The global Digital Pathology Market is estimated to be valued at US$ 884.4 Million in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital pathology involves capturing, managing, interpreting, and analyzing digital images on a computer screen. Digital pathology solutions offer various advantages over optical microscopy, including quick access to medical records, remote diagnosis, and collaboration.
Market key trends:
One of the major trend in the digital pathology market is the use of artificial intelligence and machine learning. AI is enabling pathologists to analyze large volumes of tissue samples and identify patterns that may indicate diseases. AI algorithms can also help in automating diagnosis and analyzing images in real-time, thereby improving workflow efficiency. AI-powered diagnostic tools are finding increasing adoption in cancer research and various other disease applications. Telepathology is another trend, which enables remote consultation and second opinion through digital images of tissue specimens. This helps in improving diagnostic accuracy.
SWOT Analysis
Strength: The digital pathology has advantages like ease of storing, sharing and transferring image-based information over traditional microscopy that requires physical slides. It reduces laboratory work load and errors.
Weakness: High initial set up and installation cost of whole slide imaging systems limits its adoption among small labs and hospitals. Reliability over long-term use and interoperability issues between platforms exist.
Opportunity: Increasing adoption of digital pathology by pharmaceutical and biotech companies for drug development trials presents an opportunity. Growing telepathology practices due to covid-19 pandemic further boost the digital pathology market.
Threats: Traditional microscopy methods are still preferred in developing countries due to its low cost. Data security and regulatory issues related to image archives can hamper market growth.
Key Takeaways
The Global Digital Pathology Market Size size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for computer-aided disease diagnosis.
Regional analysis
North America dominates the global digital pathology market currently due to presence of supportive government policies and advanced healthcare infrastructure. Asia Pacific is anticipated to be the fastest growing market owing to growing healthcare sector and diagnostic needs of large population base in countries like China and India.
Key players operating in the digital pathology market are Leica Biosystems Nussloch GmbH, Olympus Corporation, F. Hoffmann-La Roche Ltd., Merck KGaA, GE Healthcare, Mikroscan Technologies, Inc., Koninklijke Philips N.V., Sectra AB, Propath UK Limited, Inspirata, Inc., Hamamatsu Photonics, Inc., OracleBio Limited, MD Biosciences, Aiforia, Xybion Digital Inc., Nucleai, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it