COVID 19 Impact on Digital Pathology Market Report Growth, Analysis, Applications, Forecast Year 2027 To 2023 And Focusing On Top Key Vendors

Digital Pathology Market Dynamics

As per the forecast by Market Research Future (MRFR), the global digital pathology market is expected to surge at an arresting growth rate during the forecast period (2018-2023), backed by a number of favorable factors.

Digital Pathology Market Drivers and Key Restraints

With the rising focus on enhancing the workflow efficiency along with the growing demand for high-quality diagnostic tools to be used for chronic diseases like cancer, the digital pathology market has been thriving at a substantial rate. The increasing prevalence of chronic diseases is presumed to be one of the primary factors pushing the adoption rate of digital pathology, in a bid to enhance the poor measures for patient diagnostic imaging. In addition, it also helps decrease the steep costs related to conventional diagnostics.

Moreover, the expanding geriatric populace is set to provide a boost to the market, as the elderly people are more prone to chronic conditions. Consequently, the demand for technologically developed diagnostic techniques is slated to rise in the near future. The recent study published in Medscape states that chronic diseases are one of the primary factors behind the high mortality rate across the globe. Apart from this, on account of the increasing prevalence of cardiovascular diseases, the need for sophisticated diagnostic and imaging alternatives will note a considerable growth in the years ahead.

The speedy rate at which technologies in digital pathology systems are advancing, is expected to elevate the market position in the forthcoming years. Some of these technologies include computerization, digital imaging, multiple fiber optic communications and robotic light microscopy, which have been an integral aspect of the market growth. One of the most innovative technologies is whole slide imaging, a technique with more benefits compared to conventional light microscopes, which is bound to offer numerous lucrative opportunities to the global market in the following years.

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On top of that, other advancements including microarrays along with rising use of a broad range of predictive models like API algorithms and hybrid models are set to drive the demand for digital image analysis. The growing preference for computer-aided diagnosis used for integrating physics, image processing, computing algorithms and mathematics, helps in detecting efficient diseases and also analyze the anatomic structures of quantification of disease progression coupled with risk assessment. Such appealing and practical benefits are predicted to aid in the growth of the digital pathology market during the evaluation period.

Digital Pathology Market Segmentation

The worldwide digital pathology market has been segmented based on type, product, application and end-user.

The types of digital pathology mentioned in the report covers human and animal pathology.

The product-based segments in the digital pathology market are software, hardware, and storage.

The primary applications of digital pathology include disease diagnosis, drug discovery, Mhealth, and telemedicine.

Depending on end-users, the market can be considered for hospitals & clinics, research centers & academic institutes, and diagnostic centers.

Regional Insight

The primary regions across which the global digital pathology market is set to expanding during the forecast period include the Americas, Asia Pacific (APAC), Europe, as well as the Middle East & Africa (MEA).

MRFR analyzes the latest trends in the Americas and concludes that the region is expected to be the leading market with the maximum share of the global market, revenue-wise. High rate of research and development (R&D) backed by increasing investments, supportive government with onslaught of initiatives aimed at developing technologically developed systems, and the existence of prominent vendors within the region are few crucial factors supporting the regional dominance. Additionally, the boost in the use of digital pathology to diagnose diseases combined with the favorable reimbursement policies in the United States (U.S.) is going to bring further success to the regional market during the conjectured timeframe.

Asia Pacific is projected to demonstrate the fastest growth rate of more than 12% during the assessment period on account of the increasing penetration of digital imaging in the developing nations, rise in investments in the field, and the abundance of untapped opportunities in the region. The healthcare industry within the region is greatly influencing the regional market as a result of the growth in the incidence of cancer. Over and above that, the hike in the demand for superior treatment options, increasing number of healthcare facilities, and the subsiding laboratory expenses are estimated to be other vital drivers in the digital pathology market in the region.

The pivotal reasons behind the compelling growth of the digital pathology market in Europe include the growing prevalence of cancer, growing acceptance of digital pathology for the enhancement of lab efficiency and the creative initiatives taken by governments as well as industry players. Besides, the countries in the region such as Sweden, France and Germany allocate a considerable amount of their gross domestic product (GDP) to spend on healthcare, again another compelling factor boosting the market growth in the region.

Augmentation of state health care programs coupled with the expanding affluence of the regional population is presumed to act as catalyst in the growth of the Middle East and Africa market for digital pathology.

Companies Profiled

The eminent companies within the global digital pathology market are Huron Digital Pathology Inc. (Canada), Inspirata (U.S.), Mikroscan Technologies, Inc. (U.S.), 3DHISTECH Ltd. (Hungary), Olympus Corporation (Japan), Koninklijke Philips N.V. (The Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Definiens (Germany), Microdimensions GmbH (Germany), Danaher Corporation (Leica Biosystems GmbH) (U.S.), among others.

These giants are progressively indulging in marketing hacks including collaborations, mergers, product developments and acquisitions in a bid to expand their footprint in the market. To illustrate, Leica Biosystems, in 2017, had entered a partnership with Leeds Hospital for the improvement in the workflow and productivity.

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Latest Developments

September 2018: Microsoft India had partnered with SRL diagnostics to enhance digital pathology with artificial intelligence (AI). This partnership will aid in boosting the quality of digital pathology by combining AI innovations and Microsoft’s Azure with SRL’s expertise in study of cells and tissues (histology).