Microtome Market SWOT and PEST Analysis 2021-2031
The microtome market size in 2021 stood at US$ 141.21million and is foreseen to reach US$ 254.29million by 2031. The market is expected to register a CAGR of 6.6% in 2023–2031. Technological advancements in disease diagnosis are likely to remain key microtome market trends.
Microtome Market Analysis
The increasing number of chronic diseases among people, growing R&D spending by pharmaceutical giants, and increased investment in R&D activities are prime contributing factors for an extraordinary growth rate of the market. In addition, the developing healthcare infrastructure through international collaboration and joint ventures with market leaders for drug discovery, development and commercialization also propels the market growth. These all factors are anticipated to benefit the microtome market during the forecast period.
Microtome Market Overview
Microtome is a device used for sample preparation in laboratories. Microtomes prepare slices of biological specimens into evenly thin sections for a detailed microscopic examination. Present microtomes have three basic components: body, knife & knife attachment, and material- or tissue-holder. The increasing cases of chronic diseases such as cancer are fueling the growth of the market as microtomes are essential for biopsy. According to the GLOBOCAN Report 2020, ~19.29 million new cancer cases have been reported globally, along with 9.95 million reported deaths caused by the disease. According to the WHO, Japan reported 1.02 million new cancer cases in 2020. Cancer is one of the top causes of death worldwide, and its prevalence is increasing the number of histopathology tests. A tissue pathology examination is required to determine a malignant tumor to predict the outcome of cancer.
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Microtome Market: Strategic Insights
Market Size Value in US$ 132.6 Million in 2019 Market Size Value by US$ 204.3 Million by 2027 Growth rate CAGR of 5.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Microtome Market: Strategic Insights
| Market Size Value in | US$ 132.6 Million in 2019 |
| Market Size Value by | US$ 204.3 Million by 2027 |
| Growth rate | CAGR of 5.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Microtome Market Drivers and Opportunities
Increasing Adoption of Digital Pathology Drives Market Growth
Digital diagnosis has become a crucial aspect of surgical pathology in the lab. Nowadays, formalin-fixed paraffin-embedded slides are digitally scanned into high-resolution digital images. These are then examined, analyzed, and shared with other pathologists for better diagnostic results. With the total number of new cancer cases expected to rise globally, pathology laboratories are seeking ways to meet increased service demand. This has led to the increasing adoption of digital pathology, allowing laboratories to work more efficiently. Clinical laboratories have been widely using microtomes for diagnosis purposes. For instance, the Tissue-Tek Auto Section automated microtome from Sakura Finetek offers the benefit of automation over manual microtomes. Moreover, the increasing volume of routine tissue examinations also increases the demand for automated microtomes. To handle such a large sample size, automated microtomes provide numerous benefits to pathologies, such as high speed, improved efficiency, and reduced strain. Digital penetrations in hospitals and diagnostic laboratories are helping to improve diagnostic capabilities, thereby driving market growth.
Growing Focus on Personalized Medicine to Favor Market Growth
Personalized medicine is becoming the trademark of cancer treatment; it is a constantly emerging approach based on customized treatments per the individual genetic structure. The rising adoption of personalized medicine has led to an increase in demand for the use of human tissue as the field requires human tissue to develop innovative tests. Microtomes are widely used to prepare formalin-fixed paraffin-embedded tissue samples and to design high-quality biological materials for biobanks, which are used for various research applications. Moreover, microtomes are also used to prepare tissue microarrays composed of small tissue 0.6 mm in diameter embedded in paraffin blocks. Precision medicine is being considered as one of the most promising approaches to tackle diseases such as cancer, neurodegenerative diseases, and rare genetic conditions. Precision medicine utilizes an individual's genomic information to offer targeted treatment for a particular indication. The increasing prevalence of a number of chronic diseases has increased the demand for biologics, drugs for orphan diseases, and personalized medicines.
Microtome Market Report Segmentation Analysis
Key segments that contributed to the derivation of the microtome market analysis are product, technology, and end user.
- Based on product, the microtome market is divided into microtome instruments, microtome accessories. The microtome instruments segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
- By technology, the market is segmented into manual microtomes, semi-automated microtomes, fully automated microtomes. The fully automated microtomes segment held the largest share of the market in 2023 and is projected to register the highest CAGR during the forecast period.
- In terms of end user, the market is categorized into hospitals, clinical laboratories, other end users. The clinical laboratories segment held the largest market share in 2023. The other end users segment is anticipated to register the highest CAGR during the forecast period.
Microtome Market Share Analysis by Geography
The geographic scope of the microtome market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the microtome market. North America market is expanding due to several factors, including the rising development in the field of biotechnology and pharmaceutical sectors, enhanced clinical and diagnostics research, and growing government support of research. In addition, growing research in the healthcare sectors and increasing innovations for various therapeutic areas are leading to market growth in the region. Similarly, the presence of various international and domestic players that are continuously involved in the development of various laboratory instruments required in clinical and diagnostic research labs also augments the growth of the market in the region. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Microtome Market Report Scope
Microtome Market News and Recent Developments
The microtome market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for microtome and strategies:
- AccuTec Blades Inc. has published its 2021 histology catalog, introducing the newAccuThrive medical brand. The 2021 AccuThrive blades portfolio highlights a new line of microtome and gross dissection blades engineered via a proprietary grinding, heat treating, and coating formula that produces consistent high-performing products. (Source: AccuTec Blades Inc., Press Release, 2021)
Microtome Market Report Coverage and Deliverables
The “Microtome Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Technology ; End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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