Histology Equipment Market Projected to Deliver Greater Revenues during the Forecast Period

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Nov 25, 2021, 08:39 EST

Shibuya-ku, Tokyo, Japan, Japan, Nov 25, 2021, 08:39 /Comserve / -- Histology Equipment Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The histology equipment market is projected to register a CAGR of 4.7% during the forecast period.

The COVID-19 pandemic has affected the histology equipment market since its starting by facing a decline in the demand for the slide staining system and tissue processing system, as the clinical testing providers had to reallocate assets and staff to focus on the conduction of COVID-19 diagnostic tests. According to a study "Histopathology during the COVID-19 pandemic: resilience through adaptation and innovation" published in December 2020, carrying tissue samples between pathologist homes and hospitals and providing access to a microscope, and IT system to the pathologist place were some of the logistics challenges faced due to COVID-19 situations. However, companies have taken 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 diagnosis are conducted without any delay. Thus, a profound impact is expected on the global histology equipment market due to COVID-19.

Some of the major factors responsible for the growth of the histology equipment market include rising burden of cancer and other chronic diseases, high demand for advanced diagnosis equipment, and growing awareness for skin diseases. According to Globocan 2020 statistics, the total number of new cancer cases records at 19,292,789 whereas, the total number of deaths due to cancer records at 9,958,133 worldwide. Further, as per the data of International Agency for Research on Cancer (IARC), 1 in 5 people suffer from cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from cancer globally.

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Moreover, developing awareness among patients relating to skin sicknesses due to increase in cases of skin diseases such as malignant melanoma will additionally invigorate histology equipment market development during the forecast period. For instance, according to Skin Cancer Foundation, the malignant melanoma cases have increased by almost 53% during the time period from 2008 to 2018 globally. Therefore, the demand for histological analysis of skin tissues is expected to drive the market.

In addition to, increasing sophistication and innovative progressions in histology equipment frameworks, for example, utilizing artificial intelligence (AI) to do critical process will drive the industry development in the future. For instance, in March 2020, Agilent Technologies Inc. has entered into partnership with Visiopharm to fight against cancer. Agilent’s cell staining management solutions combined with Visiopharm’s digital interpretation AI driven solutions will help in providing improved patient care and diagnostic accuracy. In addition, coordination of artificial intelligence with histology equipments offer different benefits including automated diagnosis and efficient image analysis. These factors will drive histology equipments market. The increase in the pervasiveness of immunohistochemistry for imaging cells sections to analyze a wide scope of illnesses, for example, malignancies and other irresistible sicknesses is adding to the development of the market for histology.

However, high cost for setting histology laboratory and lack of skilled professionals and stringent government regulations are expected to restrain the market growth, over the forecast period.

Key Market Trends

The Slide Staining Systems Segment is Expected to Account for the Largest Market Share During the Forecast Period

The slide staining systems segment is expected to account for the largest market share during the forecast period due to different technological advancements which can offer better insights for the diagnosis of various bacterial, fungal, viral, and parasitic disorders, and skin cancer. Slide staining frameworks are devices for improving basic staining strategies relating to microbiological diagnostics and exploration. Slide staining frameworks empower research laboratories and institutes to fulfill their high output needs and keep up with preciseness throughout the process. The key factor driving this segment is increasing automation. For instance, In June 2020, Epredia and Lunaphore Technologies SA had announced the distribution agreement of the Labsat research platform in the United States, United Kingdom, Germany, and Japan. The Labsat research platform is an ultra-fast automated tissue staining platform used for rapid diagnosis. It helps in accurate staining with improved protocol turnaround time.

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Moreover, factors such as rising user preference for technology aiming at reducing manual operations, increasing demand for diagnostic testing, and rising burden of cancer and other chronic diseases will drive the slide staining segment. For instance, according to the World Health Organization (WHO), in 2021, it is found that almost 71% of deaths occur due to chronic diseases globally and out of it, 15 million people are aged between 30 to 69 years. In addition, 2 in every 3 senior citizens suffer from chronic disease as per the first Longitudinal Ageing Study in India (LASI) published by the Union Ministry of Family and Health Welfare in January 2020. Additionally, the increasing sophistication of histology equipment, the introduction of new products, and rise in skin diseases will boost the instrument segment growth.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to gain the highest market share during the forecast period due to the rise in patient awareness about skin diseases, the presence of technologically developed healthcare infrastructure, and an increase in healthcare expenditure. The North American region is estimated to be a potential segment for the histology equipment market as it generates most of the revenue from this region, because of the higher health expenditure, high patient awareness levels, and a large number of cancer incidences, and other chronic diseases.

The United States in this region will dominate the market due to the presence of major key players. According to the facts by American Academy of Dermatology Association in 2021, approximately 9,500 people in the United States are diagnosed with skin cancer every day. This is expected to increase the demand for histology equipment in the United States. Moreover, integrating advanced technologies such as AI which can be used to carry out various critical processes such as counting T-cells which otherwise increases the time used by the researchers for doing the same task, and increasing expenditure on research and developments are the strategies used by the major players to sustain their position in the market. Thus, this region is expected to dominate the histology equipment market during the forecast period.

Competitive Landscape

The histology equipment market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are key players in the market are Leica Biosystems Nussloch GmbH, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Biogenex, Sakura Finetek, Intelsint, Biocare, Ted Pella, Inc., and Radical Scientific Equipments Pvt. Ltd.

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