ALBANY, New York, October 8, 2018 /PRNewswire/ --
According to report by TMR, the global digital pathology market was valued at US$340 mn in 2017 and is expected to expand with CAGR of 12% over the forecast period from 2018 to 2026 to attain the value of US$900 mn by the end of 2026. Based on the end user, diagnostic laboratories segment is accounting for the prominent share of the market, in terms of revenue, in 2017, followed by the academic & research segment. Based on the region, North America held a significant share of the global digital pathology market, in terms of revenue, in 2017, followed by Europe. Growth of both the market is attributable to the rise in acceptance of the digital pathology system in the region and shortage of pathologists in the regions.
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Growing Prevalence of Chronic Diseases to Bolster Growth
High prevalence of cancer and accurate pathological assessment and digitalization are major factors are fuelling digital pathology market. The decrease in a number of pathologists in countries such as the US are increasing workload which is likely to propel adoption of the digital pathology systems and fuel growth of the global digital pathology systems market. Additionally, technological advancements in these tests coupled with a growing number of clinical and other tests are fuelling adoption of the digital pathology systems which is propelling the growth of the global digital pathology systems market.
Furthermore, automation and improvement in healthcare infrastructure are key factors driving the growth of the global digital pathology systems market. Advancements in the digital pathology systems such as its assistance in the accuracy and faster detection of chronic diseases are the key factors fuelling growth of the global digital pathology systems market.
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Moreover, these tests are available at lower cost as the tests detect the tumor automatically which curbs the cost of cell detection. Also, it does not require the Fluorescence In-situ Hybridization (FISH) tests and this impacts on laboratory workflow positively; thus reduced the cost of the digital pathology systems which is fuelling growth of the global digital pathology systems market.
This technology collects the information about patients as the systems generates the information from online sales. Digital pathology allows sharing information for publication, diagnosis, research, and growing trend of taking education through the internet.
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Stringent Regulations to Hamper Growth of Market
Despite these opportunities, lack of reimbursement policies, the high cost of initial set up, sampling errors, and stringent regulations imposed on the systems are hampering the growth of the global digital pathology systems market. Nevertheless, increasing usage of telepathology mainly in developing countries are offering lucrative opportunities for key players over the forecast period.
The global digital pathology market has a highly competitive vendor landscape, according to Transparency Market Research (TMR). The key players operating in the digital pathology market are adopting the strategies such as mergers, acquisitions, and partnerships in order to expand their product portfolio and global presence. Also, the players are increasingly investing in the development of the product and new marketing initiatives for boosting sales. Manufacturers are focusing on the integration of digital pathology with cloud platform and collaboration for data sharing and scanning services. Some of the key players of the digital pathology market are Leica Biosystems Imaging, Inc, OLYMPUS CORPORATION, F. Hoffmann-La Roche Ltd, GE Healthcare, and Mikroscan Technologies, Inc.
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This information is from the new report by TMR, titled "Digital Pathology Market (Product Type - Image Analysis Software and Scanners; End use - Diagnostic Laboratories, Academic and Research Centers, Pharmaceutical Companies; Applications - Diagnosis, Consulting Services, Educational) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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