Pune, India, Feb. 02, 2023 (GLOBE NEWSWIRE) — The global digital pathology market size was valued at USD 798.8 million in 2021 and touched USD 892.5 million in 2022. The market is expected to reach USD 2,045.9 million by 2029, exhibiting a CAGR of 12.6% during the forecast period. Rising awareness of novel diagnostics and the increasing prevalence of chronic disorders are likely to incite market growth. Fortune Business Insights™ shares this information in its report titled “Digital Pathology Market, 2022-2029.”
Key Industry Development
- April 2022- 3DHISTECH Ltd. signed an agreement with the Catalan Health Institute (ICS). This strategy was undertaken to deploy digital tools for pathology within a network of 8 hospitals.
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Digital Pathology Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 12.6% |
| 2029 Value Projection | USD 2045.9 Million |
| Base Year | 2021 |
| Market Size in 2021 | USD 798.8 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 149 |
Key Takeaways :
- The incorporation of digital tools by pathologists resulted in increased productivity and overall efficiency by 15.0% compared to traditional pathology workflows.
- The total number of adults suffering from diabetes in the U.S. were estimated to be 13.0% and 34.5% of people met the criteria of pre-diabetes.
- In 2021, the market size in North America was USD 280.6 million.
- Increasing prevalence of chronic diseases and rising applications of digital tools in diagnostics are the key factors driving the market.
- Hardware Segment to Hold a Dominant Share Owing to Strong Demand for Time-Efficient Pathology Outcomes
Driving Factors
Strong Approvals for Digital Tools May Foster Market Growth
Digital pathology is a digital tool that collects, analyzes, and interprets pathology information. The increasing approvals for digital tools may bolster the product demand. Rising chronic disorders and exponential procedure adoption may enhance the services’ adoption. Further, increasing applications of the service boosted industry growth. Also, strong demand for drug discovery utilizing high-throughput applications may enhance the product adoption. In addition, the introduction of digitizing pathology may incite the services’ demand. These factors may drive the digital pathology market growth.
However, the services’ high upfront installation costs may hamper the market’s progress.
COVID-19 Impact:
Exponential Demand for Healthcare Devices Elevated Industry’s Progress
This market was positively impacted during the COVID-19 pandemic due to the rising demand for healthcare devices. Rising cases of chronic disorders enhanced pathology tools’ demand. Further, rising government initiatives that promote virtual treatment procedures’ adoption for the coronavirus increased the services’ adoption. Moreover, virtual education’s expansion allowed healthcare physicians to treat patients using virtual treatment facilities. For example, as per the Centers for Medicare & Medicaid Services (CMS), regulatory changes transform medical services and allow patients in the U.S. to achieve efficient medical treatment. These factors may foster industry growth during the pandemic.
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Segmentation
Hardware Segment May Hold a Dominant Market Share Owing to Strong Demand for Time-Efficient Pathology Outcomes
By product, the market is segmented into hardware, software, and storage systems.
The hardware segment may dominate due to the strong demand for time-efficient pathology outcomes. Moreover, companies focus extensively on satisfying pathology and diagnostics demand, thereby elevating market progress.
Drug Discovery Segment to Dominate Because of the Strong Demand for Potential Pipeline Drugs
Based on application, the market is trifurcated into disease diagnosis, drug discovery, and others.
The drug discovery segment may dominate the market share due to the strong adoption of potential pipeline drugs. Further, rising awareness regarding precautionary pathology may propel segmental growth.
Hospitals & Clinics Segment to Dominate Market Share Owing to Strong Hospital Admissions
As per end-user, the market is categorized into hospitals & clinics, clinical laboratories, and others.
The hospitals & clinics segment is expected to dominate the market share due to rising hospital admissions. Also, strategic collaborations to launch advanced products may bolster market progress.
Geographically, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Regional Insights
Increasing Aged Population May Boost Industry Growth in North America
North America is anticipated to dominate the digital pathology market share due to the rising aged population. The market in North America stood at USD 280.6 million in 2021 and may likely to grow positively in the upcoming years. Further, strong demand for workload streamlining may elevate the market growth.
In Europe, consumers’ rising preference for digital tools surged the demand for digital pathology. Further, increasing the adoption of technologically advanced products is likely to bolster market growth.
In Asia Pacific, increasing partnerships between healthcare companies and chains may enhance the adoption of virtual pathology services. Further, robust investments in private and public institutions may bolster the industry’s growth.
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Competitive Landscape
Crucial Players Partner with Key Players to Expand Market Presence
The prominent companies operating in the market partner with crucial players to expand their market presence. For example, Leica Biosystems Nussloch GmbH partnered with Leap Therapeutics in January 2022. This development was aimed at developing companion diagnostics for Dickkopfrelated protein 1 (DKK1) and Leap Therapeutics’ anti-DKK1 cancer therapy. This strategy may also allow the company to expand its market presence. Further, companies devise mergers, expansions, novel product launches, research and development, and innovations to bolster their market position.
List of Key Players Profiled in the Report
- Thermo Fisher Scientific Inc. (U.S.)
- Hoffmann-La Roche Ltd. (Switzerland)
- Hamamatsu Photonics K.K. (Japan)
- 3DHISTECH Ltd. (Hungary)
- Koninklijke Philips N.V. (Netherland)
- Apollo Enterprise Imaging Corp (U.S.)
- Sectra AB (Sweden)
- Huron Technologies International Inc. (Canada)
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Table Of Content :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments- Mergers, Acquisitions and Partnerships
- Technological Advancements in Digital Pathology
- Snapshot: Global Digital Health Market, 2021
- Impact of COVID-19 on the Market
- Global Digital Pathology Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product
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- Scanners
- Tissue Microarrayer
- Others
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- Pathology Management
- Digital Microscopy Viewers
- Image Analyzers
- Others
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- Market Analysis, Insights and Forecast – By Application
- Disease Diagnosis
- Drug Discovery
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Clinical Laboratories
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Digital Pathology Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product
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-
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- Scanners
- Tissue Microarrayer
- Others
-
-
-
-
-
- Pathology Management
- Digital Microscopy Viewers
- Image Analyzers
- Others
-
-
-
- Market Analysis, Insights and Forecast – By Application
- Disease Diagnosis
- Drug Discovery
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Clinical Laboratories
- Others
- Market Analysis, Insights and Forecast – By Country
- Europe Digital Pathology Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product
-
-
-
- Scanners
- Tissue Microarrayer
- Others
-
-
-
-
-
- Pathology Management
- Digital Microscopy Viewers
- Image Analyzers
- Others
-
-
-
- Market Analysis, Insights and Forecast – By Application
- Disease Diagnosis
- Drug Discovery
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Clinical Laboratories
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
Toc Continue…
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