The global digital pathology market is projected to reach USD 1,054 million by 2025 from USD 553 million in 2020, at a CAGR of 13.8%
NEW YORK, Nov. 3, 2020 /PRNewswire/ --
The global digital pathology market is projected to reach USD 1,054 million by 2025 from USD 553 million in 2020, at a CAGR of 13.8% during the forecast period. The key factors driving the growth of this market include the
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increasing adoption of digital pathology to enhance lab efficiency, rising prevalence of cancer, growing application of digital pathology in drug development & companion diagnostics, and increasing initiatives by industry players. However, the high cost of digital pathology systems is expected to restrict market growth to a certain extent.
Adoption of artificial intelligence is expected to increase during the forecast period.
The adoption of AI in healthcare has been rising in recent years due to its ability to optimize clinical processes, thereby solving a variety of problems in the healthcare industry.AI helps patients receive correct diagnosis in a timely manner, maximize hospital efficiency, and reduce the waiting time for patients, thereby enhancing overall healthcare.
AI helps in collecting, storing, and normalizing data along with tracing its lineage.
The software segment will grow at the highest rate during the forecast period.
On the basis of product, the digital pathology market is segmented into scanners, software, communication systems, and storage systems.The scanners segment accounted for the largest share of the digital pathology market in 2019.
The large share of this segment is mainly due to the increasing adoption of digital pathology solutions across the globe, and the high cost of scanners. On the other hand, the software segment is projected to witness the highest growth rate during the forecast period, due to the availability of user-friendly, analytical, and advanced functions for pathology diagnosis.
By type, the human pathology segment accounted for the largest share of the digital pathology market in 2019.
On the basis of type, the global digital pathology market is segmented into human and veterinary pathology.The human pathology segment accounted for the largest share of the digital pathology market in 2019.
The increasing number of cancer research activities and growing collaborations between academic research institutes, universities, and pathology laboratories are driving the increased uptake of digital systems in human pathology.
The market in North America is projected to witness the highest growth rate during the forecast period (2020–2025).
North America is projected to register the highest growth during the forecast period.This large share can be attributed to factors such as the rising prevalence of cancer and increasing initiatives by industry players.
On the other hand, the Asia Pacific region is expected to grow at the second-highest CAGR during the forecast period. Factors such as a large patient population, shortage of pathologists, increasing initiatives in the healthcare industry by key market players, and rising adoption of advanced technologies for disease diagnosis are driving the growth of the digital pathology market in this region.
A breakdown of the primary participants referred to for this report is provided below:
• By Company Type (Supply-side): Tier 1: 29%, Tier 2: 37%, and Tier 3: 34%
• By Category (Demand-side): Pharmaceutical & Biotechnology Companies: 55%, Hospitals and Reference Laboratories: 35%, and Academic & Research Institutes: 10%
• By Designation: C-level: 35%, Director-level: 25%, and Managers: 40%
• By Region: North America: 35%, Europe: 32%, Asia: 22%, and the RoW: 11%
Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), and Hamamatsu Photonics K.K. (Japan) are the leading players in the global digital pathology market. Other notable players in this market include Roche (Switzerland), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN (US), Huron Digital Pathology (Canada), Visiopharm A/S (Denmark), Corista (US), Indica Labs (US), Objective Pathology Services (Canada), Sectra AB (Sweden), OptraSCAN (India), Glencoe Software (US), KONFOONG BIOTECH INTERNATIONAL CO., LTD (China), Inspirata Inc. (US), Mikroscan Technologies (US), Proscia Inc. (US), and Kanteron Systems (Spain).
Research Coverage:
The report analyzes the digital pathology market and aims at estimating the market size and future growth potential of this market based on various segments such as product, type, application, end user, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one, or a combination of the below mentioned five strategies.
This report provides insights into the following pointers:
• Market Penetration: Comprehensive information on the product portfolios of the top players in the digital pathology market. The report analyzes the market based on the product, type, application, end user, and region.
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the digital pathology market.
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of digital pathology solutions across regions.
• Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the digital pathology market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the digital pathology market.
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