Digital Pathology Market is Set To Grow At Substantial CAGR at 13.2% till 2023 | by Size, Share, Latest Trends, Growth, Competitive Strategies and Forecasts by MRFR

Digital Pathology Market is Set To Grow At Substantial CAGR at 13.2% till 2023 | by Size, Share, Latest Trends, Growth, Competitive Strategies and Forecasts by MRFR

“Digital Pathology Market”
The report furnished by Market Research Future (MRFR) states that the Digital Pathology Market, depicting an attractive growth pattern, will attain the valuation of USD 8,305.6 million by 2023. Moreover, the market is stated to exhibit a CAGR of 13.2% during the forecast period (2018-2023).

Global Digital Pathology Market – Competitive Analysis

microDimensions GmbH (Germany), Mikroscan Technologies, Inc. (U.S.), Q2 Solutions (U.S.), Omnyx, LLC (U.S.), GE Healthcare (UK), Philips Healthcare (U.S.), Huron Digital Pathology Inc. (Canada), ViewsIQ Inc. (Canada), 3DHISTECH Ltd (Hungary) Apollo Enterprise Imaging Corp. (U.S.), Xifin Inc. (U.S.), Definiens (Germany) and others. are some of the prominent players at the forefront of competition in the Global Digital Pathology Market and are profiled in MRFR Analysis. 

Digital Pathology Market – Overview

The Global Digital Pathology Market is primarily driven by escalating need for pathological services created by a shortage of registered pathology practitioners. The rapid pace at which chronic diseases such as cancer, diabetes, and others are metastasizing, has created a dearth of pathology professionals. In addition, pathology practices have also been faced by other challenges such as increased demand, need to comply with regulatory standards, the evolution of new techniques, etc. This gap between the supply and demand acts a driving force for the growing global digital pathology market.

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Moreover, the advantages of digital pathology over conventional pathology are inclusive of short diagnostic time, easier access to the slides, and reduction of slide mixing. Increasing adoption of Electronic Health Records (EHRs) and cost saving associated with the application of digital pathology are among other factors proving vital for the growth of the global digital pathology market. However, digital pathology, being an advanced paradigm of healthcare, involves the installation of associated technologies such as scanners, workstations, medical displays, and computer servers which raises the cost of implementation.

The high-cost structure is likely to reduce the adoption rate, leading to a restricted growth of the market over the forecast period. However, the untapped markets of Asia Pacific holds the key for further progress where the healthcare industry is proliferating.

The global digital pathology market is expected to scale up to USD 8,305.6 Million valuation in 2023 from USD 3,937.0 Million in 2017 over the forecast period of period 2018-2023, asserts Market Research Future (MRFR). The rapid momentum of a promising CAGR of 13.04 % which the market is expecting to witness is due to the application of digital pathology in tissue-based research, drug development, and human pathology.

Industry Updates:

In December 2018, OptraSCAN, a provider of on-demand digital pathology, has collaborated with Deenanath Mangeshkar Hospital and Research Centre to deploy OptraSCAN’s affordable digital pathology solution equipped with artificial intelligence and machine learning technologies.

In December 2018, Inspirata, a Europe based cancer informatics and digital pathology workflow solution provider, has entered into a partnership with Hamamatsu Photonics, a Japanese manufacturer of optical sensors, electric light sources and other devices for scientific and medical use.

In September 2018, Definiens AG, a leader in diagnostics development, announced a multi-year digital partnership agreement with Merck KGaA, a leading technology and science company in healthcare, life science, and performance, to support Merck’s exploratory digital pathology and clinical development programs. Under the partnership, Merck will use Definiens’ novel web-based collaboration software platform to maximize synergies between its projects.

In September 2018, Microsoft India announced a partnership with SRL diagnostics to boost digital pathology with AI. The collaboration will help to improve the quality of digital pathology by combining Microsoft’s Azure and AI innovations with SRL’s world-class expertise in the study of cells and tissues (histology).

Global Digital Pathology Market – Segmentation

The global digital pathology market is segmented on the basis of type, product, application, and end-users. Based on type, the global digital pathology market is segmented into human pathology and animal pathology. The human pathology segment commands for the major share of 65% in the global digital pathology market due to the high prevalence of chronic diseases among humans. This segment is projected to reach the valuation of USD 5,475.4 Mn by the end of 2023. Based on product, the global digital pathology market has been segmented into hardware, software, and storage. The hardware segment commands for the maximum share of the global digital pathology market and is anticipated to reach the valuation of USD 6,031.9 Mn by the end of 2023.

Based on application, the global digital pathology market is segmented into disease diagnosis, Mhealth, drug discovery, and telemedicine. The disease diagnosis segment is leading the global digital pathology market with the valuation of USD 2,650 Mn by the end of the forecast period. Based on end-users, the global digital pathology market has been segmented into hospital & clinic, diagnostic centers, and research centers & academic institutes. The research centers and academic institutes segment is expanding at the fastest growth rate in the global digital pathology market and is anticipated to reach the valuation of USD 3,778.4 Mn by the end of the assessment period.

Global Digital Pathology Market – Regional Analysis

Geographically, the global digital pathology market is segmented into four major regions such as the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas has emerged as a leading region in the global digital pathology market owing to the increased adoption of technologically advanced solutions in the healthcare sector for accurate and faster diagnosis, high prevalence of chronic diseases and increased healthcare expenditure by the population in this region. Presence of large number of major players and increased research and development for the introduction of advanced diagnostic techniques in the well-developed healthcare sector are fueling the growth of the global digital pathology market in the Europe region. The Asia Pacific region is expanding at the highest CAGR of 13.53% during the assessment period owing to the increasing healthcare expenditure and rapid development of healthcare sector in the emerging economies of this region. Lack of awareness and absence of primary healthcare facilities are resulting in the poor growth of the digital pathology market in the Middle East and Africa region.

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