The report "Digital Pathology Market is experiencing significant growth, with an estimated value of USD 0.9 billion in 2023. It is projected to reach USD 1.8 billion by 2028, demonstrating a compound annual growth rate (CAGR) of 13.6% during the forecast period. Several key factors are driving this growth, including the widespread adoption of digital pathology to improve laboratory efficiency, the increasing prevalence of cancer, the expanding use of digital pathology in drug development and companion diagnostics, the growing recognition of early cancer detection in emerging economies, and the endorsement of cancer screening practices.
One of the primary drivers of the digital pathology market is the adoption of digital pathology solutions to enhance efficiency in laboratories. By digitizing pathology slides, healthcare providers can streamline workflows, reduce manual errors, and improve collaboration among pathologists. This digitization enables remote access to slide images, facilitating consultations and second opinions from experts located in different geographical areas.
The rising incidence of cancer is also contributing to the growth of the digital pathology market. As the global burden of cancer continues to increase, there is a growing demand for accurate and timely diagnosis. Digital pathology offers numerous benefits in this regard, including faster turnaround times, improved accuracy, and the ability to integrate data from multiple sources, such as molecular tests and patient records, for comprehensive analysis.
Moreover, digital pathology is finding extensive applications in drug development and companion diagnostics. It enables pharmaceutical companies to enhance their research and development processes by leveraging digital image analysis and computer-aided diagnostics. This technology facilitates the identification of biomarkers, the evaluation of drug efficacy, and the assessment of treatment responses, leading to more targeted and personalized therapies.
Emerging economies are also witnessing a surge in the adoption of digital pathology due to the increasing awareness of the importance of early cancer diagnosis. Governments and healthcare organizations in these regions are implementing programs and initiatives to promote cancer screening and early detection. Digital pathology plays a crucial role in these efforts by enabling efficient screening, accurate diagnosis, and timely treatment planning.
Despite the positive market outlook, the high costs associated with digital pathology systems pose a challenge to its widespread adoption. The initial investment required for infrastructure, equipment, and software can be substantial, limiting the accessibility of digital pathology solutions, particularly in resource-constrained settings. However, ongoing advancements in technology, coupled with economies of scale, are expected to drive down costs over time, alleviating this constraint.
Download Report Brochure @ https://bit.ly/3XdyXDx
Digital Pathology Market Dynamics:
Drivers:
- Increasing adoption of digital pathology to enhance lab efficiency
- Rising incidence of cancer
- Growing applications of digital pathology in drug development and companion diagnostics
- Growing awareness of early cancer diagnosis in emerging economies
- Recommendations for cancer screening
Restraints:
- High cost of digital pathology systems
Opportunities:
- Introduction of affordable scanners for private pathology practices
- Growing demand for personalized medicine
- High growth opportunities in emerging economies
Challenges:
- Shortage of trained pathologists
Request 10% Customization: https://bit.ly/3CAVyAk
During the forecast period, the human pathology segment has emerged as the dominant player in the digital pathology market, holding the largest market share. The market is categorized into two segments based on type: human pathology and veterinary pathology. In 2022, the human pathology segment accounted for an impressive 66.5% share of the digital pathology market. This significant share can be attributed to two primary factors driving its growth: the increasing awareness of early cancer diagnosis in emerging economies and the growing collaborations among academic research institutes, universities, and pathology laboratories.
In terms of product segmentation, the global digital pathology market comprises scanners, software, and storage systems. Among these, the scanners segment has commanded the largest share, accounting for 44.9% of the market in 2022. The dominance of this segment is partly due to the restrictions imposed in many countries during the COVID-19 outbreak. As a result, there has been a surge in the installation of scanners to facilitate remote viewing of tests by pathologists, ensuring continuity in pathology services amid challenging circumstances.
Regarding application segments, the digital pathology market is divided into drug discovery, disease diagnosis, and training & education. Notably, the drug discovery segment emerged as the largest application segment in 2022. This growth can be attributed to several factors, including the rising number of preclinical and clinical studies, the adoption of high-throughput screening and imaging techniques, and an increased demand for toxicology testing, especially for illicit drugs.
In conclusion, the digital pathology market has witnessed substantial growth in various segments. The human pathology segment has dominated the market, primarily driven by the growing emphasis on early cancer detection and increased collaborations among academic and research institutions. The scanners segment, owing to its remote viewing capabilities, has captured the largest market share, supported by COVID-19 related measures. Additionally, the drug discovery application segment has seen significant expansion due to increased preclinical and clinical studies and a higher demand for toxicology testing. These factors collectively contribute to the dynamic growth and evolving landscape of the digital pathology market.
Top Key Player
The major players in the global Digital Pathology market include Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), and Hamamatsu Photonics (Japan)were the top players in the Digital Pathology market during the forecast period. Other major players in the market include Sectra AB (Sweden), F. Hoffmann-La Roche Ltd. (Switzerland), Visiopharm A/S (Denmark), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN (US), Huron Digital Pathology (Canada), Corista (US), Indica Labs (US), OptraSCAN (India), Glencoe Software (US), Inspirata (US), Mikroscan Technologies (US), and Kanteron Systems (Spain).
Recent Developments:
- In 2022, Danaher Corporation partnered with Indica Labs to deliver compatible digital pathology workflow solutions by maintaining file compatibility between Leica Biosystems Aperio GT 450 family of scanners with Indica Labs Halo family of software solutions.
- In 2022, Hamamatsu received US FDA 510(k) clearance for the NanoZoomer S360MD Slide scanner system for primary diagnostic use.
- In 2022, F. Hoffmann-LA roche ltd. Launched the VENTANA DP 600 slide scanner for digital pathology, enhancing patient care with precision diagnostics.
- In 2021, Koninklijke Philips launched the next-generation digital pathology solution, which features a comprehensive and scalable suite of software tools and capabilities in digital pathology.
Related Link: Digital Pathology Market
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are moulded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit MarketsandMarkets™ or follow us on Twitter, LinkedIn and Facebook.
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek