In-depth analysis of the global automated cell block system market includes the following segments:
On the basis of regional analysis, the global automated cell block system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Based on the region, the market in North America is anticipated to hold the largest share in the automated cell block systems market owing to the early adoption of technology in the medical research field. Additionally, the market in Asia-Pacific region is expected to grow with the largest CAGR over the forecast period owing to the constant focus of the major market player towards developing the market in Asian countries such as India and China. This, along with the support of the government in this region, is estimated to lead to the development of the automated cell block systems market in the coming years.
The global automated cell block system market is further classified on the basis of region as follows:
The global automated cell block system market is anticipated to register a significant CAGR over the forecast period, i.e., 2020-2028. Numerous technological advancements have been witnessed in the medical research field, along with the rise in several approvals regarding automated medical products in order to bring new opportunities to an industry that had previously lacked innovation, which is anticipated to boost the market growth. The market is segmented by product, by component, by end user and by region. The segment for end user is further segmented into rеѕеаrсh & асаdеmіс іnѕtіtutеѕ, lаbоrаtоrіеѕ, and others, out of which, the segment for research & academic institutes is anticipated to grow at the highest rate in the next few years on account of increasing research and development in the medical sector. The technologically enhanced automated cell block system is used to overcome the limitations of traditional cell block methods. To fulfill the demand, device manufacturers have completely adopted automated techniques, developing new and improved technological systems. Eminent advantages of an automated cell block system over traditional cell block system include factors such as availability of block with more sections and less time-consuming process of segmentation of specimens. Further, this new system ensures that the storage of cell blocks is easier than unstained slides, recognition of tumor pattern and architectural design is possible, and biopsy is not required. Technology assessment is present in the automated cell block systems with improved automated operations, minimal errors coupled with faster processes, and government initiatives to aid the market, which is estimated to gain traction during the forecast period on the basis of these factors.
Get more information on this report: Download Sample PDF
Technological advancements in the medical research industry have provided better and effective solutions. The traditional method of segmentation and testing of the specimen could take days before producing any result along with inconsistent results, insufficient cellularity, and risk of contamination. However, the automated cell block systems are anticipated to maintain crisp and clear cellular architecture, minimizes operator error, and maximizing cellularity even from small samples. Subsequently, this method has the advantage of standardized produces and consistent preparations in less than an hour, and limited contamination risk. These are some key factors that are projected to raise the demand for automated cell block system in the coming years.
With the growing global demand for the automated systems, key market players are adopting new and improved technologies to increase the production rate for the automated cell block systems. This resolution of key market players will further aid in the production of more accurate automated systems with a limited cross-contamination risk. The rising production capacity of market key players is estimated to further assist in the growth of the automated cell block system market in the coming years.
Sustainable advanced technologies come at a cost. Owing to the high price of both installation and the product itself, the market growth is estimated to be restricted tremendously, thereby affecting the demand for an automated cell block system in the coming years.
Specimens processed in automated cell block system are collected in a methanol-based solution, which therefore requires long and fixed standardized procedures, preparations, along with authentication laboratories to ensure accurate results of cell segmentation processes. The complexity of this procedure is predicted to be another factor hindering the growth of the automated cell block system market during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.