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Digital Pathology Market Size, Trends, Share, Research Report Study, Regional and Industry Analysis, Forecast to 2028

7Newswire

Factors contributing to the high CAGR are ease of consultation, increasing implementation of digital pathology and rising prevalence of cancer. Further, technological advancements, product launches, collaborations, partnerships and acquisitions are anticipated to fuel the overall market growth of global digital pathology market across the globe

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.

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The rapid adoption of AI, ML, and IoT and robust data management processes has made the hospitals and clinical settings smarter. New technologies and solutions have improved the normal medical processes such as clinical diagnosis, treatment, diseases management, and monitoring patient recovery after discharge. Rapid digitalization and increasing adoption of virtual care and telemedicine is further expected to positively impact the revenue growth of the market going ahead.

Emergence of new healthcare and telemedicine startups, increasing number of collaborations among healthcare facilities and research institutions, and rising focus on patient engagement solutions has further fueled revenue growth of the market. Key companies are forming strategic alliances and collaborative ventures such as mergers and acquisitions, joint ventures, partnerships, manufacturing and licensing agreements, and product launches among others.

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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

Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered in the report.

The report further discusses in detail the regional spread of the global Digital Pathology market along with analysis of production and consumption patterns, import/export analysis, supply and demand ratio, market share and size based on volume and value, trends and demands, revenue share, and presence of the key players of the market.

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Key Regions Studied in the Report:

·         North America (U.S., Canada, Mexico)

·         Europe (U.K., Italy, Germany, France, Rest of Europe)

·         Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

·         Latin America (Chile, Brazil, Argentina, Rest of Latin America)

·         Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

 Segmentation based on Types:

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

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