cardiovascular diseases also claim over 17 million lives each year as per WHO estimates. Early diagnosis can significantly improve treatment outcomes and prognosis of these chronic illnesses. Anatomic pathology helps to identify abnormal cells and tissues and characterize diseases. This provides crucial diagnostic information to physicians to determine optimal treatment plans. The rising chronic disease burden worldwide has led to growing demand for anatomic pathology procedures and is expected to continue propelling the market during the forecast period.
SWOT Analysis
Strength: The anatomic pathology market has strong expertise and experience in disease diagnosis and cancer screening. There is also continuous technological innovation happening in digital pathology devices and image analysis tools.
Weakness: High costs associated with digital pathology solutions can limit procurement by small hospitals and diagnostic centres. Maintaining huge pathology archives also requires significant investments in data storage infrastructure.
Opportunity: Growth opportunities exist in emerging markets due to increasing healthcare investments and rising incidence of chronic diseases. Adoption of AI and automation can help improve productivity and turnaround times for pathology labs.
Threats: Stringent regulatory guidelines for digital pathology solutions and data privacy laws pose compliance challenges. Uncertainties around reimbursement policies can impact procurement decisions of healthcare providers.
Key Takeaways
The Global Anatomic Pathology Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is US$ 30.16 Bn and is projected to reach over US$ 60 Bn by 2030, expanding at a CAGR of around 15%.
Regional analysis indicates that North America currently dominates the anatomic pathology market due to advanced healthcare infrastructure and availability of skilled pathologists. However, Asia Pacific is poised to become the fastest growing regional market supported by growing medical tourism industry and increasing healthcare expenditures in China and India.
Key players operating in the anatomic pathology market include Harris Corporation, Airbus Defense and Space, Boeing, Geooptics Inc., Lockheed Martin Corporation, Millennium Space Systems Inc., Northrop Grumman Corporation, OHB AG, OneWeb Ltd, Planet Labs Inc., Sierra Nevada Corporation, Singapore Technologies Engineering Limited, Space Exploration Technologies Corp. (Space X), Surrey Satellite Technology Ltd., and Thales Alenia Space. These players are focusing on new product launches, mergers, collaborations and technologies like AI to strengthen their market position.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.