Rockville, Feb. 27, 2023 (GLOBE NEWSWIRE) -- 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.

The increasing prevalence of chronic diseases, high incidence of cancer, and other target diseases drive the growth of the pathology services market. 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.

Based on the end-user, the hospital segment is expected to dominate the market in the forecast period. The presence of well-developed infrastructure, coupled with a well-trained staff in hospital-based pathological laboratories, stimulates the growth of the hospital segment.

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Report Attributes

             Details
Forecast Period       2023 - 2033
Value Projection (2032)     US$ 31.6 Billion
Growth Rate (2022-2032)             6.7 % CAGR
No. of Pages             170 pages
No. of Tables            41 Tables
No. of Figures           74 Figures


Key Takeaways from Market Study

“Rising prevalence of the chronic disorder, increasing geriatric population and technological advancement in pathology procedures are projected to drive the growth of the pathology services market”, says a Fact.MR analyst.

Competitive Landscape

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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Recent Trends

1. Growing Demand for Automation: Automation technologies such as artificial intelligence (AI) and robotics are becoming increasingly popular in pathology services. Automation can reduce turnaround times for specimen processing, improve accuracy of results, and reduce labor costs.

2. Increasing Use of Telemedicine: Telemedicine has enabled remote pathology services, allowing pathology laboratories to provide services to rural or underserved areas. This is expected to drive market growth.

3. Expansion of Point-of-Care Diagnostics: Point-of-care diagnostics provides immediate results and is becoming increasingly popular in pathology services. This is expected to drive market growth.

4. Increasing Demand for Biomarkers: Biomarkers are increasingly used in pathology services to diagnose, monitor, and predict diseases. This is expected to drive market growth.

5. Growing Demand for Digital Pathology: Digital pathology has enabled the digitization of pathology services, leading to improved accuracy and efficiency. This is expected to drive market growth.

Key Segments Covered in Pathology Services Industry Report

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More Valuable Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the pathology services market, presenting historical demand data (2018-2022) and from 2023 to 2033.

The study divulges essential insights on the Pathology Services Market Analysis Report by Application (Disease Diagnostic, Drug Discovery, and Development, Others) by End-User (Hospitals, Research Laboratories, diagnostic Laboratories, others) and By Region - Global Forecast 2023-2033

Key Questions Covered in the Pathology Services Market Report

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