The Lumito focus markets are academic research laboratories, pharmaceutical companies and CROs, with a combined market value of 1.4 billion USD (2022). The market is expected to grow to 1.8 billion USD (2027), driven by precision medicine and an increased number of clinical studies for new cancer drugs, among others (Tissue Diagnostics Market Global Forecast to 2027, Markets and Markets, June 2022).
Lumito is currently focused on growth in the European market for non-clinical use, with a market size of 344 million USD (2022).
The total market for tissue diagnostics had a market value of 5.3 billion USD in 2022 and is expected to reach a market value of 7.3 billion USD in 2027. The CAGR (Compound Annual Growth Rate) averages 6,6% between the years 2022-2027 worldwide.
Europe: Market value 1,37 billion USD
USA: Market value 2,2 billion USD
Source: Tissue Diagnostics Market Global Forecast to 2027 (Markets and Markets, June 2022).
The number of tissue tests are increasing globally, driven by ageing populations and higher prevalence of disease e.g. cancer.
The expansion of precision medicine increases demand for more accurate and effective tools, including when developing new generations of drugs.
Digital tools and AI are widely used in academic research as well as in R&D in pharma companies.
The Lumito long-term ambition is to offer a product for clinical diagnostic use. By using Lumito’s quantitative technology, there is potential to decrease the total turnover time for analysis by significantly increasing accuracy and decreasing the risk of misjudgements. This makes it possible for quicker treatment of patients. Lumito’s technology can help patients to receive the right treatment at the right time, which can contribute to improved treatment results and quality of life.
Phone: +46(0)10-204 00 15
Mail: info@lumito.se
Lumito AB (publ)
Scheelevägen 19, SE-223 63 Lund, Sweden