Pune, India -- (SBWIRE) -- 09/27/2018 -- The global digital pathology market is projected to reach a significant valuation and grow at a steady pace over the forecast period of 2013-2022, as per a research report published by Market Research Future (MRFR).

Global Digital Pathology Industry Updates

In July 2018, Enzyvant, a biopharmaceutical company, announced a partnership with Visikol, a contract research organization dealing with digital pathology and drug discovery. The partnership aims to develop a novel digital pathology approach to enable the development of a medicine for the treatment of DiGeorge Anomaly.
In July 2018, Royal Philips, a leading health technology company and Oxford University Hospitals joined forces to create a digital pathology network which will enable better diagnosis of diseases. Oxford University Hospitals have planned to install the Philips IntelliSite Pathology Solution at the John Radcliffe Hospital in Oxford.

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Digital Pathology Market - Outlook

The digital pathology market has been observing continued growth on account of the prevalence of chronic diseases such as cancer. Rising incidences of cancer require timely diagnosis and treatment, and digital pathology has the potential to improve accuracy and timeliness of cancer diagnosis and hence is extensively used which induces demand for digital pathology. Advancements in digital pathology technology such as digital imaging, robotic light microscopy, and multiple fiber optic communications are expected to up the level of efficiency of diagnosis and uplift the growth of the market. Additionally, the lack of skilled pathologists who can handle the growing complexities of diagnostics has surged the demand for digital pathology.

Digital pathology finds its application in various fields such as education, tissue-based research and drug development which further drives the growth of the market. The rise in a number of clinical and pre-clinical trials have propelled the growth of the market. Digital pathology is setting new standards of practice in clinical trials with the introduction of new technologies such as virtual microscopy, and digital imaging which helps improve the outcomes of clinical trials.

Increasing adoption of advanced technologies to improve workflow and facilitate faster diagnostics is augmenting the market growth. Additionally, government initiative and support in various economies to strengthen the healthcare infrastructure in the form of funds and subsidies foster the growth of the market. Other market drivers include a rise in automation and improvements in healthcare infrastructure across the globe. However, the market growth might be hindered by lack of standardization in digital pathology and substantial initial cost of setup

Key Players for Global Digital Pathology Market

Some of the key players in this market are: microDimensions GmbH, Mikroscan Technologies, Inc., Q2 Solutions, Omnyx, LLC, GE Healthcare, Philips Healthcare, Huron Digital Pathology Inc, ViewsIQ Inc., 3DHISTECH Ltd, Apollo Enterprise Imaging Corp., Xifin, Inc., Definiens and others.

Global Digital Pathology Market - Competitive Analysis

The Global Digital Pathology Market is fragmented and highly competitive with the presence of a multitude of well-established and small players. Owing to the lucrative growth opportunities offered by the market, there has been an influx of new players which further intensifies the competition. The notable players of the global digital pathology market include microDimensions GmbH, Q2 Solutions, LLC, Philips Healthcare, ViewsIQ Inc., Apollo Enterprise Imaging Corp., Definiens, Mikroscan Technologies, Inc., Omnyx, GE Healthcare, Huron Digital Pathology Inc, 3DHISTECH Ltd, Xifin, Inc., and others.

Koninklijke Philips N.V., a Dutch multinational technology company is headquartered in Amsterdam and has three main divisions, namely, Philips Healthcare, Philips Consumer Lifestyle, and Signify N.V. The company aims to improve people's lives globally through meaningful innovation. The company's health care business makes up 42% of its total global sales revenue.

Danaher Corporation (Leica Biosystems GmbH) specializes in the production and commercialization of microscopes and scientific instruments for the analysis of microstructures and nanostructures. The company is headquartered in Germany and has its distribution network in more than 100 countries.

Inspirata acquired the third largest spot in the global digital pathology market. The company focuses on advancing pathology solutions by leveraging the latest tools and technologies to accelerate cancer detection, diagnosis, and treatment.

Global Digital Pathology Market - Segmentation

Type-based segmentation of the digital pathology market includes human pathology, and animal pathology, where the former has a significant hold of almost 65% of the market. Prevalence of chronic diseases can be considered while assessing the growth of this sub-segment and the market can reach up to USD 5,475.4 million by 2023.

Product-wise segmentation of the market comprises hardware, software, and storage. The hardware segment plays a pivotal role in delivering the results of these tests and ensures the maximum market share with an expected valuation of USD 6,031.9 million by 2023.

Based on application, the digital pathology market has segments such as disease diagnosis, Mhealth, drug discovery, and telemedicine. Implementation of technology in disease diagnosis gives the market a lead, and the segment can reach a valuation of USD 2,650 million by the end of the review period.

On the basis of end-users, the market includes hospital & clinic, diagnostic centers, and research centers & academic institutes. Research centers & academic institutes are gaining much from this technology as it empowers them with faster and precise information which helps in getting in-depth analysis of various diseases. The segment can climb up a valuation of USD 3,778.4 million during the forecast period.

Global Digital Pathology Market - Regional Analysis

Geographical analysis of the digital pathology market entails trends in regions such as the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

Prevalence of chronic diseases, increasing expenditure in the healthcare sector, and a tendency to adopt latest technologies gives the Americas unprecedented leverage over other regions. This has propelled the Americas as the market leader. The region is also investing heavily in pathological studies which is driving the market ahead.

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Europe's retainment of the second position exclusively depends on the presence of a hoard of the key players in the region such as Leica Biosystems, Definiens, and others. Gradual spreading chronic diseases is also a factor that cannot be ignored.

The APAC is expected to be the fastest among the growing regions. A CAGR of almost 13.53% during the forecast period can ensure this market's prospect in the region. The ever-growing healthcare expense of countries such as China and India hold significant promise for the regional digital pathology market. Medical tourism in Thailand, Singapore, and India can contribute significantly to the market.

The MEA may not be able to register significant growth as the region do not spend much in healthcare. However, rising health-related awareness can boost the market in the future.

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