Top 5 Players Account for Over 62% Revenue Share of the Histopathology Testing Equipment Market

The rapidly advancing diagnostics space has resulted in development of various companies involved in production of diagnostic equipment as well as distribution of testing apparatus and assemblies. The histopathology testing equipment market is no exception, wherein top five companies involved in the development of histopathology testing equipment account for a significant share of the overall market revenue.

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Top companies such as Thermo Fisher Scientific, Hoffman-la-Roche Ltd., Leica Biosystems, Agilent Technologies Inc., and Merck KGaA collectively account for a revenue share of over 62% in the histopathology testing equipment market.

Increasing awareness regarding cancer screening coupled with higher demand for advanced histopathology testing equipment from diagnostic centers are expected to provide potential avenues of growth for tier 1 manufacturers. These companies are more focused on new product launches, expansion of their current product lines.

They are also involved in acquisitions to expand their current footprint in a bid to enhance their histopathology testing equipment sales channels in the diagnostic space. For instance, in 2017, Agilent Technologies Inc., acquired 100% of the stock of Multiplicom NV, a leading diagnostics company in Europe, in a bid to strengthen Agilent’s presence in the histopathology testing equipment market place by leveraging Multiplicom’s advanced diagnostic kits and testing technology.

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Increasing Incidence of Melanoma Fuelling Use of Histopathology Testing Equipment

Increasing incidence of melanoma has been a cause of major concern among individuals. According to United Nations Environment Program, around 200,000 malignant melanoma cases occur every year. Skin Cancer Foundation has revealed that in the past decade (from 2008 till 2018), the number of melanoma cases have increased by about 53 percent annually worldwide.

The demand for histopathological analysis of melanoma has witnessed an increase in the last decade, owing to growing referrals from general practitioners and growing awareness among the general population. These factors have increased the importance of systematic and unified approach toward melanoma histopathology.

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Anatomic Pathology Service Providers and Centers to Adopt Histopathological Testing Equipment

Increasing demand for anatomic pathology services on the back of a significant rise in the use of anatomic testing instruments and consumables such as kits is expected to influence the demand for histopathology testing equipment. Anatomic instruments are used to morphologically examine cells and tissues to diagnose chronic diseases at reasonable costs. Recently, anatomic diagnostic centers have been equipped with advanced equipment to carry out effective tissue processing based on histological assessment of samples (H&E preparation) of biopsies that can be carried out in less than 48 hours. This aspect has triggered the use of histopathology sample in turn triggering demand for histopathology testing equipment.