Digital Pathology Market to Reach $8.66 Bn, Globally, by 2023 at 14.8% CAGR, Says Allied Market Research
PORTLAND, Oregon, October 1, 2018 /PRNewswire/ --
Increase in demand for disease diagnosis, ease in consultation, and the trend of digitalization in the medical industry would drive the growth in the global digital pathology market.
Allied Market Research published a report, titled, Digital Pathology Market by Product (Whole Slide Imaging, Image Analysis Informatics, Information Management System Storage & Communication, Digital IVD Devices, and Others [Telepathology]), Type (Automated Hematology Analyzers & Blood Cell Counters, Chromosome Analyzers, FISH Enumeration Systems, Urine Sediment Analyzers, Immunohistochemistry Image Analysis Applications, Digital Cytopathology, Digital PCR, Signet Cell Detection, and Digital Holographic Microscopy), and End User (Educational, Clinical, and Pharma & Biotech Companies) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers a detailed analysis of changing market dynamics, driving forces & opportunities, market size & forecasts, and major industry players. According to the report, the global digital pathology market generated $3.79 billion in 2017 and is expected to reach $8.66 billion by 2023, registering a CAGR of 14.8% from 2017 to 2023.
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Rise in demand of digital pathology in disease diagnosis, ease in consultation, and the trend of digitalization in the medical industry are factors that propel the growth in the market. However, expensive nature of digital pathology solutions and lack of reimbursement would limit the growth of the industry. Conversely, rise in usage of telepathology, especially in the developing countries, would create new opportunities in the market.
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Digital IVD segment to dominate throughout the forecast period
The digital IVD segment contributed to more than 85% of the total market share and will maintain its lion's share throughout the forecast period. This is due to increase in prevalence of cancer, diabetes, and other infectious diseases. However, the image analysis informatics segment would grow at the fastest rate, registering a CAGR of 20.2% from 2017 to 2023, owing to its ability to measure multitude of images, assist in decision making, and compare images with related images for obtaining better results. The report also analyzes product segments including whole slide imaging, information management system storage & communication, and others (telepathology).
Digital PCR segment grow the fastest by 2023
The digital PCR segment would register the highest CAGR of 23.6% from 2017 to 2023. This is due to its ability to directly count the number of target molecules rather than relying on endogenous controls or reference standards. However, in terms of revenue, the automated hematology analyzers & blood cell counters segment accounted for more than one-third of total market share in 2017. This segment is expected to dominate throughout the forecast period, owing to its ability to measure various analytical parameters including red blood cell (RBC), white blood cell (WBC), lymphocyte percent & number, platelet (PLT) or thrombocyte count, and others. The research also explores other segments including chromosome analyzers, urine sediment analyzers, FISH enumeration systems, digital cytopathology, immunohistochemistry image analysis applications, signet cell detection, and digital holographic microscopy.
The pharma & biotech companies segment to be lucrative
Pharma & biotech companies contributed to more than one-third of the total market share in 2017 and will maintain its lead position by 2023. Moreover, this segment would register the highest CAGR of 16.6% from 2017 to 2023. It is a lucrative segment owing to key factors such as efficiency improvement and workflow management. Other end users analyzed in the research include education and clinics.
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Asia-Pacific fastest, North America dominant
Asia-Pacific region would grow at the highest CAGR of 21.4% from 2017 to 2023, owing to the prominence of telemedicine owing to reduced cost and improvement in telecommunication. However, North America accounted for more than one-third of the total market share in 2017 and is expected to continue its dominance by 2023. This is due to well-established healthcare infrastructure in the region along with rise in adoption of digital pathology solutions across healthcare sector to obtain rapid and accurate results.
Leading market players
Major market players analyzed in the report include Danaher Corporation, Glencoe Software, Inc., Digipath Inc., Indica Labs, Inc., Hamamatsu Photonics K.K., Nikon Corporation, Koninklijke Philips N.V., Pixcelldata Ltd., PerkinElmer, Inc., and Visiopharm A/S. They have adopted various strategies including expansions, collaborations, joint ventures, partnerships, mergers & acquisitions, and others to gain leadership status and strong position in the industry.
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