Digital Pathology Market Report
The Global Digital Pathology Market report is segmented By Product (Software, Device [Scanners, Slide Management System], Storage, System), By Application (Drug Discovery & Development, Academic research, Disease Diagnosis, Cancer Cell Detection, Others), By End Use (Hospitals, Biotech & pharma companies, Diagnostic Labs, Academic & research institutes) and Region. The report also covers COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global digital pathology market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The Global Digital Pathology Market report is segmented By Product (Software, Device [Scanners, Slide Management System], Storage, System), By Application (Drug Discovery & Development, Academic research, Disease Diagnosis, Cancer Cell Detection, Others), By End Use ...
The Global Digital Pathology Market is projected to grow from USD 585.2 million in 2020 to USD 1,230.6 million by 2026 at a CAGR of over 13.2% during the forecast period.
Figure: Global Digital Pathology Market Size, 2020-2026 (USD Million)
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Digital pathology is referred to as an image-based information setting that is enabled by computer technology which allows management of information generated via a digital slide. Digitalization of pathology has further led to the automation of tests during disease diagnosis among other applications. A single digital device can perform tests that were previously carried out using five instruments by pathologists. These solutions offer analysis & scrutiny of images on a computer, online storage of digital slides, and high-resolution sample scanning, which helps the pathologists to cross-examine slides without physical evidences.
Key players operating in the global digital pathology market are-
Increasing efficiency of digital pathology systems, ease of virtual transportation of slides, and efficient cost of digital pathology products are the key factors augmenting the market growth. Moreover, the surge in initiatives toward commercialization of cost-effective digital pathology systems is further expected to create lucrative opportunities for the market players during the review period. However, a lack of skilled professionals and unclear reimbursement policies are expected to hamper the industry expansion.
Based on product, the global digital pathology market has been segmented into software, device, storage, and system. Among these, the device segment witnessed the highest market share in 2020 and is projected to register a healthy CAGR during the assessment period. This is mainly ascribed to the rise in academic research activities and improved resolution of slide management systems and scanners, thereby bolstering the segment growth.
By region, the North American market accounted for the largest market share of over 40% in 2020 and is likely to grow at a robust CAGR during the review period. This can be attributed to supportive government initiatives about the development of technologically advanced systems, continual deployment of R&D investments, growing adoption of digital imaging, and the presence of major players boosting the industry growth in the region.
The COVID-19 pandemic has positively influenced the digital pathology industry. Government bodies across the globe are focusing to curb the COVID-19 with important measures, such as social distancing, nationwide lockdowns, and large-scale quarantine to prevent the spread of the coronavirus. This pandemic has further created immense opportunities for the industry participants involved in digital pathology. For instance, U.S. FDA’s Center for Devices and Radiological Health released an enforcement policy for remote digital pathology devices proposed for pathologists, drug administration staff, clinical laboratories, and healthcare facilities.
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The following is a list of the customers that the Digital Pathology market aims to convert the most:
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The digital pathology market is expected to witness an impressive growth of 13.2% CAGR in the foreseeable future.
The digital pathology market is expected to reach USD 1,230.6 million in the coming year.
Danaher (The U.S.), Hamamatsu Photonics, Inc (Japan), Koninklijke Philips N.V. (Netherlands), Olympus Corporation (Japan), F. Hoffmann-La Roche Ltd (Switzerland), Mikroscan Technologies (The U.S.), Inspirata, Inc (The U.S.), Visiopharm A/S (Denmark), Huron Digital Pathology (Canada), and 3DHISTECH Ltd. (Hungary) are among the key players in the digital pathology market.
Increasing efficiency of digital pathology systems, ease of virtual transportation of slides, and efficient cost of digital pathology products are the factors driving the growth of digital pathology market.
North American market accounted for the largest market share of over 40% in 2020 and is likely to grow at a robust CAGR.
Device segment witnessed the highest market share in 2020 and is projected to register a healthy CAGR.
Digital pathology companies, Hospitals, Biotech & pharma companies, Diagnostic Labs, Research Centers & Organizations are the target audience in the digital pathology market.