- Growing focus on research and development activities for drug development and drug discoveries boosting global market; advent of integrated digital pathology workflows to open up new revenue streams
- Ongoing technological advancements such as automated image analysis tools assure promising growth for the digital pathology market
ALBANY, N.Y., Nov. 18, 2021 /PRNewswire/ -- The expanding use of digital pathology technologies in application areas such as oral pathology, forensic pathology, human pathology, and others is expected to set the stage for the growth of the digital pathology market during the forecast period of 2019-2027. The growing use of digital pathology systems to streamline the workflow and activities of diagnostic laboratories and pathologists in the upcoming period is projected to serve as growth accelerators.
The rising number of exhibitions and trade fairs related to digital pathology are leading to an increase in the awareness about the benefits of digital pathology technologies. These factors will have a profound impact on the growth of the digital pathology market. Furthermore, the efficiency of digital pathology solutions in the diagnosis of disorders is expected to prove to be a growth accelerator for the digital pathology market.
Transparency Market Research (TMR) has conducted an extensive analysis on various factors related to the growth of the digital pathology market. The analysts at TMR expect the global market for digital pathology to expand at a CAGR of 12% during the forecast period of 2019-2027. The global digital pathology market was valued at US$ 0.38 Bn in 2018 and is prognosticated to reach a valuation of US$ 1.08 Bn by 2027.
The prevalence of cancer is increasing at a rapid rate over the years. It is emerging as a crucial health problem around the world. According to the statistics by the World Health Organization (WHO), nearly 9.6 million deaths and 18.1 million new cases of cancer were recorded globally in 2018. These statistics highlight the need to control the deaths and new cancer cases. Various clinical trials are ongoing for treating cancer. The rising demand for novel drugs and medicines is pushing the demand for digital pathology technologies on a large scale. This factor will have a profound impact on the growth of the digital pathology market. However, players in the digital pathology market should focus on the high costs associated with technologically advanced digital pathology systems. The players are striving to decrease costs through extensive research and development activities.
Ongoing Technological Advancements to Positively Impact Digital Pathology Market
Technological advancements in the digital pathology sector is proving to be a boon for the growth of the global market. Manual interpretation of tissue slides for diseases diagnosis purpose is labor extensive, and may increase error and inconsistency in the diagnostic result. With the help of latest technological advancements, the limitations have been reduced extensively. Technologically advanced systems have the potential to analyze a large array of slide within short duration without diagnostic errors. Thus, these factors will serve as growth boosters for the digital pathology market. Advancements in image analysis software and automation have opened up promising avenues for market players.
North America to Emerge as Dominant Region in Digital Pathology Market
In terms of region, North America dominated the regional scenario in 2018 and a similar trend is expected during the forecast period. Presence of key players in the region, high cancer prevalence, and well-developed healthcare infrastructure are some of the vital factors that will widen the growth trajectory of the digital pathology market.
Some well-established players in the digital pathology market are Sectra AB and Inspirata, OLYMPUS CORPORATION, Mikroscan Technologies, Inc., Koninklijke Philips N.V., and F. Hoffmann-La Roche Ltd.
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