Microtome Market is experiencing significant growth due to the growing demand for increasing healthcare expenditure, digital pathology, and high prevalence of cancer. A lack of skilled professionals is likely to hamper the growth of the market.
The report 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%.
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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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.
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 microtomes 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).