Digital Pathology Market Size To Reach USD 8,305.6 Million by 2023, Global Share, Growth, Covid 19 Impact on Industry Analysis
Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Digital Pathology Market and demographic challenges, showed how it could move forward in the coming years.
Pune, India – June 29, 2020 /MarketersMedia/ —
According to Market Research Future (MRFR) analysis, the global digital pathology market is expected to reach USD 8,305.6 million, with a CAGR of 13.04% from 2018 to 2023 (forecast period).
Digital Pathology consists of a range of equipment capable of capturing, analyzing, interpreting, and managing digital information from slides. Technology is rapidly gaining focus due to its widespread application in tissue-based research, human pathology, and drug development.
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Digital Pathology Market Dynamics
The increase in the number of pathologists, the benefits of digital pathology, and its rapid use in the healthcare sector are factors that are expected to boost market demand during the forecast period. The introduction of electronic health records (EHRs), the incorporation of automation to optimize workflows, and the technical advancement of image analysis software are other factors likely to influence hospital and clinic purchasing decisions.
However, high costs for the introduction of digital pathology, combined with strict regulatory policies, might serve as a roadblock to the market.
Digital Pathology Market Segmentation
The global digital pathology market has been segmented into type, product, application, and end-user.
Based on type, the global market for digital pathology has been segmented into human pathology and animal pathology
Based on product, the global market for digital pathology has been segmented into hardware, software, and storage
Based on the application, the global market for digital pathology has been segmented into telemedicine, drug discovery, disease diagnosis, and mhealth
Based on the end-user, the global market for digital pathology has been segmented into hospitals & clinics, research centers & academic institutes, and diagnostic centers. Hospitals held a significant market share in 2019 due to the rising adoption of these techniques. Hospitals adopt digital scanning techniques for faster diagnosis and effective patient compliance.
Digital Pathology Market Regional Analysis
Region-wise, the global market for digital pathology has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
North America accounted for a significant share in 2018 and is expected to continue this trend in the near future due to the increased adoption of digital pathology systems. In addition, other factors, including the easy availability of digital pathology products, the presence of the majority of key players, and an increase in digital pathology over traditional methods stimulate market growth in North America. Increased use of digital pathology for disease diagnosis, combined with favorable reimbursement policies in the U.S. to improve the quality of cancer diagnosis, is expected to boost regional growth further.
The Asia Pacific is expected to demonstrate the highest growth rate in the near future due to an increase in awareness of digital pathology systems. Other factors that boost market growth include the presence of a large patient base suffering from infectious and chronic diseases and an increase in healthcare expenditure in the region. Moreover, the constantly evolving life science industry is expected to deliver lucrative market expansion prospects in emerging economies such as China, Malaysia, and India.
Digital Pathology Market Key Players
Some of the noteworthy players in the global digital pathology market include Danaher Corporation (Leica Biosystems GmbH) (U.S.), Olympus Corporation (Japan), 3DHISTECH Ltd. (Hungary), Koninklijke Philips N.V. (The Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Huron Digital Pathology Inc. (Canada), microdimensions GmbH (Germany), Inspirata (U.S.), Definiens (Germany), Mikroscan Technologies, Inc. (U.S.).
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The prominent players in the digital pathology market are adopting strategies, such as mergers and acquisitions, technological developments, and geographical expansions, in order to capture a significant position. Several manufacturers concentrate on developing digital pathology scanners with high throughput, enhanced resolution, high magnification, and high-end automated scanning microscopes, which are anticipated to boost market growth during the forecast period.
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