Valued at $17.4 billion in 2018, the global anatomic pathology market is predicted to reach a revenue of $24.3 billion by 2024. According to the forecast of P&S Intelligence, a market research company based in India, the market will exhibit a CAGR of 5.8% between 2019 and 2024.
The prominent factors fueling the progress of the market are the rising prevalence of chronic diseases, the surging population of geriatric people, and rapid advancements and innovations in technologies.
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As per the United Nations’ World Population Prospects, the total geriatric population in the world is predicted to triple from 2017 to 2050. In 2017, the population of geriatric people was 137 million and this number is predicted to increase to 425 million by 2050. Additionally, as per the reports of the World Health Organization (WHO), elderly people are highly vulnerable to various diseases such as depression, chronic obstructive pulmonary diseases, diabetes, organ failures, and dementia.
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Furthermore, as per the WHO, nearly 70% of the cancer deaths occur in the low- and middle-income countries. Moreover, it was found that stroke caused 75% of the total deaths in the developing nations in 2020. The growing incidence of these diseases is pushing up the requirement for effective and quicker diagnosis methods. This is fueling the demand for anatomic pathology solutions. Depending on application, the anatomic pathology market is divided into drug discovery and disease diagnosis.
Geographically, the anatomic pathology market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. The main factors driving the advancement of the market in this region are the rising popularity of personalized medicine, the soaring investments being made by various private and public organizations in diagnostic research, the increasing number of patients suffering from various chronic diseases, and the expanding operations of the industry players in this region.
Hence, it can be safely said that the market will register huge expansion all over the world in the upcoming years, mainly because of the rising incidence of chronic diseases and the rising geriatric population in several countries around the world.
