Anatomic Pathology Market to Witness Robust Growth in Coming Years
The global anatomic pathology market is predicted to generate a revenue of $24.3 billion by 2024, increasing from $17.4 billion in 2018, progressing at a 5.8% CAGR during the forecast period (2019–2024), as per a study conducted by P&S Intelligence. The market is being driven by the surging aging population, growing prevalence of chronic diseases, and technological advancements. On the basis of application, the market is divided into drug discovery, disease diagnosis, and others.
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When technique is taken into consideration, the anatomic pathology market is categorized into genetic testing, special staining, electron microscopy, immunohistochemistry, and others. Out of all these, the special training category accounted for the major share of the market in the past, owing to the fact that in every pathological test for examining microorganism under the microscope, staining needs to be performed. The genetic testing category is projected to advance at the fastest pace during the forecast period, due to the rising number of genetic testing procedures.
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In addition to this, the rising prevalence of chronic diseases among people of all ages is also leading to the growth of the anatomic pathology market. Chronic diseases, such as kidney diseases, autoimmune diseases, heart diseases, hypertension, liver cirrhosis, and cancer, are affecting a large number of people these days, owing to changing lifestyles. This is creating high demand for advanced ways, such as anatomic pathology, for the diagnosis of these diseases.
In conclusion, the market is growing due to the rising number of aging population and surging prevalence of chronic diseases.