DUBLIN, May 25, 2022 /PRNewswire/ -- The "Global Microtome Market by Product (Instruments, (Rotary), Accessories (Microtome Blades)), Application (Disease Diagnosis, Medical Research), Technology (Fully Automated, Semi-automated, Manual), End-user (Hospital, Clinical Labs), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The microtomes market is projected to reach USD 585.2 million by 2027 from USD 425.4 million in 2022, at a CAGR of 6.6%.
Some of the key factors driving the growth of this market include the high prevalence of cancer, growing demand for digital pathology, and the increasing healthcare expenditure. In addition, the growing focus on personalized medicine and the untapped growth potential of emerging economies are expected to offer growth opportunities for players operating in the microtomes market. However, a lack of skilled professionals to operate microtomes is a key challenge for the growth of this market.
Based on end user the market is classified into hospital laboratories, clinical laboratories, and other end-users. The growth of this market is majorly driven by the increasing number of specialty diagnostic tests performed in hospital laboratories, rising number of in-house clinical diagnostic procedures in hospitals, rising number of hospitals across the globe, and the growing trend of establishing in-house clinical diagnostic capabilities in hospitals.
Microtome instruments in the product segment to witness the highest shares during the forecast period
Based on the product, the microtome market is segmented into Microtome Instruments: Rotary Microtomes, Cryostat Microtomes, Vibrating Microtomes, Other Microtomes, and Microtome Accessories. The microtome instruments segment is expected to dominate the microtome market. High expenditure on microtome instruments and their essential use in the histological diagnosis of various diseases are the key factors driving the growth of the automated microtome market.
Asia Pacific is estimated to register the highest CAGR during the forecast period
In this report, the microtome market is segmented into four major regional segments, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The market in Asia Pacific is projected to register the highest growth rate during the forecast period. The growth in this market is primarily driven by the rising disposable income of the middle-class population, infrastructural developments, and the rising penetration of diagnostic technologies in Asian countries such as India and China in addition, the rising incidence of cancer and the growing focus of global medical device companies on expanding their presence in emerging Asia Pacific countries are some of the key factors.