San Francisco, 13 Apr 2022: The Report Digital Pathology Market Size, Share & Trends Analysis Report By Application (Academic Research, Disease Diagnosis), By Product (Software, Device), By End-use (Diagnostic Labs, Hospitals), And Segment Forecasts, 2022 – 2030
The global digital pathology market size is expected to reach USD 1.74 billion by 2030, registering a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases triggers the demand for advanced diagnostics, which is expected to drive the market growth. Growing economic stability and awareness about the benefits of the use of computer-aided diagnostics is further contributing to the market growth. As with other laboratory medicine disciplines, the COVID-19 pandemic has had a surprising impact on digital pathology. The pandemic has shortened all but the most serious surgeries and cancer treatments.
Thus, histology laboratories are involved in the most difficult task of collecting & analyzing tissue samples for the procedure. There was also a workforce shortage with many pathologists staying out of the laboratory due to physical distancing measures. Thus, altered rules allowed greater usage of digital pathology along with the reading of the test results from remote settings, which supported the overall market growth. During the pandemic, pathologists had to continue working from home. This formed an unprecedented necessity for home workplaces and protect clinical informatics solutions permitting clinicians to read images remotely and allowing real-time virtual alliance between their multi-disciplinary care teams.
Pre-COVID-19, pathology laboratories that digitized their workflows across diverse sites reported an average productivity gain of 21%. The COVID-19 pandemic augmented the implementation of digital pathology for several reasons, such as changes in regulatory requirements and governance. Technological advancements, such as digital imaging, computerization, robotic light microscopy, and multiple fiber optic communications are some of the key factors driving the adoption of digital pathology. In addition, the introduction of cloud-based technology enabling the storage of digital slides coupled with secure access to pathologists is expected to serve as a potential growth driver for the market.
Moreover, the use of Artificial Intelligence (AI)has proven to be more effective than previous techniques used in identifying and evaluating pathological characteristics in samples. The implementation of AI helps accelerate & strengthen diagnosis and makes the process of drug discovery more successful and cost-efficient. Moreover, by using data to verify diagnoses made by pathologists, AI helps minimize error rates, as it can alert them if the algorithms measuring their conclusion are not in accordance with what is expected. This shows the potential demand for AI-based pathology solutions in the coming years.
Digital pathology has an important role in companion diagnostics and drug development pipelines, including molecular biology, biobanking, molecular tissue profiling, and tissue microarray analysis. Increasing demand for high-quality tissue samples in tissue-based biomarker research is expected to propel the adoption of the technology over the forecast period. The market is expected to witness intense competition in near future owing to the rising adoption of rigorous strategies by key players to sustain competition. For instance, whole slide imaging system manufacturers focus on obtaining premarket approval for diagnostic digital systems to capture a greater revenue share.
Access Research Report of Digital Pathology Market @ https://www.grandviewresearch.com/industry-analysis/digital-pathology-systems-market
Digital Pathology Market Report Highlights
- The device segment held the dominant market share in 2021 owing to the increased use in academic research on account of various benefits, such as cost-effectiveness and rapid results
- The rising implementation of slide management systems in stratified medicine and tissue-based biomarker research is one of the key contributing factors for the dominance of this technology
- The software segment is expected to witness the fastest CAGR over the forecast years as the product assists in faster diagnosis and synchronization of patient data, where healthcare professionals can remotely access this information
- The disease diagnosis segment is expected to witness the fastest CAGR over the forecast period due to the increasing prevalence of cancer and demand for noble diagnosis techniques
- The availability of unified platforms for workflows in pathology is anticipated to boost the usage of computer-aided imaging technology in academic research, which is anticipated to boost the segment growth
- The market is expected to remain innovation-led, with frequent acquisitions and strategic alliances
- In October 2021, Philips introduced IntelliSite. It features a scalable group of software tools and proficiencies that help streamline workflows, improve diagnostic confidence, enable teamwork, integrate AI, and enhance the efficiency of path labs
List of Key Players of Digital Pathology Market
- Leica Biosystems (Danaher)
- Hamamatsu Photonics, Inc.
- Koninklijke Philips N.V.
- Olympus Corp.
- Hoffmann-La Roche Ltd.
- Mikroscan Technologies
- Inspirata, Inc.
- 3DHISTECH Ltd.
- Visiopharm A/S
- Huron Technologies International, Inc.
- ContextVision AB
Access Press Release of Digital Pathology Market @ https://www.grandviewresearch.com/press-release/global-digital-pathology-market
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