The Digital Pathology market is estimated to be valued at US$ 884.4 Mn 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 is gaining widespread adoption due to its capability to capture, store, manage, analyze and interpret digital images of tissue slices and cells obtained from imaging systems such as digital pathology scanners. Digital pathology provides advantages such as faster processing time and remote collaboration between pathologists. Digital pathology allows scanning and viewing whole slides with capabilities for multiple visualization and zoom modes for examination.
Market Dynamics:
Two key factors driving the growth of the digital pathology market are increasing adoption of digital pathology in healthcare facilities and growing applications of digital pathology in drug development and academia. The adoption of digital pathology solutions in hospitals and diagnostic labs is increasing due to benefits such as streamlined workflow, remote collaboration, automated image analysis, and easy integration with laboratory information systems (LIS). Furthermore, pharmaceutical companies are increasingly relying on digital pathology for disease diagnosis, drug discovery, and clinical trials. Academic institutes are also adopting digital pathology solutions for education and research purposes.
SWOT Analysis
Strength:
– Digital pathology provides improved accuracy of disease diagnosis over traditional microscopy. It allows for remote examination of scans at any time.
– The technology reduces turnaround time for diagnosis and increases productivity by allowing multiple users to examine the same slides simultaneously.
– Digital pathology solutions offer data storage capabilities that enable building integrated diagnostic reports and clinical archives.
Weakness:
– High initial investments are required for setup of digital pathology infrastructure which can be difficult for small hospitals and diagnostic centers.
– Lack of standardized image formats and analysis algorithms can hamper seamless sharing of scans between different digital platforms.
Opportunity:
– Growth in prevalence of chronic diseases and cancer is driving worldwide demand for rapid and accurate diagnostics. Digital pathology addresses this need well.
– Adoption in developing countries offers major revenue potential as they look to bridge gaps in healthcare access through technology upgrades.
Threats:
– Constraints in reimbursement policies for digital pathology in certain regions hampers widespread commercialization and return on investments.
– Traditional microscopy still maintains strong footing in low resource settings requiring continued value proposition enhancement of digital solutions.
Key Takeaways
The Digital Pathology Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of chronic diseases and cancer globally. This is driving the need for rapid and accurate disease diagnosis which digital pathology fulfills well through Computer-Aided Diagnosis integration and AI analysis of whole slide images.
Regional analysis – North America dominated the global market in 2022, accounting for around 35% share. However, Asia Pacific is anticipated to see highest gains, expanding at a CAGR of over 15% during the forecast period. This can be attributed to rising healthcare investments, and focus on developing digital healthcare infrastructure especially in 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
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