Digital Pathology Market Size, Opportunities, Key Growth Factors, Revenue Analysis Till 2030
The growing number of innovations in the areas of pathology would further increase the size of the market to a great deal, in the next six years. According to MRFR, the Digital Pathology Market is expected to register a CAGR of 6.5% over the review period from 2021 to 2028 and expected to reach USD 1.4 Billion by 2028.
Digital Pathology or Computational Pathology leverages completely new perceptions through data analysis, enabling pathologists to consult on treatment options. The rapidly evolving pathology sector is a key element of modern diagnostic practices. There have been several innovations and widespread adoption of digital pathology. It has long been realized that the traditional histopathology is inefficient as it exposes samples to various handlers, increasing the scope for human error.
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The digital pathology, on the other hand, eliminates the risk factors, while also providing the pathologist with the necessary images and clinical information to generate the most accurate and complete clinical diagnosis. Hence, pathology centers across the globe are increasingly adopting digital pathology to increase diagnostic speeds and accuracy. This broad uptake is, in turn, helping the market of digital pathology to grow rapidly.
Advantages like speedy diagnosis processes are facilitating treatments, which drive the market ahead. Additionally, the advanced medical services and the burgeoning healthcare sector worldwide are fostering the growth of the digital pathology market. The demand for fast proceedings of treatments, with an accurate diagnosis, is rising, which results in the growth of the digital pathology market.
The transition to cloud pathology is a prominent trend, observed during the analysis, which is expected to push up the growth in the market. This is due to the cloud-based delivery of solutions, which is cost-effective, take minimal installation time without needing a sophisticated IT infrastructure.
Integration of Artificial Intelligence (AI) technologies into digital pathology is another such trend noticed during MRFR analysis. Investors are ready to invest hugely in start-ups attempting to apply artificial intelligence. Many entrants are getting benefitted with substantial grants. Technology experts think that machine learning and other sophisticated technologies could assist pathologists, making them more precise in their analysis.
AI has the capacity of turning pathology into a digital zone. However, AI experts need to ensure that AI technology can reliably process reams of data, and the software is seamlessly integrated into the workflow of pathologists. Advances in the automation enable pathologists to spend more time on tougher cases, providing them with insights about the issues that human eyes can’t detect.
Global Digital Pathology Market – Segments
- By Type: Human Pathology and Animal Pathology.
- By Application: mHealth, Telemedicine, Disease Diagnosis, and Drug Discovery, among others.
- By End Users: Hospital/Clinics, Pharmaceutical Companies, Reference Laboratories, and Research Institutes, among others.
- By-Products: Storage Server Systems, Scanners, and Software, among others.
- By Regions: Asia Pacific, Europe, North America, and Rest-of-the-World.
Global Digital Pathology Market – Regional Analysis
North America market leads the global digital pathology market with a significant share. The well-developed healthcare sector in the US & Canada, together with high per capita healthcare expenditures of these economies drive the regional market growth. Moreover, the presence of some of the matured market players fuels growth in the regional market. The market is further expected to create a substantial revenue pocket throughout the forecast period (2017-2023).
The digital pathology market in the European region takes the second lead. The market is predominantly driven by the availability of funds for research, well-developed healthcare infrastructure, huge patient population, and government support for R&D. The UK and Germany, backed by high healthcare expenditures majorly propel the growth of the Europe market.
The Asia Pacific digital pathology is emerging as a promising market globally. Expected to become the fastest-growing market for digital pathology, The APAC region is estimated to grow rapidly over the projected period. Moreover, factors such as the increasing healthcare expenditures along with favorable government policies of developing economies like India and China foster the regional market growth.
Digital Pathology Market - Competitive Analysis
Highly competitive, the digital pathology market appears to be fragmented with the presence of several large and small players. Many well-established players, along with the new entrants, form a competitive landscape. Through strategic initiatives, such as acquisition, expansion, collaboration, and product/technology launch, these players try to gain a competitive advantage in this market. Substantial investments are transpired in R&D to develop a completely different technology compared to their competition.
Players leading the digital pathology market include Danaher Corporation (US), Olympus Corporation (Japan), Inspirata (US), Huron Digital Pathology Inc. (Canada), 3DHISTECH Ltd. (Hungary), Koninklijke Philips N.V. (the Netherlands), Microdimensions GmbH (Germany), F. Hoffmann-La Roche Ltd. (Switzerland), Mikroscan Technologies, Inc. (US), and Definiens (Germany), among others.
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