BANGALORE, India, June 3, 2022 – Digital Pathology Market is Segmented by Type – Whole Slide Imaging, Image Analysis-Informatics, Information Management System Storage & Communication, Digital IVD Devices, Others , by Application – Pharma & Biotech Companies, Hospital & Diagnostic Centers, Educational Institutes. Global Opportunity Analysis and Industry Forecast 2022 – 2028. It is published in Valuates Reports under the Nursing Category.
Digital Pathology Market size is projected to reach USD 1742.7 million by 2028, from USD 729 million in 2021, at a CAGR of 13.1% during 2022-2028.
Major factors driving the growth of Digital Pathology Market are:
The increasing usage of digital pathology to improve lab efficiency, the rising incidence of chronic disease, and the growing applications of digital pathology in drug discovery and companion diagnostics are all driving the growth of the digital pathology market.
The digital pathology market is rapidly gaining momentum as a proven and essential technology; with specific support for education, tissue-based research, drug development, and the practice of human pathology throughout the world. It is an innovation committed to the reduction of laboratory expenses, an improvement of operational efficiency, enhanced productivity, and improving treatment decisions and patient care.
TRENDS INFLUENCING THE GROWTH OF DIGITAL PATHOLOGY MARKET
The increasing need to enhance lab efficiency is expected to drive the growth of the digital pathology market. Digital pathology is a cutting-edge technology that aims to lower laboratory costs, increase operational efficiency, boost production, and improve treatment decisions and patient care. Improved analysis, reduced errors, better visualization, improved workflow, reduced turnaround time, cost-effectiveness, and breaking geographical barriers are just a few of the advantages of digital pathology.
Clinical labs use digital pathology for remote consultations, education, and quantitative analysis on a limited number of cases. To help assign cases to pathologists, manage workflow into worklists, offer quantitative image analysis for specific case types, integrate information into their existing Lab Information System (LIS), and expand access to cases beyond the brick-and-mortar walls of the lab, these labs use computationally enabled digital pathology powered by AI.
Growing adoption of IVD is expected to further boost the digital pathology market growth. Digital Pathology Devices like In vitro diagnostic (IVD) devices, including genetic tests, provide information that is used to inform health care decision-making. Commercial test items and testing instruments, among other things, are examples of IVDs used in laboratory analysis of human samples.
Furthermore, increasing chronic diseases is expected to further propel the Digital Pathology market. In many circumstances, early identification of infections might mean the difference between life and death. Pathology slides are tissue sections that have been specifically dyed so that a pathologist may examine them and determine whether they contain indications of cancer or other chronic disorders.
Pathologists and clinicians use these images to diagnose cancer, determine the severity of the disease, and determine the best course of treatment for patients. Artificial intelligence (AI) can also be used in digital pathology to speed up or improve diagnosis. In the future, computer programs may aid in the detection of small areas of cancer that have spread to lymph nodes, the better quantification and measurement of tumors, and the speedy direction of pathologists to areas of abnormalities in the tissue.
Increasing demand for digital pathology in the drug development process is expected to further drive market growth. By allowing data sharing between distant pharma pathology labs around the world, digital pathology is changing global pharmaceutical research. With such huge financial stakes, the biotech and pharmaceutical industries are rapidly looking for novel ways to improve performance while retaining quality and consistency.
They would be able to construct a multi-site, digitized environment with digital pathology, allowing for instant web-based consultations between, say, preclinical biomarker teams or clinical researchers. Experts would be able to cooperate and assess tissue-based toxicity and efficacy studies with significantly higher speed, precision, and accuracy in this fashion.
Moreover, clinical pathology research and everyday practices rely heavily on digital pathology. It focuses on organizing information obtained from digitized slides, allowing digital picture sharing across sites for education, research, and diagnosis, and assisting in detailed and quantitative tissue analysis using features such as seeing from different angles or zooming in and out.
DIGITAL PATHOLOGY MARKET SHARE ANALYSIS
Based on type, Digital IVD Devices is the most lucrative segment, with a share of over 35%. This is because, at hospitals and diagnostic institutes, IVD is utilized to provide reliable lab results and detect chronic diseases early.
Based on application, the largest segment is Hospital & Diagnostic Centers, followed by Pharma & Biotech Companies. This is due to the increase in the number of chronic diseases, and cardiac disorders, and the demand for digital pathology systems for disease diagnostics. However, due to an increase in the number of cancer patients, increased usage of digital pathology systems, and the development of new digital pathology systems in clinical laboratories, drug discovery is likely to grow significantly during the forecast period.
Based on region, North America held the largest market share of over 40%, followed by Europe and China, both held a share of over 35 percent. The rise in the number of different types of cancer cases, the presence of major actors, the development of the healthcare sector, and the presence of new innovative digital pathology systems in the region are all contributing to North America’s growth.
Market By Region
- North America
- Latin America
- Middle East & Africa
- Hamamatsu Photonics
- Apollo Enterprise Imaging
- Glencoe Software
- Indica Labs
- Objective Pathology