Market Trends of Anatomic Pathology Industry
The Consumables Segment is Expected to Witness Significant Growth Over the Forecast Period
The consumables segment is expected to hold a significant market share during the forecast period. The availability of a wide range of products, coupled with a high usage rate of consumables in research findings, is fueling the segment's growth. The low cost and the easy availability of pathology consumables further contributed to the segment's growth. Moreover, the rising prevalence of cancer is a major factor expected to enhance the usage of anatomic pathology consumables.
For instance, according to the data updated by Cancer Australia in January 2021, it was estimated that 20,640 new cases of cancer will be diagnosed in Australia during 2022, which will account for 12.7% of the new cancer cases diagnosed in the country. The source also stated that breast cancer would be the second most commonly diagnosed cancer in 2022 in Australia. Thus, the high prevalence of breast cancer is expected to boost segment growth.
Moreover, the rising cancer screening is also expected to increase the consumption of consumables used in anatomic pathology procedures such as biopsies. For instance, according to the data updated by the Office for Health Improvement and Disparities in 2022, an estimated 6,446,929 screening procedures took place in the United Kingdom during 2021-22 for colorectal cancer diagnosis.
Additionally, the rising developments by major market players are also expected to enhance the segment's growth. For instance, in June 2022, EmeritusDX, a rapidly growing cancer diagnostics and information company, acquired Freedom Pathology Partners to expand its national presence in Anatomic Pathology, fluorescence in situ hybridization, and molecular testing. This is expected to increase access to anatomic pathology consumables during the forecast period of the study.
Thus, the aforementioned factors, such as the rising prevalence of cancer and the rising developments by key market players, are expected to enhance market growth.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America accounted for a significant revenue share due to the presence of major players and supportive government initiatives pertaining to training pathological programs. There is also easy accessibility to advanced technologies, government initiatives for screening cancer patients, favorable reimbursement scenarios for anatomic pathology diagnostic tests, increasing healthcare expenditure, and the presence of high-quality infrastructure for hospitals and clinical laboratories in the region, which are the major factors driving the growth of the anatomic pathology market in North America.
For instance, as per the Canada Cancer Society's statistics for 2022, around 6,700 Canadians were diagnosed with leukemia in 2021, out of which 4,000 were men and 2,700 were women. Also, as per the American Cancer Society's data for 2023, around 59,610 new cases of leukemia and 20,380 new cases of acute myeloid leukemia (AML) are expected to be diagnosed in the United States in 2023. Thus, the high incidence of cancer cases is leading to an increase in the usage of anatomic pathology diagnosis, thereby driving the market in the region.
Furthermore, key entities are undertaking several strategic initiatives to develop upgraded and advanced pathology devices concerning their design and ease of use. For instance, in July 2022, BillionToOne, a United States-based company, launched its first oncology liquid biopsy products, Northstar Select and Northstar Response. As biopsy is considered an anatomic pathology procedure, the launch of such products is expected to enhance the market growth in the region.
Thus, the aforementioned factors, such as the rising prevalence of cancer and the rising developments by key market players, are expected to enhance market growth.
