The global digital pathology systems market was valued at USD 228.9 million in 2013 and is estimated to reach an estimated value of USD 492.8 million in 2020, growing at a CAGR of 11.9% from 2014 to 2020.
Albany, NY -- (SBWIRE) -- 01/05/2016 -- Digital pathology systems are rapidly emerging within the healthcare industry and this technology has been offering tremendous improvement within numerous applications such as diagnostics tests, academic and research purposes, and drug discovery and development. These systems are gaining traction globally owing to their ability in effectively validating and identifying new drug candidates, building molecular therapies, categorizing patients for treatment purposes, and in assessing toxicology.
This research report on the digital pathology systems market has been compiled by conducting both primary and secondary research and includes data gathered from telephonic interviews, huge databases, and inputs from leading industry experts. The report presents various market dynamics such as growth prospects, drivers, opportunities, restraints, and challenges, and also states their respective effect on the market's growth.
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The report presents an analysis of the market attractiveness and provides a Porter's five forces evaluation for the market for digital pathology systems. The value chain distribution evaluation, starting from the raw material suppliers to end users such as clinical laboratories, hospitals, research organizations, and pharmaceutical companies, is also an integral part of this research study.
Overview of the Digital Pathology Systems Market
Digital pathology is an environment that is image-based and is enabled by computer technology. It comprises digitally analyzing, interpreting, and managing information that is contained within a glass slide. Owing to the advent of whole-slide imaging, the digital pathology field is becoming popular and is presently regarded as amongst the most lucrative avenue of diagnostic medicine for achieving accurate, cheaper, and fast diagnosis, and prediction and prognosis of diseases such as cancer, etc.
By technology, the market is led by the segment of virtual microscopy in 2013 and this segment is predicted to rise at the highest growth rate in the forecast horizon from 2014 to 2020. This is due to the increasing digitization of microscopic slides, along with the rising preference for virtual microscopy in drug discovery and disease diagnosis.
By application, the digital pathology systems market was led by the segment of disease diagnosis in 2013 and this segment is predicted to expand at a steady growth rate in the forecast horizon owing to favorable reimbursement policies.
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Factors such as the advancements in information technology enhancing connectivity and rising favorable healthcare reforms are the prime reasons stimulating the market for digital pathology systems. Additionally, the increasing healthcare spending and rising workload of pathologists have further augmented the market for digital pathology systems. On the other hand, factors such as the high cost of initial setup, sampling errors, and strict regulatory compliance may impede approval for these systems, hence affecting the market negatively.
On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). North America led the market in 2013 and is predicted to develop at a stable growth rate in the forecast horizon. This is due to the favorable policies of reimbursement and the rising workload of pathologists in the region. On the other hand, Asia Pacific is predicted to expand at the highest CAGR in the forecast horizon owing to increasing healthcare awareness, the rising aging population, and rising activities of drug development.
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Key players in the Digital Pathology Systems Market
The prime players dominant in the market are Olympus Corporation, Mikroscan Technologies, Inc., Leica Biosystems, Ventana Medical Systems, Inc., and GE Healthcare, among others.
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