Digital Pathology Market - Insights and In Depth Analysis of Industry Segments and Key Players
Growth Factors Driving the Market: The growth of digital pathology market is mainly driven by factors such as the increasing adoption of digital pathology to enhance lab efficiency, rising incidence of cancer, and growing applications of digital pathology in drug development and companion diagnostics. On the other hand, the high costs of digital pathology systems are expected to restrain market growth to a certain extent.
The Digital pathology helps improve lab efficiency by reducing costs, decreasing turnaround times, and providing users with access to subject-matter expertise. Improvements in lab efficiency are critical as patients and physicians are dependent on lab results for diagnostic decisions, and diagnostic tests are required to be completed and reported quickly & accurately. Moreover, access to digital slides via web services eliminate shipping costs and travel time for pathologists. The outbreak of the COVID-19 pandemic has led to the implementation of lockdowns and social distancing restrictions. Such restrictions have increased the demand for digital pathology solutions, as pathologists can use these to view diagnostic results for primary diagnosis remotely.
MarketsandMarkets™ View on Revenue: The global digital pathology market is valued at an estimated USD 736 million in 2021 and is projected to reach USD 1,371 million by 2026, at a CAGR of 13.2%
Industry Segmentation in Detailed:
The human pathology segment accounted for the largest share of the Digital Pathology market in 2020.
Based on type, the global digital pathology market is segmented into human pathology and veterinary pathology. The human pathology segment accounted for the largest share of the digital pathology market in 2020. This is due to the increasing number of cancer research activities and growing collaborations among research institutes, universities, and pathology laboratories.
The drug discovery, segment accounted for the largest share of the Digital Pathology market in 2020.
Based on application, the digital pathology market is segmented into drug discovery, disease diagnosis, and training & education. The drug discovery segment accounted for the largest share of the digital pathology market in 2020. Growth in R&D expenditure fueled by the need for numerous preclinical and clinical studies performed during the drug discovery and development process is a major factor responsible for market growth.
The pharmaceutical & biotechnology companies, segment accounted for the largest share of the Digital Pathology market in 2020.
Based on end users, the global digital pathology market is segmented into pharmaceutical & biotechnology companies, hospitals & reference laboratories, and academic & research institutes. The pharmaceutical & biotechnology companies segment accounted for the largest share of the digital pathology market in 2020. The large share of this segment can be attributed to the increasing use of digital pathology for drug discovery studies and drug toxicology testing. Biotechnology companies also use digital pathology for biobanking, biopharmaceutical studies, molecular assays, and the development of individualized medicine.
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Leading Key Players Analysis:
The major players in the global Digital Pathology market include Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), Hamamatsu Photonics (Japan), F. Hoffmann-La Roche Ltd. (Switzerland), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN, Inc. (US), Huron Digital Pathology (Canada), Visiopharm A/S (Denmark), Aiforia Technologies Oy (Finland), Akoya Biosciences (US), Corista (US), Indica Labs (US), Objective Pathology Services (Canada), Sectra AB (Sweden), OptraSCAN (US), Glencoe Software (US), KONFOONG BIOTECH INTERNATIONAL CO., LTD. (China), Inspirata, Inc. (US), PathAI (US), Proscia Inc. (US), Kanteron Systems (Spain), Mikroscan Technologies (US), Motic (US), and Paige (US).
Geographical Trends in Detailed:
North America accounted for the largest share of the digital pathology market in 2020. The increasing prevalence of cancer, rising demand for quality diagnostics, the introduction of favorable reimbursement policies, and the implementation of favorable initiatives by the governments in the US and Canada are major factors driving the growth of the digital pathology market in North America
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