Current methods of tissue diagnostics involve taking a tissue sample, preparing it, cutting it and placing it on a slide to allow searching for abnormalities. The analysis and diagnosis are entirely dependent on the experience and judgement of the pathologist. There is a high demand for products with high consistency and reliable analytical results. A study shows that the consistency in breast biopsies based on current staining methods is 75%. This means that 25% of pathologists’ opinions are likely to be incorrect1.
The global tissue diagnostics market is estimated to be worth SEK 28.7 billion in 2020 with a CAGR of 6.5% until 2025, while the digital segment to which Lumito belongs has an even higher annual growth rate of 13-20%2. From a geographical point of view, the US is the largest market with about 40% of the global market, followed by Europe at 30%, Asia at 20% and the rest at about 10%3.
The Company believes that the market growth is driven by several factors. The average life span of the population globally increases and with an aging population the need of medical care and thus samples and analyses.
1 Digital Pathology: Technologies and Global Markets, Oct 2019
2 Markets and Markets, Tissue Diagnostics Market Published Date: May 2020
3 Grand View Research, Tissue Diagnostics Market, 2019