What are the growth opportunities and trend analysis of Digital Pathology Market?

Posted on 2022-06-24 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, June 24, 2022 — /EPR Network/ —

Digital Pathology Industry Overview

The global digital pathology market size is expected to reach USD 1.74 billion by 2030, registering a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases triggers the demand for advanced diagnostics, which is expected to drive the market growth. Growing economic stability and awareness about the benefits of the use of computer-aided diagnostics is further contributing to the market growth. As with other laboratory medicine disciplines, the COVID-19 pandemic has had a surprising impact on digital pathology. The pandemic has shortened all but the most serious surgeries and cancer treatments.

Moreover, the use of Artificial Intelligence (AI) has proven to be more effective than previous techniques used in identifying and evaluating pathological characteristics in samples. The implementation of AI helps accelerate & strengthen diagnosis and makes the process of drug discovery more successful and cost-efficient. Moreover, by using data to verify diagnoses made by pathologists, AI helps minimize error rates, as it can alert them if the algorithms measuring their conclusion are not in accordance with what is expected. This shows the potential demand for AI-based pathology solutions in the coming years.

Digital Pathology Market Segmentation

Grand View Research has segmented the global digital pathology market on the basis of the product, application, end-use, and region:

Based on the Product Type Insights, the market is segmented into Software, Device and Storage System

The device segment dominated the market in 2021 and accounted for the largest revenue share of more than 52.0% 2021. The device segment includes scanner and slide management systems.
The rising demand for an online storage system is further fueling market growth. The advantages, such as cost reduction, improved productivity, and better patient outcome, coupled with data reliability and image life cycle management are expected to drive the market.

Based on the Application Insights, the market is segmented into Drug Discovery & Development, Academic Research and Disease Diagnosis.

The academic research application segment accounted for the largest share of more than 45.5% of the global revenue in 2021 and is projected to expand further at a steady CAGR from 2022 to 2030.
The diagnosis segment is expected to witness the fastest CAGR over the forecast period. This growth can be credited to the rising prevalence of chronic diseases.

Based on the End-use Insights, the market is segmented into Hospitals, Diagnostic Labs, Biotech & Pharma Companies and Academic & Research Institutes.

The hospital’s segment accounted for the largest revenue share of more than 36% in 2021 owing to the high adoption of digital scanning techniques in hospitals for faster diagnosis and better patient compliance.
The diagnostic labs segment is estimated to register the fastest CAGR from 2022 to 2030. The biotechnology & pharmaceutical companies segment is expected to have a steady growth over the forecast period.

Digital Pathology Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Major players, such as Danaher and Hamamatsu Photonics, Inc., held a dominant market share in 2021. These companies are increasingly undertaking various strategies, such as new product development, extensive collaborative strategies, and M&A, to gain a higher market share.

Some prominent players in the global Digital Pathology market include

Leica Biosystems (Danaher)
Hamamatsu Photonics, Inc.
Koninklijke Philips N.V.
Olympus Corp.
Hoffmann-La Roche Ltd.
Mikroscan Technologies
Inspirata, Inc.
3DHISTECH Ltd.
Visiopharm A/S
Huron Technologies International, Inc.
ContextVision AB

Order a free sample PDF of the Digital Pathology Market Intelligence Study, published by Grand View Research.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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