The global market for tissue diagnostics was estimated in 2015 to be approximately USD 3.6 billion. The market is expected to reach about USD 8 billion by 2024 with an annual growth of about 10 percent. The largest geographical markets are North America and Europe, followed by Asia. Latin America and the Middle East & Africa (MEA) account for only about 10 percent of the global market. The largest growth is predicted in Asia. Lumito plans to primarily address the European and North American markets.
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.