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Digital Pathology Market Predicted to Accelerate the Growth by 2019 - 2027
According to Transparency Market Research's latest report on the global digital pathology market for the historical period 2017-2018 and forecast period 2019-2027, rising awareness about digital pathology and increase in demand for advanced technology are the factors likely to boost the growth of digital pathology market. Moreover, high incidence and prevalence of cancer and other chronic diseases is poised to escalate the growth of digital pathology market.According to the report, the global digital pathology market was valued at US$ 0.38 Bn in 2018 and is anticipated to expand at a CAGR of over 12.0% from 2019 to 2027.
Research Report: https://www.transparencymarketresearch.com/digital-pathology-systems.html
Rise in Focus on Research & Development and Increase in Prevalence of Cancer: Key Drivers of Global Digital Pathology Market
Cancer is emerging as crucial public health problem worldwide and it is unconquered. World Health Organization states that, in 2018, estimated 9.6 million deaths and 18.1 million new cases of cancer were recorded globally
There is an increase in the number of cancer cases due to growing elderly population globally coupled with unhealthy lifestyles. According to Cancer Facts & Figures 2019, estimated number of older adults, aged 85 years and above was 6.4 million in 2016 and it is expected to reach 19.0 million by 2060. In 2019, 1,944,280 adults aged 85 and older were alive with a history of cancer
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Breast, lung and prostate cancers are the most frequently diagnosed types of cancer in industrialized countries such as the U.S., U.K. and Japan. Hence, increasing incidences of cancer accentuates the uptake of digital pathology systems market during the study period. This in turn is projected to boost the growth of global digital pathology market.
Preclinical studies using animal model and clinical trials play an important role assessing the safety and efficacy of the drugs. Digital pathology aids in minimizing the error rate, storage of the drug data, also the integration of the data in electronic health records (EHRs), and evaluation of the patient's response to a particular drug etc.
Rising focus on research and development for drug development and drug discoveries is leading to surge in number of clinical and preclinical trials which is augmenting the growth of global digital pathology market. Furthermore, rise in number of research conducted in academics and research institutes is likely to augment the growth of market.
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Technological Advancements Propel Global Digital Pathology Market Growth
Manual interpretation of tissue slides for disease diagnosis purpose is costly and labor extensive that increases error and inconsistency in the diagnostic result and it increases the risk of diagnostic failure and impedes decision making process.
Technological advancements in digital pathology helps to overcome limitation as these systems provide efficient and effective results of diagnostic tests.
Moreover, digital pathology systems can analyze large array of slides within short duration without any diagnostic error. These factors collectively account for the global market demand of digital pathology systems during the forecast period
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High Cost of the System to Hamper Global Digital Pathology Market
High cost associated with technologically advanced digital pathology system is expected to restrain the growth of digital pathology market. For instance, the average cost of the digital pathology systems for telepathology and whole slide imaging is between US$ 30 000 and US$ 300 000, which can be unaffordable for many low resource environment in developing countries
In addition to the cost, the digital pathology systems require costly infrastructure such as larger memory to store data, thereby restricting the usage of digital pathology system this is leading to restraining the growth of global digital pathology market
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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