Digital Pathology Market

Market Synopsis:

Digital Pathology Market valued at USD 732.1 Million in 2021 and is projected to reach a value of USD 1516.1 Million by 2028 at a CAGR of 12.9% over the forecast period;

The Digital Pathology market is witnessing growth due to the factors such as growth in the incidences of cancer, growth in the adoption of Digital Pathology to increase lab efficiency, and increasing applications of Digital Pathology in companion diagnostics and drug development. Moreover, the increasing geriatric population and the rapid advancement in technologies in the Digital Pathology systems are the other major factors expected to fuel the growth of the Digital Pathology market in the coming years. Furthermore, the essential source for the development of advanced diagnostic solutions is the rise prevalence of cardiovascular disorders, and thus the need for Digital Pathology systems increases and is driving the growth of Digital Pathology market during the forecast period. The advancement in technologies such as computerization, robotic light microscopy, and multiple fiber optic communications are important key factors projected to increase the adoption of Digital Pathology in the years to come. Additionally, the launch of cloud-based technology allows the storage of digital slides associated with protected access to pathologists which is predicted to contribute to the potential growth of the Digital Pathology market in the coming future. All the Government bodies worldwide are facing the hazards caused by covid-19 with the prime measures, like social distancing, nationwide lockdown, and large-scale quarantine in order to stop the spread of coronavirus, and thus the covid-19 pandemic has created a prime growth opportunity for Digital Pathology market in coming years. Besides, the high cost of Digital Pathology systems is expected to hamper the growth of the Digital Pathology market during the forecast period.

Market Segmentation:

The Digital Pathology market is segmented on the basis of product, type, and end-user. Based on product, the market is segmented as Scanners, Software, and Storage Systems. On the basis of type, the market is segmented into Human Pathology and Veterinary Pathology. Based on application, the market is segmented as Drug Discovery, Disease Diagnosis, and Training & Education. Based on end-user, the market is segmented as Pharmaceutical & Biotechnology Companies, Hospitals and Reference Laboratories, and Academic & Research Institutes.

The Drug Discovery Component is Projected to Acquire Largest Share Within Applications

On the basis of application, the drug discovery segment is estimated to acquire the largest market share during the forecast period. The growth of this segment is attributed to growth in research and development expenditure is driving the need for several clinical and pre-clinical studies that are performed during the development process and drug delivery.

On Basis of Type, Human Pathology is Predicted to Hold the Major Share

On the basis of type, the human pathology segment is projected to acquire the largest share of the Digital Pathology market during the forecast period. The growth of the human pathology segment is attributed to the growing number of cancer research activities and increasing collaboration between universities, research institutes, and pathology laboratories.

North America Leads the Global Digital Pathology Market

North America dominates the Digital Pathology market. The region is witnessing growth due to the increasing occurrence of cancer, the launch of favorable reimbursement policies, increasing demand for quality diagnostics, and the increasing government initiatives by the government of Canada and the US are the important factors driving the growth of the Digital Pathology market in North America in coming years.

The Asia Pacific is Estimated to be the Fastest-Growing Region During the Forecast Period

Asia Pacific region is predicted to be the fastest-growing region during the forecast period. The growth of Asia Pacific is attributed to increasing in the occurrence of chronic diseases and the growth of healthcare infrastructure. The increase in the geriatric population in developing countries such as China, Japan, and India is increasing the demand for the Digital Pathology market during the forecast period. The increasing requirement for Digital Pathology in the healthcare sector is driving the growth of Digital Pathology market during the forecast period.

Competitive Landscape:

The key players in the market are adopting various strategies for the growth of the market and to increase their presence in the market. Some of the major key players in the market are Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), Hamamatsu Photonics (Japan), F. Hoffmann-La Roche Ltd. (Switzerland), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN Inc. (US), Huron Digital Pathology (Canada), Visiopharm A/S (Denmark), Aiforia Technologies Oy (Finland), Akoya Biosciences (US), Corista (US), Indica Labs (US), Objective Pathology Services (Canada), Sectra AB (Sweden), OptraSCAN (US), Glencoe Software (US), Konfoong biotech international co. ltd. (China), Inspirata Inc. (US), PathAI (US), Proscia Inc. (US), Kanteron Systems (Spain), Mikroscan Technologies (US), Motic (US), Paige (US).

Segmentation of Digital Pathology Market:

By Product-(Revenue- USD Million, 2016-2028)

· Scanners

· Software

· Storage Systems

By Type-(Revenue- USD Million, 2016-2028)

· Human Pathology

· Veterinary Pathology

By Application-(Revenue- USD Million, 2016-2028)

· Drug Discovery

· Disease Diagnosis

· Training & Education

By End-User-(Revenue- USD Million, 2016-2028)

· Pharmaceutical & Biotechnology Companies

· Hospitals and Reference Laboratories

· Academic & Research Institutes

By region- (Revenue- USD Million, 2016-2028)

North America-

• The US

• Canada

• Mexico

Europe-

• Germany

• The UK

• France

• Italy

• Spain

• Rest of Europe

Asia-Pacific-

• China

• Japan

• India

• South Korea

• South East Asia

• Rest of Asia Pacific

Latin America-

• Brazil

• Argentina

• Rest of Latin America

Middle East & Africa-

· GCC Countries

· South Africa

· Rest of Middle East and Africa