Market Size of Histology Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Histology Equipment Market Analysis
The histology equipment market is projected to register a CAGR of 4.7% during the forecast period.
The COVID-19 pandemic affected the histology equipment market by reducing the demand for slide staining system and tissue processing systems, as clinical testing providers had to reallocate assets and staff to focus on conducting COVID-19 diagnostic tests. Carrying tissue samples between pathologist homes and hospitals and providing access to a microscope and IT system at the pathologist's place were some of the logistics challenges. However, companies took definite measures to overcome such challenges. For instance, Roche digital pathology provided a complete solution, from slide scanning to full digital workflow and automated image analysis, so that chronic disease diagnoses are conducted without any delay. Thus, a profound impact is expected on the global histology equipment market due to COVID-19. However, post-pandemic, the market studied is performing at a regular pace, with the increasing use of histology equipment across the healthcare research industry.
Some of the major factors responsible for the growth of the histology equipment market include the rising burden of cancer and other chronic diseases, the high demand for advanced diagnosis equipment, and growing awareness on skin diseases. According to GLOBOCAN 2020 statistics, the total number of new cancer cases reached 19,292,789, while the total number of deaths due to cancer reached 9,958,133, worldwide. Furthermore, as per the International Agency for Research on Cancer (IARC) data, 1 in 5 people suffer from cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from cancer.
Along with the increasing sophistication and innovative progressions in histology equipment frameworks, utilizing artificial intelligence (AI) for critical processes may drive industry development in the future. For instance, in February 2021, Solmedia Limited signed a UK exclusive partnership with SLEE medical GmbH that allowed Solmedia the UK exclusivity to the range of top-quality, high-precision pathological equipment.
Additionally, the coordination of artificial intelligence with histology equipment offers different benefits, including automated diagnosis and efficient image analysis. These factors are likely to drive the histology equipment market. The increase in the pervasiveness of immunohistochemistry for imaging cell sections to analyze a wide scope of illnesses, for example, malignancies and other irresistible sicknesses,adds to the development of the market for histology.
However, the high cost of setting histology laboratory, the lack of skilled professionals, and stringent government regulations are expected to restrain market growth over the forecast period.
