Asia Pacific Microtome Market is expected to reach US$ 40,160.6 thousand in 2027 from US$ 24,937.2 thousand in 2019. The market is expected to grow with a CAGR of 6.3% from 2020-2027.
The growth of the Asia Pacific microtome market is estimated to grow due to critical factors such as the rising prevalence of cancer, and increasing adoption of digital pathology is expected to propel the growth of the market. Yet, the lack of adoption in low-income countries is one of the major factors hindering the market growth.
Digital diagnosis has become a crucial aspect of the lab for surgical pathology. Nowadays, formalin-fixed paraffin-embedded (FFPE) slides are digitally scanned into high-resolution digital images. These are then viewed, analyzed, and shared with other pathologists for better diagnostic results. With the global figure of new cancer cases anticipated to rise, pathology laboratories are studying for ways to meet the increased demand for their services. This has directed to the increasing adoption of digital pathology that allows laboratories to work more efficiently. Digitalization in pathology labs has been increasing witnessed in the US and other developed countries over the last few years.
Many countries have started adopting the digital pathology framework, which in turn offering lucrative opportunities for the growth of the market. For instance, in August 2019, HCG included Philips Intellisite Pathology Solutions, FDA approved digital pathology solution, in all its centers in India. The technology marks a step ahead in cancer treatment through precision, efficiency, speed, and ease of use with immense potential to provide significant clinical benefits to both the physicians and patients. Rising prevalence of chronic conditions is leading to clinical urgency, thereby increasing the adoption of digital pathology to improve existing inferior diagnostic methods. Clinical laboratories have been widely using microtome for diagnosis purposes. Thus, increasing the adoption of digital pathology drives the growth of the Asia Pacific microtome market in the forecast period.
Asia Pacific microtome market, based on the product, was segmented into microtome instrument and microtome accessories. In 2019, the microtome instrument segment held the highest share of the market. Furthermore, the corresponding segment is expected to grow at the fastest rate during the upcoming years.
Based on technology, the Asia Pacific microtome market was segmented into fully automated microtomes, semi-automated microtomes, and manual microtomes. In 2019, a fully automated microtomes segment held the largest share of the market. Further, the same segment is anticipated to grow at the fastest rate during the forecasted period.
Based on end user, the Asia Pacific microtome market was segmented into clinical laboratories, hospital, and other end users (pharma biotech, academic research, agriculture). In 2019, the clinical laboratories segment held the largest share of the market. Besides, the same segment is expected to grow at the fastest rate during the coming year.
Indian Council of Medical Research (ICMR), World Health Organization (WHO), and Breast Screen Australia are some of the major primary and secondary sources for the Asia Pacific microtome market included in the report.