Surge in demand for disease diagnosis, ease provided in consultation, and digitalization in the medical industry are factors that drive the growth of the global pathology market
PORTLAND, Oregon, March 9, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Pathology Market by Product (Scanners, Software, and Storage & Communication Systems), Application (Teleconsultation, Disease Diagnosis, Drug Discovery, and Training & Education), and End User (Educational, Clinical, and Pharma & Biotech Companies): Global Opportunity Analysis and Industry Forecast, 2018–2026." According to the report, the global digital pathology market contributed to nearly $512 million in 2018, and is estimated to reach $1.39 billion by 2026, growing at a CAGR of 13.3% from 2019 to 2026.
Surge in demand for disease diagnosis, ease provided in consultation, and digitalization in the medical industry are factors that drive the growth of the global pathology market. However, high expenses incurred in digital pathology solutions hinder the growth of the industry. On the other hand, increase in usage of telepathology especially in the developing regions is estimated to offer new opportunities in coming years.
Based on products, the scanners segment held more than two-thirds of the total share of the global digital pathology market in 2018, and is expected to maintain its leadership status in terms of revenue during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 13.9% from 2019 to 2026. It is a lucrative segment, owing to rapid image acquisition, ease in data sharing, and efficient data storage along with recent approvals offered by the U.S. FDA. The report also offers a detailed analysis of segments including software and storage & communication systems.
Based on end user, the pharma & biotech companies segment accounted for the highest share in 2018, holding more than two-fifths of the total share of the global digital pathology market. This is attributed to feasibility and accessibility of data sharing offered by digital pathology that changed the global pharmaceutical research scenario. However, the clinical segment is estimated to register the highest growth rate with a CAGR of 13.8% from 2019 to 2026, owing to improvements such as fast slide creation, image visualization methods, and management of data led to improved patient care, efficient workflow, and reduction of costs.
Based on region, North America held nearly half of the total share of the global digital pathology market in 2018, and is estimated to maintain its dominance on the basis of revenue throughout the forecast period. This is attributed to surge in collaborations among stakeholders and authorities to regulate, commercialize, and evaluate the digital pathology systems. However, Asia-Pacific is estimated to witness the highest CAGR of 15.6% from 2019 to 2026, owing to surge in popularity with its cost-effectiveness and improvement in telecommunication.
Major market players discussed in the research include 3DHISTECH Ltd., Glencoe Software, Inc., Danaher Corporation (Leica Microsystem), Indica Labs Inc., Hamamatsu Photonics K.K., Nikon Corporation, Koninklijke Philips N.V., Roche (Ventana Medical Systems, Inc.), PerkinElmer Inc., and Visiopharm A/S.
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