The global tissue diagnostics market is poised for steady growth over the next few years, according to a new report from marketsandmarkets. The market was valued at $5.3 billion in 2022 and is expected to reach $7.3 billion by 2027, growing at a compound annual growth rate (CAGR) of 6.6%.
The growth in this market is being driven largely by rising cancer prevalence and the increasing demand for personalized medicine. As cancer rates continue to climb worldwide due to aging populations and lifestyle factors, the demand for cancer screening and diagnostics is rising exponentially. Tissue diagnostics plays a vital role in detecting and diagnosing many types of cancers.
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The report cites estimates from the International Agency for Research on Cancer (IARC) that project global new cancer cases growing to 27.5 million annually by 2040. With earlier detection critical for better outcomes, tissue diagnostics will be leaned on heavily to provide accurate and quick diagnosis.
Personalized medicine is also creating opportunities for market expansion, relying on tissue samples to develop customized tests and targeted therapies for patients. The personalized medicine sector is forecasted to be worth up to $98 billion by 2026. Advanced diagnostics like Oncotype DX are already being used to determine cancer treatments based on a patient’s unique genomic profile. As this field advances, tissue diagnostics will likely see greater demand.
While the growth outlook is positive overall, the industry does face some headwinds. Most notably, there is a shortage of trained histology and pathology professionals to meet growing workloads in laboratories and clinical settings. An aging workforce and fewer newly trained histologists are only exacerbating the problem for many countries. This staffing shortage may hamper the ability of laboratories to scale up services and capitalize on rising market opportunities.
North America currently makes up the largest share of the global tissue diagnostics market. Factors like access to the latest technology, high disease rates, and an aging population with cancer susceptibility have all contributed to strong and steady adoption of tissue diagnostics in the region.
Some of the key players operating in the global tissue diagnostics ecosystem highlighted in the marketsandmarkets report include Roche, Danaher, Thermo Fisher, Abbott Laboratories, Agilent Technologies, Merck KGaA, Sakura Finetek Japan, Abcam Plc., BD, Bio SB, Biogenix, Cell Signaling Technology, Histo-Line Laboratories, Slee Medical GmbH, and Hologic Inc.
Recently, companies in this space have been focused on product innovation and launches to expand their market share. For example, in 2022 Leica Biosystems launched the HistoCore PEGASUS Plus tissue processor. And Diapath S.p.A. introduced its Cristallo and Galileo S2 Pro microtome series in 2020.
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With cancer expected to remain the second leading cause of death globally for the foreseeable future, tissue diagnostics will continue to serve as an essential tool for screening, monitoring, and personalizing care. This report projects steady if not rapid growth for stakeholders across the entire tissue diagnostics supply chain. Companies that invest in workflow automation, capacity upgrades, and next-gen offerings may be best positioned to capitalize on this expanding opportunity.
