CHICAGO, Aug. 21, 2019 /PRNewswire/ -- According to the new market research report "Microtome Market by Product (Instruments, (Rotary, Cryostat), Accessories), Application (Disease Diagnosis, Medical Research), Technology (Manual, Semi-automated, Fully Automated), End User (Hospital, Clinical Laboratories) - Global Forecast to 2024", published by MarketsandMarkets™, the Microtome Market is expected to grow from USD 129 million in 2019 to reach USD 177 million by 2024, at a CAGR of 6.5%.
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High prevalence of cancer, growing demand for digital pathology, and increasing healthcare expenditure are the major factors driving the growth of this Microtome Market.
Manual microtomes accounted for the largest share of the Microtomes Market, by technology, in 2018
Microtomes operate on different technologies, including manual, semi-automated, and fully automated. Manual microtomes segment accounted for the largest market share in 2018. Manual microtomes are cost-effective and are easier to use as compared to automatic and semi-automatic modules. These factors are supporting their adoption in the market, and the trend is anticipated to continue over the forecast period.
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Hospital laboratories end-user segment to grow at the highest CAGR during the forecast period
Clinical laboratories and hospital laboratories are the main end-users of microtomes, among others. In 2018, the hospital laboratories segment accounted for the largest market share and was expected to grow at the highest CAGR during the forecast period. The large share of the hospital laboratories segment is attributed to the increasing number of patient visits to hospitals, rising number of in-house clinical diagnostic procedures performed in hospitals, growing awareness regarding early diagnosis, and the availability of reimbursements in developed markets for clinical tests performed in hospitals.
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North America was the largest regional market for microtomes in 2018
By region, the Microtomes Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America accounted for the largest market share, followed by Europe. The easy accessibility to advanced technologies, growing opportunities for advanced cancer diagnostic testing and screening, favorable reimbursement scenario for anatomic pathology diagnostic tests, increasing healthcare expenditure, and the presence of high-quality infrastructure for hospitals and clinical laboratories in the region are the major factors driving the growth of the Microtomes Market in North America.
The prominent players operating in the Microtome Market include Thermo Fisher Scientific (US), Danaher Corporation (US), Sakura Finetek (Japan), SLEE Medical GmbH (Germany), MEDITE GmbH (Germany), Histo-Line Laboratories (Italy), Amos Scientific (Australia), RMC Boeckeler (US), Diapath S.p.A. (Italy), and Jinhua YIDI Medical Appliance (China).
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