In September 2021, Visiopharm (Denmark) and Agilent Technologies, Inc. (US) collaborated to co-market Visiopharm & portfolio of CE-IVD marked AI-driven Precision Pathology software and Agilent’s automated pathology staining solutions portfolio.
Northbrook, IL 60062 -- (SBWIRE) -- 03/28/2023 -- The Global Digital Pathology Market is projected to reach USD 1,371 million by 2026 from USD 736 million in 2021, at a CAGR of 13.2% during the forecast period. The growth in the digital pathology market is mainly driven by factors such as the increasing adoption of digital pathology to enhance lab efficiency, rising incidence of cancer, and growing applications of digital pathology in drug development and companion diagnostics.
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Browse in-depth TOC on "Digital Pathology Market"
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The major players in the global Digital Pathology market include Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), Hamamatsu Photonics (Japan), F. Hoffmann-La Roche Ltd. (Switzerland), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN, Inc. (US), Huron Digital Pathology (Canada), Visiopharm A/S (Denmark), Aiforia Technologies Oy (Finland), Akoya Biosciences (US), Corista (US), Indica Labs (US), Objective Pathology Services (Canada), Sectra AB (Sweden), OptraSCAN (US), Glencoe Software (US), KONFOONG BIOTECH INTERNATIONAL CO., LTD. (China), Inspirata, Inc. (US), PathAI (US), Proscia Inc. (US), Kanteron Systems (Spain), Mikroscan Technologies (US), Motic (US), and Paige (US).
Drivers: Increasing adoption of digital pathology to enhance lab efficiency
The increasing adoption of digital pathology is driving the global digital pathology market. Digital pathology is used in diagnosis and treatment of diseases. It has the potential to revolutionize the diagnosis of diseases by providing accurate, efficient, and cost-effective solutions. Digital pathology solutions are used to store, manage, and analyze digital images of tissue and organ slides. This helps in quick diagnosis and reduces turnaround time. Moreover, digital pathology solutions can be linked to electronic medical records, which helps in seamless sharing of information between healthcare providers. This, in turn, helps in improving clinical outcomes and patient care. The increasing demand for enhanced lab efficiency is also driving the growth of the global digital pathology market.
Opportunities: Introduction of affordable scanners for private pathology practices
The introduction of affordable scanners for private pathology practices presents an opportunity for the digital pathology market. With the ability to scan slides at a lower cost, private practices are able to benefit from the advantages of digital pathology, such as increased accuracy and efficiency, while avoiding the high costs associated with traditional hardware and software. Additionally, these affordable scanners can help bridge the gap between larger pathology labs and smaller private practices, allowing them to access the same technology and benefit from the same advantages even with limited resources. This can help to improve diagnostic accuracy, reduce costs, and improve patient outcomes.
The drug discovery, segment accounted for the largest share of the Digital Pathology market.
Based on application, the digital pathology market is segmented into drug discovery, disease diagnosis, and training & education. The drug discovery segment accounted for the largest share of the digital pathology market. Growth in R&D expenditure fuelled by the need for numerous preclinical and clinical studies performed during the drug discovery and development process is a major factor responsible for market growth.
The pharmaceutical & biotechnology companies, segment accounted for the largest share of the Digital Pathology market.
Based on end users, the global digital pathology market is segmented into pharmaceutical & biotechnology companies, hospitals & reference laboratories, and academic & research institutes. The pharmaceutical & biotechnology companies segment accounted for the largest share of the digital pathology market. The large share of this segment can be attributed to the increasing use of digital pathology for drug discovery studies and drug toxicology testing. Biotechnology companies also use digital pathology for biobanking, biopharmaceutical studies, molecular assays, and the development of individualized medicine.
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The market in North America is projected to witness the highest growth rate during the forecast period (2021–2026).
North America accounted for the largest share of the digital pathology market in 2020. The increasing prevalence of cancer, rising demand for quality diagnostics, the introduction of favorable reimbursement policies, and the implementation of favorable initiatives by the governments in the US and Canada are major factors driving the growth of the digital pathology market in North America.
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