Yahoo Finance Digital Pathology Market Report will Manage to Achieve USD 1995.9 Million by 2030 at a CAGR of 13.7 % : GreyViews
Digital Pathology Market are OptraSCAN, XIFIN Inc., Indica Labs, F. Hoffmann-La Roche Ltd., Huron Digital Pathology, Visionpharm A/S, Corsita, Lecia Biosystems, Apollo Enterprise Imaging, Aiforia Technologies Oy, Objective Pathology Services, Koninklijke Philips NV. among others.
Pune India, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Digital Pathology Market Size by Product (Hardware and Software), By Application (Drug Discovery, Training & Education, Teleconsultation, Disease Diagnosis and Others), By End-User (Hospitals, Pharma & Biotech, Reference Laboratories and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the digital pathology market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the digital pathology market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product, application, end-user, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the Global Digital Pathology Market are OptraSCAN, XIFIN Inc., Indica Labs, F. Hoffmann-La Roche Ltd., Huron Digital Pathology, Visionpharm A/S, Corsita, Lecia Biosystems, Apollo Enterprise Imaging, Aiforia Technologies Oy, Objective Pathology Services, Koninklijke Philips NV. among others. To achieve a substantial market share in the worldwide digital pathology market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
With digital pathology, efficiency is improved by reducing turnaround time, reducing costs, and providing every detail to users with expert knowledge. Providing accurate, efficient, and quick lab results is crucial to diagnosing and treating diseases for physicians and patients. As the number of teleconsultations increases, digital pathology is increasingly being used to improve lab efficiency, and it is being used in drug discovery and companion diagnostics to increase sales. With the integration of digital pathology with digital tools, barcoding, specimen tracking, and digital dictation, digital pathology is also becoming more useful for disease diagnosis. In the forecast period, the market is expected to grow due to the growing demand for personalized medicines for treating several diseases, which will boost its growth. In order to develop personalized medicines, it is very important to provide curated lab results, which are accurate results of all tests performed in pathology in a short timeframe. The growth of the market is affected by various factors such as a lack of trained professionals and the high cost associated with digital pathology diagnostics and treatment. Diagnostic tests by pathologists are crucial for accurately diagnosing diseases, but a lack of trained pathologists threatens the market's growth. This shortage will hamper the market growth during the forecast period.
Scope of Digital Pathology Market Report:
Report Metric | Information |
Study Period | 2022-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Market Share Unit | USD Million |
Segments Covered | Product, Application, End-User, and Regions. |
Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
Major Players | OptraSCAN, XIFIN Inc., Indica Labs, F. Hoffmann-La Roche Ltd., Huron Digital Pathology, Visionpharm A/S, Corsita, Lecia Biosystems, Apollo Enterprise Imaging, Aiforia Technologies Oy, Objective Pathology Services, Koninklijke Philips NV. among others |
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Segmentation Analysis
Hardware is expected to be the fastest-growing segment in 2022.
The product segment includes hardware and software. The hardware segment is expected to witness the highest growth rate during the forecast period. Digital pathology's hardware segment is expected to take up the majority of the market share. This segment has a strong market share because chronic diseases are prevalent worldwide, precise diagnosis and personalized care pathways are increasingly important, as well as the changing role of pathology as a digital discipline is increasing hardware demand.
Drug discovery is expected to be the fastest-growing segment in 2022.
The application segment includes drug discovery, training & education, teleconsultation, disease diagnosis and others. The drug discovery segment is expected to witness the highest growth rate during the forecasted period. A rapid CAGR is expected to occur in the drug discovery segment during the forecast period. Digital pathology results are driving the growth of this segment as researchers develop new drug treatments for chronic diseases. The segment is also growing due to its ability to identify drugs early on for chronic diseases.
Pharma & biotech is expected to be the fastest-growing segment in 2022.
The end-user segment includes hospitals, pharma & biotech, reference laboratories and others. The pharma & biotech segment is expected to witness the highest growth rate during the forecasted period. A major share of global revenues will come from pharma & biotech companies in 2021. Biotechnology companies are leveraging digital pathology for biopharmaceutical studies, biobanking, molecular assays, and individualized medicine development, which is driving the market's growth. Additionally, the segment is growing as a result of increasing awareness of digital pathology for drug discovery.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the digital pathology market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. In terms of revenue share, North America held over 39.4%, driven by continuous R&D investments, government initiatives to advance technologically advanced systems, rising adoption of digital imaging, and major players. The regional market for digital pathology can be expected to grow further due to the increased use of digital pathology for disease diagnosis in conjunction with favourable reimbursement policies in the U.S. that may enhance the quality of cancer diagnosis.
Country Analysis
Germany
Germany's digital pathology market size was valued at USD 53.5 million in 2022 and is expected to reach USD 150.48 million by 2030, at a CAGR of 13.8% from 2023 to 2030.
The advantages offered by digital pathologies such as high productivity and effective result, the quick transmission of glass slides in virtual form, as well as cost-effectiveness are major factors driving the market in this region. In this region, digital pathology will be more widely adopted due to the innovations and financial budget of the German medical technology industry.
China
China’s digital pathology market size was valued at USD 55.7 million in 2022 and is expected to reach USD 158.8 million by 2030, at a CAGR of 14% from 2023 to 2030.
With the increasing geriatric population in China, demand for Digital Pathology is expected to increase during the forecast period, as well. Digital Pathology is being sought by healthcare organizations at an increasing rate, which is driving its growth over the forecast period. Further, digital image analysis is expected to grow as microarrays and a wide range of predictive models are incorporated, including hybrid models and API algorithms, increasing demand.
India
India's digital pathology market size was valued at USD 42.8 million in 2022 and is expected to reach USD 121.23 million by 2030, at a CAGR of 13.9% from 2023 to 2030.
As a result of factors such as the growing burden of chronic diseases, the adoption of technologies for chronic disease management, and initiatives taken by the key market players, the market is expected to grow in the country during the forecast period. By adopting these solutions, organizations decrease costs, reduce resource bottlenecks, automate processes, and effectively share content.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for quick and accurate results for the proper treatment of diseases.
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