The global digital pathology market is predicted to expand significantly at a CAGR of 11.85% over the forecast period i.e. 2016-2023. Moreover, the market of digital pathology is expected to reach USD 726.2 Million by 2023.
The digital pathology market is predicted to be one of the fastest growing markets across the globe. The successive implementation of IT in healthcare sectors is the dynamic factor for digital pathology industry.
The demand for digital pathology equipment is growing across the globe owing to rise in multi-specialty hospitals and set-up of isolated pathology laboratories equipped with high end technology. Further, rise in aging population and growing prevalence of cardiac and cardiovascular diseases among the population further increases the diagnosis demand in order to take preventive measures.
Technological advancements in pathology sector and digitalization of pathology will shift the conventional pathology to a cutting-edge level of diagnosis. Characteristics such as time savings and precise diagnosis are some of the key elements for the growth of digital pathology market.
Moreover, intensification of researches for development of effective and affordable drugs, digital pathology technology is taking a step ahead in the diagnosis and research sectors. Apart from this, automation of pathology test reduces time and cost and caters precise outputs, thus gaining trust of physicians and consumers across the globe.
Growth Drivers and challenges
Rise in aging population coupled with higher risk of cardiac diseases, and chronic diseases owing to consumption of unhealthy food and increasing gross disposable income in urban cities are some of the major driving factors responsible for the growth of digital pathology market over the forecast period i.e. 2016-2023.
Factors such as ease of passage of slides virtually; well-organized analysis of digital slides, high accuracy and precision, efficient cost of digital pathology products are predicted to foster the demand for digital pathology across the globe. In addition to this, adoption of digital pathology in research institutes in order to develop effective drugs for better care of patients and availability of features such as management and storage of analyzed data for further studies are likely to spur the demand of digital pathology in educational and training institutes in near future.
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Apart from this, introduction digital pathology integrated with cloud technology in order to improve connectivity and effectiveness, whole side image technology which enables 3D diagnosis and images, reduction of human error, rising awareness towards diagnosis and increasing health expenditure are some of the elements which is expected to bolster the market growth of digital pathology over the forecast period.
However, high cost of digital pathology products which in results increase the cost of diagnosis tests as compared to conventional pathology tests, requirement of periodic calibration of pathology equipment, lack of skilled healthcare professional to operate digital pathology equipment and presence of stringent regulations are some of the factors which is curbing the growth of digital pathology market across the globe.
Market size and forecast
The demand for whole side imaging product segment is predicted to witness a significant growth in near future, owing to cost-effectiveness and high accuracy of the product. The whole side imaging segment is expected to register a CAGR of 14.8% over the forecast period.
North America accounted for the largest market share in 2015 in the revenue of digital pathology market globally. The market of North America region is expected to continue its dominance over the forecast period i.e.
2016-2023 owing to rising demand for eminence diagnostics and introduction of effective re-imbursement policies across the region.
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On the other hand, Asia-Pacific is expected to be the second largest share contributor across the globe in the market of digital pathology due to presence of emerging nations such as India, China,., rise in GDP growth and increase in healthcare expenditure in order to minimize the burden of diseases by early diagnosis. In addition to this, the market is further predicted to register a CAGR of 15.2% over the forecast period i.e.
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