Digital Pathology Market Is Expected To Flourish At A CAGR Of 11.6% During The Forecast Period Of 2016-2023

Global Digital Pathology Market

Digital pathology is a picture based environment which allows the storage and management of information generated from the digital slide. Digital pathology provides various kinds of environments such as scan, view, manage, network, analyze, integrate and sharing. Digitization of tissue slides offers pathologist ease of diagnosis and detection of disease. Further, digitized tissue can be analyzed by computer algorithms. This results in less human error and high efficiency. Apart from this, the digitized tissue can also be stored and further used for educational purposes. Digital pathology is gaining traction among hospitals and research laboratories due to above mentioned advantages of digital pathology over conventional pathology.

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The global digital pathology market is flourishing due to the rise in expenditure in healthcare industry. The various countries such as U.S., Canada, and Germany are increasing the encouragement of technologically advanced healthcare products in order to provide better healthcare services to their citizens. As a result, the adoption of digital pathology is rising in the developed and growing economies.

The digital pathology market is expected to flourish at a CAGR of 11.6% during the forecast period of 2016-2023. The market growth will be driven by the rising number of chronic diseases. Further, the rising adoption of digital pathology system by the research laboratories and hospitals is expected to expand the market growth.

In the terms of geography, North America accounts for the highest percentage of market share followed by Europe. Spiked healthcare expenditure in the U.S. is further promoting the digital pathology in the North-America region. These rising spending on healthcare infrastructure and services is likely to boost the demand for digitally enabled pathology services in the region. On the other hand, Europe digital pathology market is expected to contribute 33% by 2023. Further, the digital pathology market in Europe is likely to expand at a CAGR of 11.1% during the forecast period i.e. 2016-2023.

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The Asia-Pacific digital pathology market is likely to witness highest CAGR over the forecast period. Factors such as rising disposable income and increasing medical tourism are anticipated to propel the growth of digital pathology market in the region. Burgeoned spending on healthcare IT infrastructure and need from pathologists and cloud service providers for faster and better decision making to trigger the digital pathology demand in the region.

The growth of the digital pathology market is primarily driven by the rising number of chronic diseases patients across the globe. Further, rising awareness towards diagnosis and increasing healthcare expenditure is expected to fuel the growth of global digital pathology market. Increasing gross disposable income is expected to drive the market of digital pathology in developed and growing economies. Apart from this, the technological features of digital pathology such as cloud technology integration are envisioned to bolster the growth of the digital pathology market over the forecast period.

Massive adoption and growing popularity of digital pathology system in hospitals, clinics, laboratories and research centers is expected to boost the overall market of digital pathology. Further, the market of digital pathology is driven on the back of its advance features such as high precision and accuracy, management and storage of analyzed data for further studies. Increasing spending on healthcare IT infrastructure and rising demand from pathologists for cloud integration service is triggering the digital pathology demand across the globe.

However, high cost associated with integration and implementation of hardware & software of digital pathology, especially in small clinics & private laboratories is likely to restrict the growth of digital pathology market. Additionally, high cost of diagnosis test compared to conventional pathology test is curbing the growth of digital pathology market.

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Original Source:
https://www.marketwatch.com/press-release/digital-pathology-market-is-expected-to-flourish-at-a-cagr-of-116-during-the-forecast-period-of-2016-2023-2019-10-04

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