Global Digital Pathology Market Key Insights
During the forecast period of 2023-2035, the global digital pathology market is expected to reach an estimated value of ~USD 2 billion by 2035, by expanding at a CAGR of ~11%. The market further generated revenue of ~USD 2450 million in the year 2022. Major key factors propelling the growth of the digital pathology market worldwide are the vast digital transformation happening in the healthcare sector and the ever-increasing population affected by chronic diseases.
Market Definition of Digital Pathology
A dynamic environment to acquire, interpret, and manage pathology information collected from digitized glass slides is called digital pathology. In it, the glass slides are digitized using a whole slide image scanner and then analyzed using an image viewer, which is typically a mobile device or computer monitor. The technology is gaining momentum with extensive applications in the practice of human pathology, tissue-based research, education, and drug development worldwide. This innovation in pathology reduces lab expenses, improves operational efficiency, treatment decisions, and patient care, and enhances productivity, to maintain the growth of the global digital pathology market.
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Global Digital Pathology Market: Growth Drivers
The growth of the global digital pathology market can majorly be attributed to the increasing prevalence of cancer, followed by an increase in the demand for diagnostics and the development of new digital pathology systems by various key players. For instance, the VENTANA DP 600 high-capacity slide scanner, newly released by F. Hoffmann-La Roche Ltd., is powered by innovative AI image analysis algorithms. This automates tissue diagnostics and helps healthcare providers offer comprehensive results and the best treatment solutions to each patient. Further, the initiatives facilitating the scaled adoption of digital pathology by laboratories are also projected to drive market growth. For instance, Hamamatsu Photonics K.K., a leader in whole-slide imaging technology, recently collaborated with Proscia to offer the best-combined solutions of digital pathology platforms and whole-slide scanners to boost enterprise-scale adoption by diagnostic labs.
The global digital pathology market is also accounted to grow majorly on account of the following:
• Extensive digital transformation happening in the healthcare sector
• Ever-increasing population affected by chronic diseases
• Considerable spending in the field of healthcare
• Quite an enormous spending on cloud computing
• Worldwide developments in artificial intelligence
Global Digital Pathology Market: Restraining Factor
The high costs of the software and equipment needed and the concerns regarding the security of the digitally stored health-related data are expected to affect the market growth adversely. Further, there is an insufficient number of trained pathologists worldwide who are familiar with the ways of digital pathology. Hence this aspect is anticipated to be the major hindrance to the growth of the global digital pathology market during the forecast period.
Global Digital Pathology Market Segmentation
• By End-use (Hospitals, Biotech & Pharma Companies, Diagnostic Labs, and Academic & Research Institute)
The hospitals' segment, amongst all the other segments, is anticipated to garner the most considerable revenue by the end of 2035. Improved compliance from patients and the shorter time required for results are expected to lead hospitals to extensively adopt digital scanners. Further, hospital laboratories perform close to 2 billion tests every year. This large number of lab tests should inspire hospitals to adopt digital pathology solutions to provide quick and efficient diagnosis and easy access to specialists
• Product (Software, Device, and Storage System)
• Application (Drug Discovery & Development, Academic Research, and Disease Diagnosis)
• Type (Human Pathology and Veterinary Pathology)
• By Region
The North American digital pathology market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. Several factors influence the regional market growth positively, and these include government initiatives that encourage advanced technology adoption in healthcare, the presence of key players, spending on research and development, the employment of digital pathology for diagnosing cancer, and favorable healthcare reimbursement policies. Nearly 40% of U.S. healthcare executives thought that the regulations for artificial intelligence were suitable for healthcare applications in 2020.
The market research report on global digital pathology also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Digital Pathology Market
Some of the key players of the global digital pathology market are Leica Biosystems Nussloch GmbH, F. Hoffmann-La Roche Ltd., Hamamatsu Photonics K.K., Akoya Biosciences, Inc., 3DHISTECH Ltd., Koninklijke Philips N.V., Apollo Enterprise Imaging Corp., Sectra AB, Huron Technologies International Inc., XIFIN, Inc., and others.
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