Digital Pathology Market to Reach $8.66 Billion by 2023

According to the report published by Allied Market Research, the global digital pathology market garnered $3.79 billion in 2017 and would reach $8.66 billion by 2023, registering a CAGR of 14.8% during the study period, 2017-2023. The report provides comprehensive analyses of the top winning strategies, industry dynamics, market size & estimations, key market segments, and competitive landscape.

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Growth Drivers and Industry Trends

The report offers a detailed analysis of changing market dynamics, market size & forecast, market segmentation, and major industry players. According to the report, the global digital pathology market generated $3.79 billion in 2017 and is expected to reach $8.66 billion by 2023, registering a CAGR of 14.8% from 2017 and 2023.

Growing demand for digital pathology in disease diagnosis, ease in consultation, and the trend of digitalization in the medical industry propel the growth of the digital pathology market. On the other hand, expensive nature of digital pathology solutions and lack of reimbursement are expected to limit the growth of the market. Conversely, increased use of telepathology, especially in the developing countries are likely to create new opportunities in the market.

Segmentation Analysis of the Industry

The digital IVD segment captured more than 85% of the market share and would maintain its revenue lead throughout the forecast period, 2017 - 2023. This is because of the increase in prevalence of cancer, diabetes, and other infectious diseases. Nonetheless, the image analysis informatics segment would grow at the fastest CAGR of 20.2% from 2017 to 2023.

The digital PCR segment would manifest the fastest CAGR of 23.6% from 2017 to 2023, owing to its ability to directly count the number of target molecules rather than relying on endogenous controls or reference standards. However, the automated hematology analyzers & blood cell counters segment contributed over one-third of the market share in 2017 and is expected to dominate throughout the forecast period.

Pharma & biotech companies segment accounted for over one-third of the total market share in 2017 and would maintain its lead position by 2023. In addition, this segment would register the highest CAGR of 16.6% from 2017 to 2023.

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The market in Asia-Pacific would grow at the highest CAGR of 21.4% from 2017 to 2023. However, North America captured over one-third of the market share in 2017 and would continue its dominance through 2025.

Industry Key Players

The key market players analyzed in the report include Danaher Corporation, Glencoe Software, Inc., Digipath Inc., Indica Labs, Inc., Hamamatsu Photonics K.K., Nikon Corporation, Koninklijke Philips N.V., Pixcelldata Ltd., PerkinElmer, Inc., and Visiopharm A/S.

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