Pathology Laboratories Market To Attain Revenue USD 714.70 Bn By 2032

09 Sep 2024

Table of Content

1. Market Overview 2. Regional Insights 3. Pathology Laboratories Market Report Scope 4. Market Dynamics 5. Recent Developments 6. Key Market Players

The global pathology laboratories market revenue reached USD 325.73 billion in 2022 and is projected to attain USD 714.70 billion by 2032, growing at a CAGR of 8.18% from 2023 to 2032.

Market Overview

Pathology laboratories are a major part of the healthcare industry. They play an important role in disease diagnosis, medical research, and patient care. Pathology laboratories have revolutionary technologies and highly skilled professionals. Medical technologists, pathologists, and technicians play an important role in pathology laboratories. Pathology laboratories mainly work in the field of analyzing and examining specimens like tissue, time, blood, and body fluids. Clinical and anatomical pathology are two major components of pathology laboratories.

Technological advancements in pathology will help improve the laboratory's accuracy, precision, and efficiency. The integration of artificial intelligence and machine learning in pathology tasks to improve efficiency and automated workflow is also enhancing the growth of the pathology laboratories market. Increasing cases, expanding healthcare infrastructure and facilities globally, and rising demand for routine medical check-ups and diagnostics tests are driving the demand for the pathology laboratories market.

Regional Insights

North America dominated the pathology laboratories market with the highest revenue in 2022. The growth of the market in the region is attributed to the rising healthcare infrastructure in countries like the United States and Canada, which are driving the growth of the pathology laboratories market. The rising number of hospitals demands a higher number of pathologies for testing or diagnostics of diseases, which will result in a higher demand for pathology laboratories in the region. Increased availability of skilled pathologists, laboratory technicians, and medical technologists. Additionally, rising geriatric population and cases of chronic diseases are driving the growth of the pathology laboratories market.

Pathology Laboratories Market Report Scope

Market Dynamics

Drivers

Increasing chronic disease

Increasing cases of chronic diseases among the population are contributing to the growth of the pathology laboratories market. The rising geriatric population is more likely to get chronic diseases like diabetes, heart disease, and other diseases, which will result in a heightened demand for medical screening, diagnostics testing, and pathology services. Pathology plays an important role in early testing of the disease condition and effective management of the health conditions. An increasing number of patients with chronic diseases are driving the growth of the demand for pathology laboratories in the market.Advancements in laboratory equipment

Technological adoption in the healthcare industry is driving the growth of the market. Technological advancement is also influencing the advancements in pathology equipment. The rising implementation of machine learning, artificial intelligence, and automation is enhancing the accuracy and precision of the test results by laboratory equipment. Increasing demand for accurate diagnosis is driving the demand for technologically advanced laboratory equipment. Ongoing research and development, technological advancements, and increasing expenditure on the healthcare system are driving the growth of the pathology laboratories market.

Restraint

Higher cost of acquisitions

The technological advancements in pathology laboratories result in a higher cost of acquisition, restraining the growth of the pathology laboratories market. The higher cost of pathology is placing a financial burden on patients.

Opportunities

Emergence of telehealth and telemedicine

Telehealth and telemedicine play a significant role in the growth of the pathology laboratories market. Pathology laboratories play a crucial role in remote diagnostics. Telemedicine patients have access to treatment from anywhere. Telehealth is breaking geographical challenges and increasing patient care. Pathology laboratories allow telepathology services and provide skilled professionals for the remote interpretation of diagnostics tests. Telemedicine can be beneficial for underserved areas with limited specialized services. Increasing demand from remote areas is driving the growth of the pathology laboratories market.

• In November 2023, Ampath, a US-based Institute of Pathology & Laboratory Sciences, entered into the digital space with the launch of the health mobile app "Ampath Labs". The launch shows the company's efforts to enhance accessibility and strengthen its digital presence.

Increasing demand from the end users

Increasing healthcare infrastructure and the rising demand from hospitals are driving the growth of the pathology laboratories market. Physicians play an important role in the pathology laboratories market. It plays an important role in patient care by ensuring physicians, surgeons, and specialists can manage their patients' health conditions. Physician referrals are important for providing timely and accurate diagnoses to patients, allowing effective treatment monitoring and planning.

Recent Developments

• In November 2023, LordsMed, one of the major players in the healthcare division of Lord Mark Industries Pvt. Ltd., launched its first pathology lab in Mumbai, Maharashtra. The company plans to open a total of 10 labs all over Mumbai by December 2023. The company's vision is to be established firstly in Maharashtra and then move towards other states like Uttar Pradesh and Gujarat.
• In November 2023, PathAI, one of the major technology organizations that works to combine AI-powered pathology solutions with histology services and end-to-end central pathology, announced the launch of AISight™, supports rendering DICOM® Visible Light (VL) Whole Slide Microscopy Image files. AISight is an interoperable, intelligent case and image management system to help pathologists review digitized whole slide images (WSIs) with a comprehensive menu of fully equipped AI solutions.
• In November 2023, VolitionRx Limited (Volition) collaborated with the Veterinary Pathology Group (VPG) to launch the Nu. Q Vet Cancer Test to veterinary practices in the United Kingdom and Ireland. VPG is the market diagnostics in the United Kingdom and Ireland.
• In November 2023, the Institute for Data Science in Oncology (IDSO) was launched by the University of Texas MD Anderson Cancer Center. The launch combines advanced data science and computational techniques with the institution's extensive clinical and scientific specialization to significantly increase patient's lives by transforming cancer research and care.
• In November 2023, Antech, a leading veterinary diagnostics organization that is also part of the Science & Diagnostics division of Mars Petcare, launched its new opening of the UK veterinary diagnostics laboratory on 15 November in Warwick.
• In November 2023, KDx Diagnostics, a leading medical device organization also known for its revolutionary noninvasive urine test for the URO17Ò test, bladder cancer, announced a strategic collaboration with major distributors in Europe. This collaboration was a significant milestone for KDx as an early and accurate bladder cancer detection method that is accessible globally.
• In October 2022, Extraction+ Connected Device was launched by the Waters Corporation. The launch is a software control product that is designed for the automation of sample processing with the use of solid phase extraction (SPE) in several applications like food, biological, forensic, and environmental sample analysis. The launch of the innovative devices works with the Waters Andrew+ Pipetting Robot, simplifying the extraction process for increased accuracy and efficiency.
• In June 2022, PerkinElmer launched the GC 2400 platform, a revolutionary solution that integrates automated gas chromatography (GC), GC/mass spectrometry (GC/MS) capabilities, and headspace sampling. The latest platform to design and assist laboratory teams, which will simplify their operations and analytical workflows.

Key Market Players

• Unilab
• Falco Holdings
• Centro de Diagnósticos
• BioReference
• Healius Limited
• Kingmed Diagnostics
• Metropolis Healthcare
• Dr. Lal Path Labs
• Sonic Healthcare Limited
• SYNLAB International GmbH
• Spectra Laboratories
• Exact Sciences Laboratories LLC
• Laboratory Corporation of America Holdings
• Eurofins Scientific
• Quest Diagnostics Incorporated

Market Segmentation

By Type

• Diagnostic Chains
• Standalone Labs
• Hospital-Based

By Testing Service

• COVID-19 Tests
• Esoteric Tests
• Imaging & Radiology Tests
• Clinical Tests and General Physiological

By End-Use

• Corporate
• Walk-ins
• Physician Referrals

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