by Anatomic pathology involves the gross and microscopic examination of organs, tissues, cells, and bodily fluids to diagnose disease and gain diagnostic information. It plays a vital role in disease management and treatment. The growing prevalence of cancer and infectious diseases has propelled the demand for accurate diagnostic procedures for early detection and treatment of various diseases. Owing to the need for enhanced diagnostic capabilities, technological advancements are taking place in anatomic pathology testing services through automation, digital pathology, and incorporation of artificial intelligence. 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:
Digital pathology is gaining immense popularity as it allows remote consultation and collaborative diagnosis at multiple locations. The use of Whole Slide Imaging (WSI) scanners and virtual microscopy offers advantages like accurate quantitative analysis, integration with electronic medical records, storage and sharing of images over networks. Leading players are focusing on commercializing AI-based algorithms that can automate tasks like sample preparation, slide analysis, diagnostics and providing insights. For instance, Proscia developed connectors Path AI Platform that combines AI capabilities from companies like Anthropic, PAIGE and others to automate tasks in anatomic pathology workflows. Such innovations are improving workflow efficiency and diagnostic accuracy. The rising adoption of digital pathology and integration of AI is expected to transform anatomic pathology diagnostics over the coming years.
Porter’s Analysis
Threat of new entrants: High capital requirements for lab equipment and infrastructure pose barriers for new entrants. However, consolidation in the industry has lowered barriers.
Bargaining power of buyers: Individual pathology buyers have low bargaining power due to the specialized, regulated nature of services. Large group purchasing organizations wield more influence over pricing.
Bargaining power of suppliers: Suppliers of lab equipment, reagents and other consumables have some bargaining power given the limited number of suppliers for certain specialized items.
Threat of new substitutes: No close substitutes currently exist for anatomic pathology services, which rely on examination of physical tissue samples by pathologists. However, molecular diagnostics pose a long-term competitive threat.
Competitive rivalry: Competition is strong among the top multinational anatomic pathology providers as well as regional players competing for market share and service contracts. Price competition and use of advanced technologies and services are common competitive strategies.
Key Takeaways
The Global Anatomic Pathology Market Size is expected to witness high growth.
Regional analysis: North America dominates the market currently due to advanced healthcare systems and investments in new technologies. However, Asia Pacific is expected to grow the fastest through 2030 due to expanding medical infrastructure, rising insurance coverage and increasing emphasis on cancer screening in populous nations like China and India.
Key players: 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 strategies like mergers and acquisitions, technological advancements and geographical expansion to gain greater market share.
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