Rising Number of Diagnostic Laboratories is projected to Augment the Global Tissue Processing Systems Market - COVID-19 Impact and Global Analysis
Pune, India, Feb. 19, 2021 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on global tissue processing systems market was valued at US$ 335.78 million in 2019 and is projected to reach US$ 493.76 million by 2027; it is expected to grow at a CAGR of 5.1% during the forecast period of 2020-2027.
The growth of the market is attributed to some key driving factors such as increasing cancer prevalence, and increasing number of diagnostic laboratories. However, high cost of cancer diagnostics is expected to obstruct the growth of the issue processing systems market to a certain extent during the forecast years.
In 2019, North America dominated tissue processing systems market and accounted for more than one third of the global tissue processing systems market revenue. The demand for the market in the region is anticipated to witness growth at a significant rate during the forecast period owing to various factors such as, rising prevalence of cancer, along with increasing awareness regarding the chronic health condition as well as the presence of supportive associations in the region. There were many organizations that were involved in the investments and creating awareness regarding cancer and its diagnostics. In North America, the U.S. is the largest market for tissue processing systems. Increasing number of cancer patients, and technological advancements by key players in tissue processing systems market are key factors driving the growth of the market in the US.
Tissue Processing Systems Market to 2027 – Global Analysis and Forecast – by Product, Volume, and End User,”
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(Tissue Processing Systems Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America)
There is an increase in number of diagnostic laboratories, owing to rise in chronic conditions. Increase in chronic conditions, such as cancer, diabetes, and heart diseases, leads to the increased demand for diagnostic services. The Centers for Medicare & Medicaid Services regulates all the laboratory tests performed on humans in the US through Clinical Laboratory Improvement Amendments (CLIA). CLIA covers approximately 260,000 laboratory entities as of July 2020. Moreover, presence of major diagnostic laboratories in the US is likely to favor the market growth. For instance, Quest Diagnostics is a leader in medical diagnostic industry offering diagnostic services in the US. It is the most extensive network in the US, with over 6,600 patient access points, which include phlebotomists in physician offices and over 2,250 of patient service centers.
Similarly, presence of major players in Europe is likely to have a positive impact on the market. The LADR network is composed of regional laboratories across Germany. Around 3,000 employees work in its 16 reference laboratories, 31 hospital laboratories, and 34 basic and routine laboratories. The group serves more than 370 hospitals and over 20,000 private physicians. Thus, growing network of diagnostic laboratories is likely to favor the growth of the market.
Tissue Processing Systems Market: Segmental Overview
In terms of product, fluid transfer processors segment held the largest share of the market in 2019, whereas the tissue transfer processors segment is anticipated to register the highest CAGR in the market during the forecast period. The growth of tissue transfer processors is due to benefits offered such as flexibility in the use of reagents and different schedules that can be run on them. Tissue transfer processors also known as “dip and dunk” machines are types of processors that are used to transfer tissue from one container to the other which is to be processed. Additionally, major market players offering tissue transfer processors is likely to favor the market growth. For instance, Leica Biosystems offers Leica TP1020 Automatic Benchtop Tissue Processor, Semi-Enclosed which is a good choice for smaller labs.
By Volume, the small volume processors segment held the largest share of the market in 2019, and the medium volume processors segment is anticipated to register the highest CAGR in the market during the forecast period. Medium volume tissue processors improve laboratory’s performance and allows rapid processing. For instance, Leica Biosystems offers ASP6025 S which optimizes tissue processing performance and supports rapid processing.
Based on end user, the hospital segment held the largest share of the market in 2019. Whereas, the pharmaceutical companies segment is estimated to register the highest CAGR in the market during the forecast period. Pharmaceutical companies are in constant efforts to identify new diagnostic and therapeutic technologies for chronic diseases. Also, growing biopharmaceutical industry is likely to favor the growth of the segment. As per the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. companies conduct more than half of the world's R&D in pharmaceuticals ($75 billion) and hold the intellectual property rights on most new medicines.
Tissue Processing Systems Market: Competition Landscape & Key Developments
Agilent Technologies , Inc., Biogenex Laboratories, Sakura Finetek Usa, Inc., Thermo Fisher Scientific ., Roche Diagnostics, Siemens Ag, Avantor, Milestone Medical, Leica Biosystems ( Danaher Corporation), Miltenyi Biotec are key companies operating in the global tissue processing systems market. The leading companies in the market are continuously looking forward to expand and diversify their market presence along with the acquisition of new customer base and tapping prevailing business opportunities.
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In October 2020, BioGenex, a pioneer in automated staining solution provider for cancer diagnostics announces a new benchtop fully automated system - NanoMtrx 100 in the 45th NSH 2019 Annual Symposium/Convention held at New Orleans, LA..
In January 2019, Miltenyi Biotec GmbH, a global supplier of biomedical research and cell therapy products and services, announced it has signed a purchase contract for a non-harmful, fluorescence-preserving, optical clearing process from Duisburg-Essen University, Germany.
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