The Global Digital Pathology market is anticipated to grow at a CAGR of 12.6% during the forecast period 2020- 2026
Published | 10 April 2020
The Global
Digital Pathology Market
reached USD 0.52 Billion in 2019 and projected to witness market size of USD
1.06 Billion by 2026 with a significant CAGR of 12.6% during the forecast
period 2020-2026. Rising demand for digital pathology in disease diagnosis,
easy consultation, and the digitalization trend in the medical industry boost
the growth of the digital pathology market.
The
growing use of telepathology, especially in developing economies are expected
to generate new opportunities in the market. Technological advancements such as
computerization, digital imaging, multiple fiberoptic communications, and
robotic light microscopy are some of the major factors leading to the adoption
of digital pathology.
Moreover,
the introduction of cloud-based technology allowing the storage of digital
slides along with secure access to pathologists anticipated to serve as a prospective
growth driver for the market. The increasing government attention to implement
advanced systems for improved efficiency and quick response is a contributing
factor. Combined with these factors, the expanding patient pool, delays in
radiography diagnostics owing to high waiting time are expected to provide a
favorable environment for the adoption of digital pathology systems over the
forecast period.
Artificial
Intelligence with digital pathology stimulate the market with significant
growth during the forecast period
Digital pathology
systems are gaining popularity among pathologists owing to its operational
efficiency and increasing need for integrated healthcare facilities. A
combination of Artificial Intelligence (AI) technologies with digital pathology
is a potential growth factor. Investors are ready to capitalize hugely in
start-ups attempting to adopt artificial intelligence. Technology experts claim
that machine learning and other sophisticated technologies can assist
pathologists, making them more detailed in their analysis. Digital pathology market trends such as the
integration of AI into digital pathology systems is expected to influence
market growth. The adoption of AI in digital pathology offers efficient image
recognition and automated diagnostic capabilities. Vendors are emphasizing on
developing AI-powered software platforms to extend applications in digital
pathology workflows such as automation in result interpretations, image
analytics, and decision making. Automated applications will assist to overcome
the challenges associated with the lack of trained professionals. To fulfill
this growing demand, vendors are concentrating on the continuous development of
AI platforms and applications by strategic initiatives.
North American regional segment expected to witness lucrative growth in
global Digital Pathology market
North America is anticipated to hold the largest share in the
global digital pathology market owing to accessibility of expertise,
well-developed healthcare infrastructure, and increasing emphasis on
digitization of diagnostic procedures. The technological advancements by
leading market players are anticipated to augment the adoption of digital
pathology systems in North America during the forecast period. Further, the
increasing trends of machine learning and artificial intelligence in the region
expected to drive the implementation of the global digital pathology market.
Factors such as accessibility of expertise, well-developed healthcare
infrastructure, and increasing focus on digitization of diagnostic procedures
are contributing to the growth of the digital pathology in the region.
The
device product segment is anticipated to dominate the digital pathology market
Based on the product, the device segment
is expected to dominate the market as the devices can perform repeated data
analysis across experiments and produce high-resolution images. Moreover, the
rising use of scanners in pathology labs and increasing R&D related to
applications such as slide managers is expected to boost the adoption of this
technology during the forecast period. Growing demand for online storage system
is further fueling the growth. The benefits such as improved productivity, cost
reduction, and better patient outcome along with data reliability and Image
Lifecycle Management (ILM) are projected to drive the market.
Digital
Pathology: Competitive Landscape
The digital Pathology
market is fragmented owing to the presence of number of large-sized companies,
mid-sized & small-sized companies, and many start-ups that provide Digital
Pathology industry. However, the companies that hold the majority share of
Digital Pathology market are Leica Biosystems, Ventana Medical Systems,
Hamamatsu Photonics, 3DHISTECH, Koninklijke Philips, Roche, Apollo Enterprise
Imaging, XIFIN, Huron Digital Pathology, Visiopharm, Corista, Indica Labs,
Objective Pathology Services, Olympus Corporation, Mikroscan Technologies,
Digipath, Inc., TRIBVN Healthcare, Danaher, Nikon Corporation, and other
prominent players.
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