LONDON, Nov. 19, 2014 /PRNewswire/ -- The global digital pathology market was valued at an estimated $250.2 million in 2013 and is expected to grow at a CAGR of 11.8%, to reach an estimated $437 million by 2018.
In 2013, the North American market was valued at $128.9 million and accounted for the largest share of the global digital pathology market, followed by Europe and Asia. The North American market is expected to grow at a healthy growth rate over the next five years. This high growth can be attributed to the favorable reimbursement scenario in the U.S. and the use of digital pathology to improve the quality of cancer diagnosis in Canada. However, lack of FDA approvals for digital pathology to be used for primary diagnosis acts as a major barrier for the North American market.
The European region has gained momentum for digital pathology. Some of the European countries have witnessed successful pathology projects which are likely to lead to higher adoption of digital pathology in these countries. Furthermore, Europe hosts various digital pathology conferences that aim to bring professionals under one roof and bring to light the ongoing developments in digital pathology. However, the Asian market, slated at an estimated CAGR of 13.7%, will experience the highest growth in the digital pathology market. The rise in awareness of digital pathology and its benefits, collaborative efforts by players, and federal health departments encouraging the use of digital pathology to improve the quality of cancer diagnosis are some of the factors driving the growth of the Asian market.
The major players in this market include 3DHistech (Hungary), Leica Biosystems (Germany), Ventana Medical Systems (U.S.), Hamamatsu Photonics K.K. (Japan), Mikroscan Technologies (U.S.), Definiens AG (Germany), Visiopharm (Denmark), and Indica Labs (U.S.).
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