Digital pathology is a dynamic and image-based environment technology, which enables the management, acquisition, and interpretation of pathology information generated from a digitized glass slide. It converts glass slides into digital slides that can be observed, managed, shared or examined on a computer monitor. The key benefits are included better efficiency, quicker & increasingly effective work process, portability & durability, better results for patients, cutting costs etc.
According to study, “Global Digital Pathology Market Research Report, by Type (Human Pathology, Animal Pathology), Product (Hardware, Software), Application (Disease Diagnosis, Mhealth, Drug Discovery) and End-Users (Hospitals, Diagnostic Centers) – Global Forecast Till 2023” the key companies operating in the global digital pathology market are Koninklijke Philips N.V., Inspirata, Olympus Corporation of the Americas, 3DHISTECH Ltd., Huron Digital Pathology Inc., Definiens, F. Hoffmann-La Roche Ltd, Danaher Corporation (Leica Biosystems GmbH), Mikroscan Technologies, Inc., micro dimensions GmbH. The key players are focused on receiving regulatory approvals for new products to boost their market share, which in turn is anticipated to boost the market growth.
Based on type, digital pathology market is segmented into veterinary pathology and human pathology. Human pathology segment dominates the market owing to rise in number of collaborations between pathology laboratories, academic institutes & universities and increase in utilization of digital systems. Based on product type, market is segmented into scanner, software, communication systems, and storage systems. Software product segment is estimated to observe notable growth, as these products are user-friendly and feature analytical & advanced functions for diagnosis purposes. Based on technology, market is segmented into whole slide imaging, static telepathology, telepathology and dynamic telepathology. Based on application, market is segmented into disease diagnosis, drug discovery, teleconsultation, and training & education. The telecnsultation segment is expected to witness considerable growth due to growth in demand for quality healthcare and rise in diagnosis of diseases during the forecast period. In addition, based on application, market is segmented into pharmaceutical & biotechnology companies, academic institutes & research laboratories and hospitals & clinics.
The digital pathology market is driven by increase in spending on the healthcare & IT sector, followed by rise in prevalence of chronic diseases, surge in diagnosis in remote regions, rise in availability of funds for research, increase in geriatric population, ease of consultation and rise in applications of radiology information systems. However, lack of skilled radiology professionals, high cost of software and security concerns may impact the market. Moreover, increase in potential of digital pathology is a key opportunity for market. Furthermore, integration of artificial intelligence (AI) technologies is a major trend for market.
Based on geography, the North-American region dominates the digital pathology market owing to well-developed healthcare sector, presence of some of the matured market players and high per capita healthcare expenditures in the region. The Asian-Pacific region is estimated to witness higher growth rate due to huge patient population and favorable government policies over the forecast period. It is anticipated that future of the market will be bright because of rise in government support for research & development (R&D) activities during the forecast period. The global market is projected to reach a market value of US $8,305.6 million by 2023 from US $3,937 million in 2017 and is projected to register a CAGR of 13.04% throughout the forecast period from 2018 to 2023.
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Ankur Gupta, Head Marketing & Communications