Anatomic Pathology Market Set for Rapid Expansion in Asia-Pacific in Near Future
by Pramod Kumar Digital Marketing ProfessionalValued 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.
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Created on Mar 2nd 2021 08:46. Viewed 226 times.