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Factors contributing to the high CAGR are ease of consultation, increasing implementation of digital pathology and rising prevalence of cancer.

NEW YORK, NY, UNITED STATES, December 7, 2021 /EINPresswire.com/ -- Based on current analysis the global digital pathology market was valued at USD 540.9 Million in 2020 and is expected to reach USD 1,432.4 Million by 2028, at a CAGR of 12.2%. Digital pathology is an innovation predominantly committed to improve operational efficiency, minimization of laboratory expenses, enhanced productivity, improving treatment decisions and patient care. Interpretation of pathology information generated from a digitized glass slide is known as digital pathology. Virtual microscopy is a part of digital pathology which enables to practice converting glass slides into digital slides that can be viewed, managed, shared and analyzed on a computer monitor. Digital pathology is presently considered as one of the most promising areas of diagnostic medicine in order to achieve accurate, feasible and faster diagnosis, prognosis and prediction of cancer and other important diseases. Market drivers for digital pathology market are growing applications of digital pathology, ease of consultation, increasing implementation of digital pathology to boost lab efficiency, rising prevalence of cancer, and increasing interventions by governments and initiatives by key industry players.

Rigid regulatory requirements, high cost of systems and sampling errors are some factors that are anticipated to hold back the global digital pathology market during the forecast period. North America is anticipated to dominate the market during the forecast period owing to, technological progressions, R&D investments and continuous government support.

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Some of the key companies operating in the global Digital Pathology market are:

Leica Biosystems, Ventana Medical Systems, Hamamatsu Photonics, 3DHISTECH, Philips, Apollo Enterprise Imaging, XIFIN, Visiopharm, Corista, Huron Digital Pathology, Objective Pathology Services, and Indica Labs

The pharma and healthcare sector is rapidly growing in the recent past and is expected to register substantial revenue share over the forecast period of 2028. Factors such as technological developments in the healthcare and pharma field, improving healthcare infrastructure and increasing healthcare expenditure are key factors boosting market growth. The market dynamics have completely changed after the outbreak of COVID-19 pandemic. Increasing prevalence of various chronic diseases, high occurrence of diabetes, cancer and cardiovascular disorders and rising number of accidents across the globe are fueling growth of the global Digital Pathology market. In addition, increasing investments in research and development activities, high adoption of personalized medicines and ongoing research on drug discovery are further boosting market growth.

The report is curated using extensive primary and secondary research which is thoroughly evaluated by industry experts and professionals. Advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, and investment return analysis are used to obtain the report data. This data is represented through various diagrams, graphs, tables, and charts to help the reader understand the market dynamics accurately. The report also provides information about each market player, its global position, business expansion plan financial status, license agreement, and product and services portfolio.

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Key findings from the report

• There were an estimated 15.5 million cancer survivors in the United States. The number of cancer survivors is expected to increase to 20.3 million by 2028. Due to increase in the chances of survival, it is expected to increase the market revenue of digital pathology

• Biotech and pharma companies are predicted to showcase a stable growth during the forecast period. The growth is credited to enlarged use of digital pathology in drug development, oncology clinical trials, and preclinical GLP pathology. Cumulative occurrence of cancer and demand for better treatment options is further fueling the market

• Teleconsultation segment in applications of digital pathology market is estimated to account for the highest share of 45.8% in the market due to accessibility to patients in remote areas with specialist pathological consultation

• Asia-Pacific regional segment of the digital pathology market is expected to register itself as highest growing segment during the forecasted period, at a CAGR of 13.4%; owing it to the qualitative as well as quantitative market potential offered in developing nations such as China & India

• Owing to increasing adoption of digital pathology solution worldwide, the scanners segment is expected to dominate the digital pathology market with growing CAGR of 11.7%

• In 2020, an estimated 1,735,350 new cases of cancer were diagnosed in the United States and it is anticipated that approximately 609,640 people will die from the disease. Thus, it is likely to prosper the digital pathology market due to high prevalence of the target disease

• Roughly 38.4% of men and women are likely to be diagnosed with cancer at some point during their lifetimes. In 2017, it was estimated that around 15,270 children and adolescents ages 0 to 19 were diagnosed with cancer and 1,790 died of the disease

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For the purpose of this study, the market is segmented on the basis of type, applications, products, end use and regions:

Product (Revenue in USD Million; 2020–2028)

• scanners
• software
• communication systems
• slide management systems
• storage systems

Type (Revenue in USD Million; 2020–2028)

• Human pathology
• Veterinary pathology

Applications (Revenue in USD Million; 2020–2028)

• Teleconsultation
• Disease Diagnosis
• Drug Discovery and development
• Cancer cell detection
• Others

End Use (Revenue in USD Million; 2020–2028)

• Pathology labs
• Pharmaceutical & Biotechnology Companies
• Hospitals
• Academic & Research Institutes

Regional Outlook:

• North America (U.S., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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