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The Digital Pathology market is expected to grow at a CAGR of 11.66%
Market Data Forecast
Digital pathology is a system through which the data collected through digital interfaces are managed and collected. Virtual microscopy and computer-based technology are used to store and manage data. It can collect all kinds of information on images of high resolutions, including historical ones, and also allows for digital transparency. The latest morphological characterization advancements have increased interest in the market, leading to growth. The importance of capturing images for proper research and development in pathological fields is helping the rise of the market.
The pandemic has had a reasonably positive impact on the global digital pathology market. Digital pathology is essential to ensure safety during clinical trials and plays a vital role in research and development activities. Digital pathology is an effective method of contacting patients without any direct contact during the pandemic. Additionally, the FDA has approved multiple applications of digital pathology systems by patients at home and in cancer research. Therefore, the human pathology segment is expected to dominate the market for covid cases leading to more revenue for the market. Therefore, the pandemic has positively impacted the global revenue of the market.
The rising cases of cancer and advancements in digital pathology support market growth.
The market for digital pathology is rising due to the rising geriatric populations and chronic diseases, leading to a need for advanced pathological technologies for better and faster diagnostic procedures like robotic light microscopy and advanced imaging systems. In addition, the rising cases of cancer are also helping the growth of the market. For example, in 2020, there were reportedly 10 million deaths due to cancer, a leading cause of death according to WHO statistics.
The technological advancements in the digital pathology field and increased funding and support from government organizations are expected to support market growth during the forecast period. In addition, recently, the need for better healthcare facilities has encouraged various key players t be actively participate in the market, augmenting growth.
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Due to growing cancer research, the human pathology segment is expected to dominate the market.
The digital pathology market, according to type, is divided into human digital pathology and animal digital pathology. The human digital pathology segment is expected to dominate the market during the forecast period due to the rising requirement for digital pathology in healthcare settings, the growing cases of cancer needing cancer research, and an increment in collaborations between research laboratories and universities.
The high adoption of digital pathology solutions is helping the dominance of the scanners segment.
The market, according to product, is divided into, Scanners, Software, Communication Systems, and Storage Systems.
The scanners segment is expected to dominate the market due to the growing adoption of digital pathology processes in healthcare systems. However, the increasing popularity of digital pathology is helping the growth of the software system due to ease of use.
The teleconsultation segment is expected to dominate the market due to the need for proper digital pathology in developing countries.
The market by applications is divided into, Teleconsultation, Disease Diagnosis, Drug Discovery, and Training & Education.
The teleconsultation segment dominated the forecast period due to the lack of trained pathologists in demanding countries. However, the drug discovery segment is also expected to show promising growth in the future due to the growing investment toward research and development activities in the market.
The applications of digital pathology in biopharmaceutical studies lead to more revenue for the pharmaceutical and biotechnology segment.
The market based on end-users is divided into, Pharmaceutical Companies, Hospitals and Academic Institutes.
Pharmaceutical and biotechnological companies are expected to dominate the market during the forecast period due to the rising research in biopharmaceutical and biodiversity fields, along with riding interest toward molecular analysis in pathology.
Regional Outlook of the Global digital pathology Market
The market for digital pathology is dominated by North America, followed by Europe. The dominance of North American digital pathology market is due to various reasons, like major countries and critical players investing in the growth of the market. Countries like the U.S., Canada, Etc, are investing in the industry. Additionally, the availability of pathology products and systems in the region is helping the advancement of the market.
The growing adoption of teleconsultation in the region, along with the rising cases of cancer, is supporting the growth of the market in European countries like the U.K., Germany, France, etc. The European region is expected to grow at a CAGR of 10%.
However, the Asia-Pacific is also expected to show growth during the forecast period, with lucrative opportunities in Latin America and MEA due to rising awareness among populations and growing healthcare expenditures. As a result, the growth CAGR in Latin America and MEA are recorded at 10.09% and 10.06%, respectively.
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Key Players in the Global digital pathology Market
Perkin Elmer, Inc., Definiens AG, Sectra AB, Koninklijke Philips N.V, G.E. Healthcare, Inspirata Co, Ventana Medical Systems, Inc., Leica Biosystems, 3D-Histech Ltd, Hamamatsu Photonics and K.K., Digipath Co. are some of the most prominent companies in pathology market
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