The global digital pathology market is projected to reach USD 1300.5 million by 2027 from USD 882.7 million in 2020, at a CAGR of 6.8 % during the forecast period. The growth of this market is majorly attributed to the increasing adoption of digital pathology to enhance lab efficiency, rising prevalence of cancer, and the growing application of digital pathology in drug development & companion diagnostics. However, a lack of trained pathologists is expected to challenge market growth in the coming years.
Increased focus on improving workflow efficiency and demand for faster diagnostic tools for chronic diseases, such as cancer, have been key factors driving the growth. Rising prevalence of chronic conditions is anticipated to surge clinical urgency to adopt digital pathology to improve existing poor patient diagnostic imaging measures and to reduce high costs associated with conventional diagnostics.
In addition, an increasing geriatric population that is susceptible to chronic conditions is also expected to boost demand for technologically advanced diagnostic techniques. According to a study published in Medscape, chronic diseases can be attributed to the high mortality rate. Owing to the high prevalence of cardiovascular diseases, it becomes imperative to opt for advanced diagnostic and imaging alternatives.
Rapid technological advancements in digital pathology systems are expected to contribute to market growth. Advancements such as digital imaging, computerization, robotic light microscopy, and multiple fiber optic communications are also contributing to the growth. Whole slide imaging is one such technique that has various advantages over conventional light microscopes, which is expected to provide this market with lucrative opportunities in the forthcoming years.
In addition, advancements such as microarrays and incorporation of a wide range of predictive models such as hybrid models and API algorithms are expected to fuel demand for digital image analysis. Rising preference for computer-aided diagnosis that integrates image processing, physics, mathematics, and computing algorithms, facilitates efficient disease detection and helps evaluate anatomic structures of interest and quantification of disease progression as well as risk assessment. These benefits are expected to fuel the demand for digital pathology systems in the near future.
The major players in the global digital pathology market are Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), Hamamatsu Photonics (Japan). Other prominent players in this market include Roche (Switzerland), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN (US), Huron Digital Pathology (Canada), Visiopharm A/S (Denmark), Corista (US), Indica Labs (US), Objective Pathology Services (Canada), Sectra AB (Sweden), OptraSCAN (India), Glencoe Software (US), KONFOONG BIOTECH INTERNATIONAL CO., LTD (China), Inspirata, Inc. (US), Mikroscan Technologies (US), Proscia Inc. (US), Kanteron Systems (Spain).
North America accounted for the largest share of the digital pathology market in 2019. The large share of this region in the global digital pathology market can be attributed to the increasing prevalence of cancer, rising demand for quality diagnostics, the introduction of favorable reimbursement policies, and the implementation of favorable initiatives by the government in the US and Canada. The North American market is also expected to grow at the highest rate during the forecast period.
Asia Pacific is expected to expand at the fastest CAGR during the forecast period due to the rising penetration of digital imaging in emerging economies, investments in the medical field, and the presence of untapped opportunities. Asia Pacific healthcare industry has highly influenced the market due to the increased incidence of cancer, which affects a large population. Also, increasing demand for novel treatment options, better patient care facilities, and reduction in laboratory expenses are expected to further drive the demand.
Report : Digital Pathology Market - By Product (Scanners, Software, Communication Systems, Storage Systems) By Application (Drug Discovery, Disease Diagnosis, Tele-consultation, Training & Education) By End User (Pharmaceutical & Biotechnology Companies, Hospitals and Reference Laboratories, Academic & Research Institutes) By Region (North America, Europe, Asia Pacific, Rest of the World) - Industry Analysis, Opportunity and Forecast 2020 To 2027