CHICAGO, June 18, 2019 /PRNewswire/ -- According to the new market research report "Digital Pathology Market by Product (Scanner, Software, Communication System), Type (Human, Veterinary), Application (Teleconsultation, Disease Diagnosis, Drug Discovery), End User (Pharmaceutical & Biotechnology Companies) - Global Forecast to 2022", published by MarketsandMarkets™, the Digital Pathology Market is expected to reach USD 756.1 million by 2022 from USD 423.09 million in 2017, at a CAGR of 12.3% during the forecast period.
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The growth of the market is attributed to the increasing adoption of digital pathology to enhance lab efficiency, rising prevalence of cancer, growing applications of digital pathology in drug development and companion diagnostics, ease of consultation, and increasing initiatives by governments and industry players. Introduction of affordable scanners for private pathology practices, personalized medicine, and integration of laboratory information systems (LIS) and digital pathology systems are expected to offer significant growth opportunities for manufacturers in the coming years.
Scanners segment to dominate the market in 2017
Based on product segment, the Digital Pathology Market is categorized into scanners, software, communication systems, and storage systems. In 2017, the scanners segment is expected to command the largest share of the Digital Pathology Market. This large share can be attributed to the increasing adoption of digital pathology solutions across the globe.
Human pathology is to account for the largest share of the global Digital Pathology Market in 2017
By type, the Digital Pathology Market is segmented into human and veterinary pathology. The human pathology segment is estimated to account for the largest share of the global Digital Pathology Market in 2017. The increasing number of cancer research activities and growing collaborations between academic research institutes, universities, and pathology laboratories are driving the increased uptake of digital systems in human pathology.
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Teleconsultation segment is estimated to account for the largest share of the global Digital Pathology Market in 2017
By application, the Digital Pathology Market is segmented into teleconsultation, disease diagnosis, drug discovery, and training & education. The teleconsultation segment is estimated to account for the largest share of the global Digital Pathology Market in 2017. Shortage of pathologists in developing countries and increasing need for quality and fast diagnosis have enhanced the utilization of teleconsultation applications across the globe. Teleconsultation also provides accessibility to patients in remote areas with specialist pathological consultation, thereby driving the growth of this market globally.
Pharmaceutical and biotechnology companies segment is expected to grow at the highest CAGR
By end user, the Digital Pathology Market is segmented into pharmaceutical and biotechnology companies, hospitals and reference laboratories, and academic & research institutes. The pharmaceutical and biotechnology companies segment is estimated to command the largest share of the market in 2017 and is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be primarily attributed to the increasing use of digital pathology for drug discovery studies and drug toxicology testing.
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North America to dominate the market
In 2017, North America is expected to account for the largest share of the global Digital Pathology Market. North America's leadership position in the market can be attributed to the rising prevalence of chronic diseases and increasing initiatives by industry players and governments in diagnostics.
During the forecast period, Asia-Pacific region is expected to register the highest growth rate. The high growth in the region can be attributed to the a large patient population, shortage of pathologists, increasing initiatives in the healthcare industry by key market players, and rising adoption of advanced technologies for disease diagnosis and these factors are expected to support the growth of the Asia-Pacific Digital Pathology Market.
The Digital Pathology Market is highly competitive with the presence of several small and big players. Some of the players in the Digital Pathology Market include Leica Biosystems (Germany), Ventana Medical Systems (US), and Hamamatsu Photonics (Japan), 3DHISTECH (Hungary), Koninklijke Philips (Netherlands), Apollo Enterprise Imaging (US), XIFIN (US), Visiopharm (Denmark), Corista (US), Huron Digital Pathology (Canada), Objective Pathology Services (Canada), and Indica Labs (US).
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