Digital Pathology Systems Market to Reach an Opportunity of US$492.8 mn by the End of 2020
“This points to a notable trend in the global digital pathology systems market, where the leading players are likely to emphasize on mergers and acquisitions to broaden their product catalog and geographical reach in the coming years,” said TMR’s lead analyst.
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Enhanced Precision, Lowered Workload Drive Demand for Digital Pathology Systems
The prime driver for the global digital pathology systems market is the increased sophistication and efficiency it brings about it pathology processes. Digitization of labwork reduces the chances of manual error, making the process highly accurate. Digital pathology systems are also much faster at analyzing samples than human technicians, which results in an easier workload for pathologists. The shortage of skilled pathologists is thus a key driver for the digital pathology systems market.
The increasing prevalence of cancer across the world has also encouraged the adoption of digital pathology systems. Digital pathology systems are used for the detection/diagnosis of several types of cancer, including breast, esophageal, and non-small-cell lung cancer. The high precision of digital pathology systems is crucial in dealing with progressive diseases such as cancer, since early diagnosis can significantly improve the chances of survival.
While developed parts of the world house widespread digital pathology infrastructure, developing regions such as Asia Pacific are still lagging behind. This presents a crucial opportunity for manufacturers of digital pathology systems, as the incidence of cancer is increasing rapidly in countries such as China, Japan, and India. The steady economic development of such countries has also made it easier for healthcare agencies to introduce advanced solutions such as digital pathology systems.
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Virtual Microscopy to Exhibit Rapid Growth in Demand 2014-2020
By technology, digital pathology systems are segmented into virtual microscopy and telepathology. While the latter is likely to retain its dominance in the market over the coming years, the virtual microscopy is expected to exhibit a higher growth rate in the 2014-2020 forecast period.
Among the various applications of digital pathology systems, drug discovery/development and disease diagnosis were the leading contributors to the global market in 2013. While these two segments are likely to remain in the lead in the market, the application of digital pathology systems in academic research is likely to increase at a rapid 14% CAGR from 2014 to 2020.
Geographically, North America is likely to remain the leading contributor to the global digital pathology systems market in the coming years, with the regional market’s revenue expected to reach US$212.4 mn by 2020. The extensive drug development activities and presence of key players in the region are responsible for the region’s dominant share in the global market. Europe’s contribution to the global digital pathology systems market is expected to be overtaken by Asia Pacific in the coming years, with the lucrative opportunities in India, China, Japan, and some ASEAN countries convincing many companies to expand their operations in Asia Pacific.
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The revenue of the global digital pathology systems market is expected to be more than US$307 mn by 2016 and further rise to US$492.8 mn by the end of 2020. The information presented in this review is based on a Transparency Market Research report titled ‘Digital Pathology Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.’
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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