Microtome Market Size is Expected to Reach USD 215.6 Million in 2028 at a CAGR of 6.2% | Reports and Data
The global microtome market size is expected to reach USD 215.6 Million in 2028 and register a revenue CAGR of 6.2% over the forecast period, according to the latest report by Reports and Data. Increasing prevalence of chronic diseases and rise in the number of routine tissue examinations are some key factors expected to drive market revenue growth over the forecast period. In addition, increasing number of in-office histopathological laboratories are gaining Clinical Laboratory Improvement Amendments (CLIA) certifications, which is expected to contribute to revenue growth of the market going ahead.
Cancer is one of the leading causes of mortality worldwide, and the number of histopathology examinations is increasing in tandem with prevalence. A tissue pathological examination is required for the diagnosis of a cancerous tumor in order to determine the onset of cancer. Increasing cancer prevalence and rising awareness regarding benefits of early disease diagnosis are factors expected to boost adoption of microtome tools during the forecast period. Biopsy tissue analysis can be used by pathologists to identify the type of cancer, stages, and area of cancer spread. Microtome tools are precision tools made of steel, diamond, and other elements that are used to cut microscopic samples of body tissues. For oncological diseases, tissue examination is performed to detect the presence of tumor cells. As a result, microtome devices play an important role in eliminating particular tissue, which is expected to augment market revenue growth. However, high cost of microtome devices and complex and expensive maintenance are some key factors expected to restrain market growth to a certain extent over the forecast period.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Some Key Highlights From the Report::
- Laser microtomes segment is expected to account for largest revenue share during the forecast period. The laser microtome is designed to cut samples with extreme precision and is used for accurate, non-contact dissection, which is expected to boost growth of this segment.
- Fully automated microtomes segment is expected to register robust revenue growth over the forecast period owing to increased demand for technologically advanced microtome devices, especially in developed countries.
- Disease diagnosis segment is expected to account for largest revenue share in the global market over the forecast period as a result of greater awareness about the benefits of early diagnosis of diseases, including cancer, and rise in the number of tissue tests in hospital laboratories and clinics.
- North America is expected to account for largest revenue share over the forecast period. Improvements in healthcare infrastructure, greater spending on public and private sector in-vitro diagnostics, and rising adoption of technologically advanced equipment and devices are some key factors contributing to growth of this segment.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Thermo Fisher Scientific Inc., Medite Medical GmbH, Diapath S.P.A., Histo-Line Laboratories Srl, Boeckeler Instruments, Inc., Amos Scientific Pty Ltd., Jinhua YIDI Medical Appliance Co. Ltd., Leica Biosystems Nussloch GmbH, Sakura Finetek USA, Inc., and SLEE Medical GmbH.
Microtome Market Segmentation:
Product Outlook (Revenue, USD Million; 2018-2028)
- Rotary Microtomes
- Microtome Instruments
- Vibrating Microtomes
- Laser Microtomes
- Sledge Microtomes
- Cryostat Microtomes
- Saw Microtomes
- Sliding Microtomes
- Freezing Microtomes
- Hand Microtomes
- Compresstome Microtomes
Technology Outlook (Revenue, USD Million; 2018-2028)
- Fully Automated Microtomes
- Semi-automated Microtomes
- Manual Microtomes
Application Outlook (Revenue, USD Million; 2018-2028)
- Disease Diagnosis
- Medical Research
End-Use Outlook (Revenue, USD Million; 2018-2028)
- Hospital Laboratories
- Clinical Laboratories
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Microtome market over the forecast period?
- What are the major factors driving the growth of the Global Microtome Market?
- What are the key challenges impacting the global Microtome market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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