Launch on the Swedish and European research market

SCIZYS is Lumito’s first product, and the plan is to launch it in the research laboratories in the Swedish and Scandinavian markets in the first part of 2023, followed by a launch in the rest of the European market.

The expected market potential for Lumitos solution is estimated to be large and expansive. The digital product solution consists of unique reagents and a unique scanner. SCIZYS may be sold as a capital good but may also bring recurring revenue in the form of  Lumito’s nanoparticle-based reagent kits necessary for each tissue sample and analysis.

The overall tissue diagnostics market is expected to grow from USD 5.3 billion in 2022 to USD 7.3 billion in 2027 according to Tissue Diagnostics Market Global Forecast to 2027 (Markets and Markets, June 2022). This represents a CAGR of 6.6%. The European market represents about 26% of the total market, i.e., about BUSD 1.37 in 2022 and is expected to grow at a CAGR of 5.5% until 2027.

Two key segments and Lumito addresses both

The market is divided into two main segments and Lumito addresses both – consumables such as antibodies and reagents, which in 2022 represents about 66 percent of the total market (BUSD 3.5) and instruments, such as staining instruments and scanners, representing 34 percent (BUSD 1.8). Growth in each segment is expected to be 7.1 percent and 5.5 percent per year through 2027.

Customers representing approx. 25% of total European tissue diagnostics market

The total potential market targeted by Lumito at launch: pharmaceutical companies, CROs, reference laboratories and forensic laboratories represents together approx. 25% of the total European tissue diagnostics market. The estimated value in Lumitos selected customer segment is approx. 0.34 BUSD in 2022.

Lumito’s solution is applicable in both IHC and digital pathology

The market may also be segmented by technology such as immunohistochemistry (IHC), in situ hybridization, digital pathology and specialty staining.

Lumito’s solution is applicable in both IHC and digital pathology. This represents 66% of the company’s potential European total market by 2022 worth USD 0.91B. The study does not provide a breakdown of IHC and digital pathology within the research segment.