Digital Pathology Market Size and Share Evolution Towards 2023 - Koninklijke Philips N.V., Danaher Corporation (Leica Biosystems GmbH), Definiens, Huron Digital Pathology Inc, etc

Digital Pathology comprises an array of equipment capable of capturing, analyzng, interpreting, and managing digital information gained from slides. The technology is gaining focus rapidly thanks to its wide application in tissue-based research, human pathology, and drug development. The global digital pathology market is anticipated to expand at a significant CAGR from 2018 to 2023 (forecast period), according to the latest report by Market Research Future (MRFR).

The Global Digital Pathology Market is marked to expand at a remarkable CAGR of 13.04% during the forecast period of 2017-2023 and reach the valuation of USD 8,305.6 Mn by the end of the assessment period. Increased adoption of technologically advanced solutions to optimize the disease diagnosis process in order to provide accurate and faster results are majorly propelling the growth of the global digital pathology market. High prevalence of chronic diseases and increased healthcare expenditure are some other factors that are contributing to the growth of the global digital pathology market. However, low penetration of advanced technology and absence of primary healthcare services are likely to act as restraining factors on the expansion of the global digital pathology market.

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Digital pathology finds its application in various fields such as education, tissue-based research and drug development which further drives the growth of the market. The rise in a number of clinical and pre-clinical trials have propelled the growth of the market. Digital pathology is setting new standards of practice in clinical trials with the introduction of new technologies such as virtual microscopy, and digital imaging which helps improve the outcomes of clinical trials.

Increasing adoption of advanced technologies to improve workflow and facilitate faster diagnostics is augmenting the market growth. Additionally, government initiative and support in various economies to strengthen the healthcare infrastructure in the form of funds and subsidies foster the growth of the market. Other market drivers include a rise in automation and improvements in healthcare infrastructure across the globe. However, the market growth might be hindered by lack of standardization in digital pathology and substantial initial cost of setup

Global Digital Pathology Market - Competitive Analysis

The global digital pathology market is fragmented and highly competitive with the presence of a multitude of well-established and small players. Owing to the lucrative growth opportunities offered by the market, there has been an influx of new players which further intensifies the competition. The major players profiled by MRFR that are operating in the global digital pathology market are Koninklijke Philips N.V., Danaher Corporation (Leica Biosystems GmbH), Definiens, Huron Digital Pathology Inc and others

Industry Updates:

In December 2018, OptraSCAN, a provider of on-demand digital pathology, has collaborated with Deenanath Mangeshkar Hospital and Research Centre to deploy OptraSCAN's affordable digital pathology solution equipped with artificial intelligence and machine learning technologies.

In December 2018, Inspirata, a Europe based cancer informatics and digital pathology workflow solution provider, has entered into a partnership with Hamamatsu Photonics, a Japanese manufacturer of optical sensors, electric light sources and other devices for scientific and medical use.

Global Digital Pathology Market - Segmentation

The global digital pathology market is segmented on the basis of type, product, application, and end-users. Based on type, the global digital pathology market is segmented into human pathology and animal pathology. The human pathology segment commands for the major share of 65% in the global digital pathology market due to the high prevalence of chronic diseases among humans. This segment is projected to reach the valuation of USD 5,475.4 Mn by the end of 2023. Based on product, the global digital pathology market has been segmented into hardware, software, and storage. The hardware segment commands for the maximum share of the global digital pathology market and is anticipated to reach the valuation of USD 6,031.9 Mn by the end of 2023.

Based on application, the global digital pathology market is segmented into disease diagnosis, Mhealth, drug discovery, and telemedicine. The disease diagnosis segment is leading the global digital pathology market with the valuation of USD 2,650 Mn by the end of the forecast period. Based on end-users, the global digital pathology market has been segmented into hospital & clinic, diagnostic centers, and research centers & academic institutes. The research centers and academic institutes segment is expanding at the fastest growth rate in the global digital pathology market and is anticipated to reach the valuation of USD 3,778.4 Mn by the end of the assessment period.

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Global Digital Pathology Market - Regional Analysis

Geographically, the global digital pathology market is segmented into four major regions such as the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas has emerged as a leading region in the global digital pathology market owing to the increased adoption of technologically advanced solutions in the healthcare sector for accurate and faster diagnosis, high prevalence of chronic diseases and increased healthcare expenditure by the population in this region. Presence of large number of major players and increased research and development for the introduction of advanced diagnostic techniques in the well-developed healthcare sector are fueling the growth of the global digital pathology market in the Europe region. The Asia Pacific region is expanding at the highest CAGR of 13.53% during the assessment period owing to the increasing healthcare expenditure and rapid development of healthcare sector in the emerging economies of this region. Lack of awareness and absence of primary healthcare facilities are resulting in the poor growth of the digital pathology market in the Middle East and Africa region.

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This release was published on openPR.