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I AgreeAnalysis of Pathology Services Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global pathology services market was valued at US$ 15.5 Billion in 2022 and is expected to be valued at US$ 16.5 Billion in 2023.
During the 2023-2033 period of assessment, demand is expected to rise at a 6.7% value CAGR, likely to surpass a valuation of US$ 31.6 Billion by the end of the said forecast period.
Report Attributes |
Details |
Anticipated Base Year Value in 2022 |
US$ 15.5 Billion |
Expected Market Value in 2023 |
US$ 16.5 Billion |
Projected Forecast Value (2032) |
US$ 31.6 Billion |
Global Growth Rate (2023-2033) |
6.7% |
Market share of North America (2023-2033) |
39% |
Anticipated share of Asia Pacific Market(2023-2033) |
29% |
Prominent Players in The Global Market |
|
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Pathology services provide accurate information regarding the progression of the disease conditions. Increasing advances in diagnostic techniques such as PCR, biopsies, and other assays have catered to the needs of pathology services across various domains of the healthcare industry.
As per market research and competitive intelligence provider Fact.MR, the market for pathology services witnessed a 5.3% CAGR from 2018 to 2022. In emerging economies, pathology services are increasingly being adopted to improve the quality of healthcare services and to the growth of the industry.
Companies have started to use technology to improve their operations such as automation and digital system which are playing a significant role in boosting the global market for pathology services. These technologies are enhancing the efficiency, accuracy, as well as convenience of pathology services, which also contribute to market growth.
Other factors like increasing public investments in advancing pathology services have fuelled the growth of the market. Pathology services are evolving at a faster pace to improve the quality and efficiency of diagnosis and created an opportunistic space for new players in the global pathology services market.
The Rising Prevalence of Chronic Diseases Fosters the Market Growth
The increasing prevalence of chronic diseases, high incidence of cancer, and other target diseases drive the growth of the pathology services market.
The increased consciousness about health in the young population prompted the need for regular check-ups, creating an opportunity for the pathology services market. Additionally, increased demand for regular general check-ups for the age population over 40 due to the high prevalence of diseases boosts the pathology services market growth.
The pathology services market will show rapid growth due to the growing focus on personalized medicine, and a substantial number of supporting programs and training modules by the government.
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Technological advancements in digital pathology systems are also expected to drive the pathology services market during the forecast period. The high usage of advanced pathology systems such as digital microscopes, gross imaging, and staining systems is poised to enhance pathological practices to a major extent.
Digital imaging solutions provide accuracy and efficiency-related benefits over conventional techniques, thereby propelling the service uptake rate in the pathology services market. Also, continued technological advancement has led to more sophisticated pathology methods and services which drives the demand in the market.
Research and development on disease diagnosis and treatment are high particularly in developed countries. Developing countries are to adding to the demand in the market due to government initiatives to generate awareness about cutting-edge technologies.
The high cost of services may hamper the market growth
Despite the growing popularity of pathology services, various factors are likely to pose a threat to the growth of the pathology services market during the forecast period.
Limited awareness in developing regions and a lack of skilled workforce are hindering the growth of the pathology services market. Also, the high cost associated with technologically advanced pathology services is expected to restrain market growth.
Attributes |
Pathology Services Market |
Growth Factor |
The increasing prevalence of chronic diseases, high incidence of cancer, and other target diseases boost the market growth throughout the forecast period. |
Opportunity |
Rising investment in healthcare in developed countries and market penetration of key manufacturers in the developing region are expected to provide opportunities for the growth of the pathology services market. |
Attributes |
Speech Pathology Services Market |
Growth Factor |
The increasing prevalence of neurological disorders in infants is likely to drive the speech pathology services market. |
Opportunity |
The rising geriatric population is likely to drive the demand for speech pathology in the upcoming time. |
Attributes |
Histopathology Services Market |
Growth Factor |
Increasing prevalence of chronic diseases and increasing geriatric population are the factors improving the growth of the histopathology services market. |
Opportunity |
Technological advancement in pathological methods and services are the factors fuelling the market growth in the coming years. |
The Presence of Well-Developed Healthcare Infrastructure in The Region Drives Market Growth
According to Fact.MR, North America is the fastest-growing market region, accounting for over 37% of the market share in 2023, is expected to maintain its dominance during the analysis period.
Additionally, regional growth can be attributed to the factors such as the rising prevalence of chronic disease, increasing demand for pathology services, increased focus on patient satisfaction, and the presence of a leading market player in the region.
The U.S. is the leading pathology services market due to the high adoption of such services among end-users in this country. Increasing demand for doorstep diagnostic services and advancements in technology are prompting the growth of the pathology services market in the North American region.
Increasing government initiatives will accelerate the pathology services in the region
According to Fact.MR, the pathology services market in Europe is expected to account for 23% of the market share in 2023 and is expected to accelerate during the forecast period. Governments in Europe are encouraging the adoption of innovative technology such as digital pathology services and automation to improve the efficiency and convenience of pathology services. This is expected to improve patient satisfaction and drive the growth of the European market.
Also, the presence of major players and supportive government initiatives about training pathological programs boost the market growth in the region. The presence of high-quality infrastructure for hospitals and clinical laboratories in the region and government initiatives for screening cancer patients, favorable reimbursement scenarios for pathology diagnostics is the major factor driving the pathology services market in Europe.
Technological advancement in the region to boost the market growth
The pathology services market in the Asia Pacific is expected to account for 29% of the market share in 2023 and is expected to accelerate during the analysis period.
The Asian pathology services market has witnessed a high market share in the global market due to the high adoption of technological advancements. Further, changing healthcare environment in developed economies has boosted the growth of the pathology services market.
The pathology service provider is focusing on increasing their business opportunities across countries in the Asia Pacific region such as India, China, and Indonesia as these countries are witnessing strong economic growth coupled with high development in the healthcare sector.
Disease Diagnostic Segment generated high revenue
Based on the application, the disease diagnostics segment is expected to dominate the market in the forecast period. The segment is projected to exhibit a market share of 45% during the forecast period. Pathology services provide an opportunity for researchers to explore disease etiology and associated outcomes. Thus, the market is witnessing the wide application of pathology services in disease diagnosis.
The growing prevalence of chronic conditions, such as cancer, along with the surging geriatric population, is the major factor driving the disease diagnosis segment. On the other hand, the drug discovery and development segment accounts for a market share of 37% throughout the forecast period.
Hospitals segment to gain a significant traction
Based on the end-user the pathology services market is segmented into Hospitals, Research Laboratories, diagnostic Laboratories, and others. Among all these hospitals remains the top end-user category expected to expand with a market share of 43% throughout the forecast period due to the high hospitalization rate of cancer patients and a substantial number of frequent readmissions in hospitals.
Also, the presence of well-developed infrastructure, coupled with a well-trained staff in hospital-based pathological laboratories, stimulates the growth of the hospital segment.
On the other hand, a market share of 28% is projected for the diagnostic laboratory segment by Fact.MR until 2033. The growing emergence of advanced testing techniques and equipment has led to the growth of the diagnostic laboratories segment.
The start-ups in the pathology services market are indulging in collaboration and continually making innovations in the procedures to further make it convenient and cost-effective for the population.
Some key start-ups in the pathology services market include – Genu path labs, chain medical labs, pathology experts, and path central among others
Examples of some of the market participants in the global pathology services market identified across the value chain include ACL Laboratories, AmeriPath, Biogenex, BioReference Health, LLC., Clinical Pathology Laboratories, Krsnaa Diagnostics, Labtests, PathGroup, Sonic Healthcare, Spectrum Healthcare Partners, StrataDx, Sutter Health, Synnovis Group LLP, Unilabs Corporation, C-path Connected pathology among others.
Leading market players are making strategic investments in technological innovation and R&D initiatives to increase service quality. To achieve a substantial market share in the worldwide pathology services market and strengthen their position, service providers are pursuing expansion methods such as current developments, mergers and acquisitions, collaborations, and partnerships, joint ventures.
Some of the development is as follows -
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By 2023, Fact.MR expected demand for pathology services to reach a valuation of US$ 16.5 Billion.
From 2023-2033, pathology services demand is likely to surge at a 6.7% CAGR.
By 2033, the market for pathology services is likely to be valued at US$ 31.6 Billion.
The hospitals segment will remain the most prominent user, accounting for a market share of 43%.
As of 2022, Fact.MR estimated the pathology services market to have reached US$15.5 Billion.
From 2018-2022, the pathology services market grew at a 5.3% value CAGR.