Lumito’s initial focus is a first product launch targeted towards research laboratories. With a total of approximately 39 000 laboratories worldwide, of which around 30% are research laboratories, Lumito has great opportunities to capture market shares.
At the launch, Lumito plans for direct sales to the Scandinavian market and subsequently through distribution partners to the rest of Europe and the USA.
The figures refer to the year 2022. The CAGR (Compound Annual Growth Rate) averages 6,6% between the years 2022-2027 worldwide. Source: Tissue Diagnostics Market Global Forecast to 2027 (Markets and Markets, June 2022).
Europe: Market value 1,37 billion USD
USA: Market value 2,2 billion USD
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 market for tissue diagnostics in Europe is experiencing strong growth and is expected to be worth 1,79 billion USD in 2027, with a growth rate of 5,5%. Initially, we target pharmaceutical companies, CROs, academic, reference laboratories, and forensic investigation laboratories, which account for 25% of the European market.
The American research market is next in line after the establishment of SCIZYS in Europe. The total market for tissue diagnostics in the USA is expected to be worth 3 billion USD by 2027, with the research market estimated to be worth 733,6 million USD in 2027. In the research market, our initial focus is on pharmaceutical companies and CROs, which account for 82% of the market with a value of 610 million USD.
The total market for research laboratories in tissue diagnostics is segmented as follows (2021):
The total market for tissue diagnostics is divided as follows (in billion USD):
Until the year 2027, consumer goods have a growth rate of 7.1% compared to instruments, which have a growth rate of 5.5%.
Lumito’s long-term ambition is to offer a product for clinical use. By using Lumito’s technology, there is potential to decrease the turnover time for analysis by significantly increasing accuracy and decreasing the risk of misjudgements. This results in a shorter analysis turnover time, which makes it possible for patients to receive quicker treatment. Therefore, Lumito’s technology can help ensure that patients receive the right treatment at the right time, which can contribute to improved treatment results and quality of life.