$1738.82 Million Digital Pathology Market Size Rise at 13.8% CAGR by 2028 - Says Facts & Factors

NEW YORK, United States, Sept. 17, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled "Digital Pathology Market by Product (Scanners, Software, Communication Systems, and Storage Systems), By Type (Human Pathology, Veterinary Pathology), By Application (Drug Discovery, Disease Diagnosis, Training & Education, and Tele-consultation), By End User (Hospitals, Pharmaceutical & Biotechnology Companies, Diagnostic Labs, and Academic & Research Institutes): Global Industry Perspective, Comprehensive Analysis, and Forecast 2022 – 2028" in its research database.

"According to the latest research study, the global Digital Pathology Market size in terms of revenue was worth of USD 740.26 million in 2021 and it is expected to surpass around USD 1738.82 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 13.8% during the forecast period 2022 to 2028."

Digital Pathology Industry Synopsis:

Digital pathology is a diagnosis carried out by the use of various computer technologies. Digitized specimen slide generates information that is managed by advanced computation and through virtual microscopy. Advancement in genetic science, medical science as well as computer technology together hand in hand has developed the subfield of pathology called digital pathology. During disease diagnosis, digitization of pathology is performed at hospitals, diagnostic centers. It offers a high-resolution sample scanning, analysis of computer images, and online storage of digital slides which enables pathologists to examine slides without forensic evidence.

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Report Scope

Report Attribute	Details
Market Size (2021)	USD 740.26 Million
Future Size of Market (2028)	USD 1738.82 Million
CAGR Growth Rate (%)	13.8% CAGR
Base Year	2021
Forecast Period	2022-2028
Prominent Vendors	Koninklijke Philips N.V., Hamamatsu Photonics, Leica Biosystems, Visiopharm A/S, Corista, Indica Labs, OptraSCAN, Glencoe Software, Inspirata Inc., Mikroscan Technologies, Proscia Inc., Kanteron Systems, Roche, Apollo Enterprise Imaging, Sectra AB, and Huron Digital Pathology among others.
Major Segment	By Product, By Type, By Application, By End User, and By Region
Key Regions	North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Industry Growth Factors

One of the important driving factors for the digital pathology market is an enhancement in lab efficiency. An improvement in lab efficiency is critical for the correct and swift diagnosis of the disease and improved access to medical reports via apps and websites. Moreover, increasing penetration of medical insurance in the population is driving the demand for pathological services, and to provide swift and efficient services, investments in digital pathology infrastructure have increased significantly. The rising prevalence of chronic diseases has further increased the requirement for digital pathology. As per the WHO survey, the total number of chronic respiratory disease cases increased by 39.5% between 1990 to 2017. At COVID-19, a Digital Pathology Enforcement Policy for Pathologists, clinical laboratories, healthcare centers, and drug management staff was issued by the US FDA's Centre for Devices and Radiological Health.

Drivers

Growing digital pathology usage for lab performance

Digital pathology improves lab efficiency by lowering costs, speeding up response times, and giving subject-matter expertise. Patients and doctors rely on lab data for diagnosis, thus tests must be conducted fast and precisely. Moreover, pathologists save money and time by accessing digitized slides via web services. The COVID-19 pandemic has prompted lockdowns and social restrictions. These constraints have spurred demand for digital pathology technologies, which allow pathologists to assess medical outcomes distant from initial diagnosis.

Restraints

Digitized pathology systems are extremely expensive

A standard digital pathology system contains a slide scanner, image server, and software. A digital pathology scanner costs between $110,000 and $130,000 in Asia-Pacific. Big hospitals with huge capital expenditures can afford these technologies, whereas pathologists and academic institutes with small budgets or no IT assistance cannot. Healthcare professionals in poor countries like India, Brazil, and Mexico cannot afford such high-tech equipment. Also, trained personnel are necessary to efficiently handle and maintain digital pathology systems. It is believed that the expensive cost of these systems, coupled with a lack of experienced individuals to handle digital pathology equipment, will limit their use.

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Segment Insights

The global digital pathology market is segmented on the basis of product, type, application, and end-user.

On the basis of Product, the global digital pathology market is segmented into scanners, software, communication systems, and storage systems. In 2020, the scanners segment was expected to account for the majority of the market share.

On the basis of type, the global market is categorized into human pathology, veterinary pathology. By application segment, the global digital pathology market is divided into drug discovery, disease diagnosis, training & education, and teleconsultation. In 2020, the drug discovery category was expected to account for the biggest percentage of the market overall.

By end-user, the market is classified into hospitals, pharmaceutical & biotechnology companies, diagnostic labs, and academic & research institutes. Pharmaceutical and biotechnology companies are expected to dominate the industry in 2020.

Competitive Landscape

A large selection of diagnostic products is available from manufacturers, who are concentrating on product development. Furthermore, leading players in the digital pathology market are concentrating on expanding their global and regional footprint through acquisitions and international expansion on an international scale.

Major players in the market are Koninklijke Philips N.V., Hamamatsu Photonics, Leica Biosystems, Visiopharm A/S, Corista, Indica Labs, OptraSCAN, Glencoe Software, Inspirata Inc., Mikroscan Technologies, Proscia Inc., Kanteron Systems, Roche, Apollo Enterprise Imaging, Sectra AB, and Huron Digital Pathology among others.

Browse the full "Digital Pathology Market by Product (Scanners, Software, Communication Systems, and Storage Systems), By Type (Human Pathology, Veterinary Pathology), By Application (Drug Discovery, Disease Diagnosis, Training & Education, and Tele-consultation), By End User (Hospitals, Pharmaceutical & Biotechnology Companies, Diagnostic Labs, and Academic & Research Institutes): Global Industry Perspective, Comprehensive Analysis, and Forecast 2022 – 2028" Report at https://www.fnfresearch.com/digital-pathology-market

Key Findings from Primary Research:

• As per the analysis, the Digital Pathology market is likely to grow at a CAGR of around 13.8% during 2022-2028.
• The Digital Pathology market size was worth at around $740.26 Million in 2021 and is projected to reach $1738.82 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• One of the important driving factors for the digital pathology market is an enhancement in lab efficiency. An improvement in lab efficiency is critical for the correct and swift diagnosis of the disease and improved access to medical reports via apps and websites.
• In 2020, the scanners segment was expected to account for the majority of the market share.
• The software segment, on the other hand, is predicted to grow at the fastest rate between 2021 and 2028.
• Asia-Pacific is expected to record the highest rate of growth over the next few years due to a rise in awareness of digital pathology systems.

Regional Insights

Asia-Pacific is expected to record the highest rate of growth over the next few years due to a rise in awareness of digital pathology systems. The presence of a large patient base with chronic & infectious diseases and an increase in expenditure in healthcare infrastructure will support the market growth during the forecast timeline. Moreover, the ever-changing life science sector is predicted to offer lucrative market expansion opportunities in developing economies such as China, India, and Malaysia. North America accounted for the major market share among the others, and it has been expected to maintain this trend in the near future, owing to the huge adoption of digital pathology systems.

Recent Developments

• September 2021: Visiopharm, based in Denmark, and Agilent Technologies, Inc., based in the United States, are forming a partnership to sell Visiopharm's CE-IVD-certified AI-driven Precision Pathology software in conjunction with Agilent's automated pathology staining solutions.
  
• August 2021: The University Medical Center Utrecht in the Netherlands and the Swedish company Sectra AB came to an agreement in the form of a signed contract regarding the University Medical Center's use of Sectra's pathology module to facilitate fruitful interdisciplinary conversations between the hospital's pathologists and radiologists.
  
• April 2021: Leica Biosystems and Paige.AI, Inc. (US), have formed a partnership in order to bring Paige's artificial intelligence-powered research tools for tumour detection, grading, and quantification to the digital pathology platform offered by Leica Biosystems. This partnership will benefit countries located throughout North America and Europe.

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The global Digital Pathology market is segmented as follows:

By Product

• Scanners
• Software
• Communication Systems
• Storage Systems

By Type

• Human Pathology
• Veterinary Pathology

By Application

• Drug Discovery
• Disease Diagnosis
• Training & Education
• Tele-consultation

By End User

• Hospitals
• Pharmaceutical & Biotechnology Companies
• Diagnostic Labs
• Academic & Research Institutes

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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