by Histology and cytology techniques are used for diagnostic testing of diseases at the cellular level. Histology is the study of tissues at a microscopic level while cytology involves the microscopic examination of cells. Some key applications of histology and cytology include diagnosis of various types of cancer, infectious diseases, and autoimmune disorders. With the rising prevalence of chronic and infectious diseases globally, the need for effective diagnostic techniques at the cellular level has increased tremendously. According to the WHO, chronic diseases are estimated to account for over 70% of all deaths worldwide. Cancer alone accounted for nearly 10 million deaths in 2020. The growing cancer burden and rising diagnosis rates of other chronic illnesses have propelled the use of histology and cytology services over the years.
The global Histology and Cytology Market is estimated to be valued at US$ 20882.22 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the histology and cytology market is the increasing adoption of digital pathology. Digital pathology utilizes digital scanners, storage devices, and computer networks to facilitate fast and accurate diagnosis. It provides capabilities like remote consultation, artificial intelligence integration, and quantitative image analysis. As digitization reduces turnaround time and improves quality of diagnosis, more laboratories are utilizing digital pathology systems. Another notable trend is the rise of companion diagnostics. Companion diagnostics tests evaluate specific biomarkers to help determine if a patient is suitable for a targeted therapy drug. It plays a crucial role in personalized cancer treatment and drives the demand for specific histology and cytology diagnostic tests.
Porter’s Analysis
Threat of new entrants: The histology and cytology market requires significant capital investments in equipment and expertise. Hence, the threat of new entrants is low.
Bargaining power of buyers: There are several buyers in this market including diagnostic laboratories, hospitals, and research organizations. However, their bargaining power is moderate due to the specialized nature of products and services.
Bargaining power of suppliers: A few large players dominate the supply of instruments, reagents, and consumables. This gives them significant bargaining power over buyers.
Threat of new substitutes: There are no close substitutes for histology and cytology procedures in disease diagnosis and research. Therefore, the threat of substitutes is low.
Competitive rivalry: The market is consolidated with large multinational players competing. Players differentiate based on product quality, reliability, pricing, and service.
Key Takeaways
The Global Histology And Cytology Market Size is expected to witness high growth. The global Histology and Cytology Market is estimated to be valued at US$ 20882.22 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
North America currently dominates the market owing to advanced healthcare infrastructure and increasing cancer cases in the region. Europe is expected to grow at a significant rate during the forecast period due to rising healthcare spending and government support for cancer research. The Asia Pacific region provides lucrative opportunities for players due to growing medical tourism, rising patient population, and increasing investments in healthcare systems by regional governments.
Key players: Key players operating in the histology and cytology market are Ensurge Micropower ASA, T+ink, Inc., NovaCentrix, Optomec Inc., Xerox Corporation, E. I. du Pont de Nemours and Company, Vorbeck, Materials Corporation, Inc., Intrinsiq Materials, Inc., BASF SE, E-Ink Holdings Inc., Molex.Inc, and PARC, a Xerox company. These players are focusing on new product launches and strategic collaborations to strengthen their market position.
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