Digital Pathology Market is expected to reach US$ 22,870.2 Mn by 2032

The global market for digital pathology is estimated to reach US$ 6,199 Mn by 2022, according to Future Market Insights. The market for digital pathology goods and services is expected to reach US$ 22,870.2 Mn by 2032, increasing at a 13.5% CAGR during the forecast period.

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Digital pathology solutions are getting more popular in the market as a result of technical advancements and the expansion of electronic medical records in the healthcare industry. Cloud-based information systems are predicted to grow at a 16.9% CAGR through 2032, while on-premise systems will continue to dominate at US$ 626.8 Mn.

The scope of digital pathology with cloud integration has expanded with promising potential for numerous therapies in the healthcare industry including anti-cancer treatments. Innovation in terms of product efficiency, capabilities, and other modalities drives growth in the digital pathology market.

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A number of modern hospitals are installing newly modified digital pathology systems for their laboratories which has widened the consumer base of the market globally. Manufacturers of digital pathology solutions are constantly making changes in software, to enhance the capabilities and efficacies of digital pathology devices.

This development will provide easy access to information such as images, and will also cater to specialized needs. In 2017, Glencoe Software Inc., launched a software named Path Viewer, which is used in interactive viewing and annotation of digital pathology images.

In Jan 2018, Definiens AG released Tissue Studio 4.2 software package. The updated product suite provided improved image analysis for researchers in academic medical laboratories, comprehensive cancer diagnostic and treatment centers, biotechnology, and pharmaceutical companies.

Key Takeaways of Digital Pathology Market Study

Digital pathology equipment is anticipated to increase at a CAGR of 13.7% over 2021-2031, to reach US$ 12.94 Bn by 2031, aided by growing investments by hospitals and laboratories.
The clinical pathology and molecular diagnostics segment collectively have gained more than 50% of the market share in terms of revenue owing to use for a wider scope of ailments.
CROs are estimated to display high growth potential at a CAGR of 19.0% in the forecast period owing to cost benefits to end users.
Canada is reflecting high potential for growth with a 14.2% CAGR, driven by the expansion of urban centers and investments into healthcare facilities.
The U.K. will account for over 24% of the Europe value share, surpassing Germany by 2031, owing to increases in healthcare research spending.

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"Growing research and development initiatives aimed towards cancer diagnosis and treatment are key factors expected to provide major growth opportunities for the digital pathology market through the end of 2031," says the FMI Analyst.         

Who is Winning? Leading players in the market are largely focused on product development launches in addition to investing in strategic acquisitions and capacity expansions, to explore previously untapped markets.

Some the digital pathology companies in the market are

Danaher Corporation,
Hoffmann-La Roche AG
Huron Technologies International Inc.
Koninklijke Philips N.V.
Olympus Corporation
Hamamatsu Photonics K.K.
Carl Zeiss
3D HISTECH Ltd.

Key Segment By Product Type:

Equipment
Whole Slide Scanners
Brightfield Slide Scanners
Fluorescence Slide Scanners
Combination Slide Scanners
Clinical Microscope
Tissue Microarrays
Softwares
Image Viewing and Analysis Softwares
On-premise
Cloud-based
Digital Pathology Information Systems
On-premise
Cloud-based
Services
Installation and Integration Services
Consulting Services
Maintenance and Validation Services

By Application:

Clinical Patholog
Molecular Diagnostics
Basic & Applied Research
Drug Development
Others

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End-User:

Hospitals
Diagnostic Laboratories
Pharmaceutical & Biotechnology Companies
Forensic Laboratories
Research Institutes
Contract Research Organizations (CROs)
Clinics

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.