Digital Pathology Market 2020-2026
Global Digital Pathology Market Size, Share & Trends Analysis Report by Products (Devices, Software, and Storage System), By End-User (Biotechnology & Pharmaceutical Companies, Hospitals, and Others), Forecast Period 2020-2026
The global digital pathology market is anticipated to grow at a significant CAGR during the forecast period. Digital pathology devices serve as important tools for pathologists. The accomplishments in the digital pathology field have improved the workflow of labs, thereby enhancing the pathologist's role in diagnostics. In addition, digital pathology devices are majorly being used in the R&D of personalized targeted medications. Improvement has been witnessed in the performance of diagnostic pathology tools, as these devices are equipped with digital image processing devices, which are used for the analysis of non-small lung cancer, colorectal cancer, and breast cancer, thus driving the growth of the digital pathology market. Chronic diseases such as cardiac diseases, cancer, chronic lung diseases, stroke, and type 2 diabetes account for most of the deaths in the US and globally. Each year, chronic diseases are responsible for 7 in 10 deaths in the US, accounting for the majority of healthcare costs. Therefore, a rise in the prevalence of chronic diseases is projected to boost the demand for digital pathology devices, which significantly contributes toward the market growth.
Further, rapid technological advancements propel vital changes in the medical sector. Thus, the digitalization process is now extensively referred to as the Fourth Industrial Revolution, due to the current breakthroughs. Moreover, being one of the world's largest industries, the healthcare sector is critically affected by this technology-driven revolution that is expected to change everyday lives. For instance, the digitization of pathology labs makes them more efficient, the work of pathologists less complicated, and the specimens more reproducible. The digital whole-slide imaging (WSI) technique allows to capture and visualize the entire tissue on a slide, unlike the narrow field of view that a microscope provides. Thus, the utilization of digital pathology across various medical settings offers tremendous potential for improving workflow and interpretive accuracy, which propel the growth of the market.
The market is segmented on the basis of products and end-user. By product, the market is segmented into devices, software, and storage system. Further, based on the end-user segment, the market is segmented into biotechnology & pharmaceutical companies, hospitals, and others. Among products, the device segment that includes scanner and slide management systems is projected to hold a prominent share in 2019. The digital scanners come with a variety of functions such as multilayer acquisition and image acquisition of fluorescence samples. Scanners are used in surgical pathology, archiving, clinical diagnosis, consultation, and education purposes.
The global digital pathology market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of geography, the market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America is the leading market in digital pathology. Higher adoption of pathology systems is one of the major factors driving the growth of the market in the region. While Asia-Pacific is estimated to be the fastest-growing region during the forecast period 2019-2026.
Global Digital Pathology Market Growth by Region, 2020-2026
Source: OMR Global
Asia-Pacific to Record Highest Growth Rate in the Global Digital Pathology Market
The Asia-pacific region is expected to grow at a significant pace in the forecast period due to an increase in population which will have a demand for more devices. Moreover, the rising incidence of cancer and the ongoing COVID-19 pandemic will further enhance the growth of the market. The rise in awareness among the people has also shown an impact in growing the digital pathology market.
Market Players Outlook
Key players in the digital pathology market include Hamamatsu Photonics, K.K., Koninklijke Philips N.V., Olympus Corp., Danaher Corp., and F. Hoffmann La Roche Ltd. In order to survive in the market, these players adopt different marketing strategies such as mergers, acquisitions, product launches, and geographical expansion so on. For instance, in February 2019, Roche acquired Spark Therapeutics for $114.5 per share which had corresponded to the total value of $4.3 billion.
The Report Covers
Market value data analysis of 2019 and forecast to 2026.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global female infertility diagnosis and treatment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.