Global Digital Pathology Market Trends, Estimation and Forecasts to 2024
Global digital pathology market was valued at $390.7 million in 2016 and is projected to reach $1.3 billion by 2024, having a CAGR of 16.6% during the forecast period of 2017 to 2024. In 2016, whole slide imaging segment held the largest share of the global digital pathology market.
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Digital Pathology is a computer aided image-based information environment. It is one of the emerging technology within the field of pathology.
Glass slides containing specimens are transformed into digital images for easy analysis, transport and storage. Images which are full of information are stored digitally forming a database related to the patient, helping in quick and accurate diagnosis.
Cost effective benefit and enhanced analysis are prime advantages of digital pathology. An upsurge in preferences for computer-aided diagnosis that facilitates efficient disease detection, result evaluation at anatomic level, quantification of disease progression and risk assessment are expected to fuel the market growth.
Rapidly increasing application within cancer diagnosis is the prime factor attributing to the growth of global digital pathology market. In addition, high efficiency of system, analysis, workflow and ease in transportation and storage also boosts the market growth.
Digital pathology has a great significance in the diagnosis of diseases in the remote areas where the conventional methods have low efficacy. However, reluctance towards adoption of digital technology and lack of essential infrastructure in developing countries might act as restrains for the growth of digital pathology market globally.
Growing awareness towards digital pathology and expanding applications of digital pathology will offer notable opportunities for global digital pathology market.
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Global digital pathology market is segmented by product, by end user, and region. Product is further segmented as whole slide imaging, image analysis- informatics, information management system storage and communication, and others.
By end user the market is categorized as educational institutes, hospitals & diagnostic centers, and pharmaceuticals & biotechnology companies. Geographically, digital pathology market is segmented as North America, Europe, APAC, and ROW.
North America garners the largest market share and is expected to grow at a steady CAGR of 13.5% from 2017 to 2024.
Europe is expected to grow at CAGR of 13.4% and is anticipated to contribute 1/4th of the market share in terms of revenue. Russia is expected to lead the market in terms of growth rate with CAGR of 15.7%.
Some notable market players are Danaher Corporation, Digipath Inc., Glencoe Software Inc., Hamamatsu Photonics K.K., Indica Labs Inc., Koninklijke Philips N.V., Nikon Corporation, PerkinElmer, Inc., Pixcelldata Ltd. and Visiopharm A/S. Pathcore and Visiopharm announced their partnership to provide enhanced workflow software solutions for quantitative analysis and management of digital pathology images.
By leveraging the strengths of Visiopharm, a global industry leader of digital pathology solutions including quantitative image analysis, and Pathcore, a web-based digital pathology software provider, the partnership brings together a broader offering of image analysis and management tools that increase productivity, collaboration and reporting capabilities.
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- Whole Slide Imaging
- Image Analysis- Informatics
- Information Management System Storage and Communication
By End User
- Educational Institutes
- Hospitals & Diagnostic Centers
- Pharmaceuticals and Biotechnology Companies
- South Korea
Rest of the World
- Saudi Arabia
Key Market Players
- Danaher Corporation
- Digipath Inc.
- Glencoe Software Inc.
- Hamamatsu Photonics K.K.
- Indica Labs Inc.
- Koninklijke Philips N.V.
- Nikon Corporation
- PerkinElmer, Inc.
- Pixcelldata Ltd.
- Visiopharm A/S
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