Lumito has updated the market information to the base year 2021 and the forecast extends to 2028, as shown in source 1 below.
The global tissue diagnostics market was estimated in 2021 at SEK 46.7 billion (USD 4.7 billion), with a cAGR of 7.7% until 2028 (1), which translates to SEK 78.5 billion (USD 7.96 billion). The largest share of the global market is held by the US, followed by Europe and then Asia.
The digital pathology market, which Lumito addresses, is expected to grow at a CAGR of approximately 13.5 percent from 2022 to 2028 (2).
Sweden has reached the leading position in the world in digital pathology and implementation of scanners in pathology laboratories and the objective is to launch the product for research laboratories in Sweden and Scandinavia in the later half of 2022.
After the establishment in the Scandinavian markets, the next objective is to establish a presence in the European countries that are most advanced in the digitisation of histopathology, such as the Netherlands and the UK. In the longer term, Lumito also aims to establish products in the North American market, with the US considered the primary market.
We divide the global tissue diagnostics market into two different segments, clinical laboratory and research laboratory.
We estimate that there are approximately 26,000 clinical laboratories of varying sizes involved in histopathology and approximately 13,000 research laboratories around the world (3). We estimate that every 7-10 years, instruments are replaced in laboratories, which means that there are approximately 3,900 instrument replacements per year.
1 www.databridgemarketresearch.com/reports/global-tissue-diagnostics-market, 2022
2 Facts & Factors: Demand for Global Digital Pathology Market Size, March 2022
3 Swedish Association of Pathology – Departments of Clinical Pathology in Sweden