| Source: Facts & Factors Facts & Factors
NEW YORK, United States, Sept. 17, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Digital Pathology Market by Product (Scanners, Software, Communication Systems, and Storage Systems), By Type (Human Pathology, Veterinary Pathology), By Application (Drug Discovery, Disease Diagnosis, Training & Education, and Tele-consultation), By End User (Hospitals, Pharmaceutical & Biotechnology Companies, Diagnostic Labs, and Academic & Research Institutes): Global Industry Perspective, Comprehensive Analysis, and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the global Digital Pathology Market size in terms of revenue was worth of USD 740.26 million in 2021 and it is expected to surpass around USD 1738.82 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 13.8% during the forecast period 2022 to 2028.”
Digital Pathology Industry Synopsis:
Digital pathology is a diagnosis carried out by the use of various computer technologies. Digitized specimen slide generates information that is managed by advanced computation and through virtual microscopy. Advancement in genetic science, medical science as well as computer technology together hand in hand has developed the subfield of pathology called digital pathology. During disease diagnosis, digitization of pathology is performed at hospitals, diagnostic centers. It offers a high-resolution sample scanning, analysis of computer images, and online storage of digital slides which enables pathologists to examine slides without forensic evidence.
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Industry Growth Factors
One of the important driving factors for the digital pathology market is an enhancement in lab efficiency. An improvement in lab efficiency is critical for the correct and swift diagnosis of the disease and improved access to medical reports via apps and websites. Moreover, increasing penetration of medical insurance in the population is driving the demand for pathological services, and to provide swift and efficient services, investments in digital pathology infrastructure have increased significantly. The rising prevalence of chronic diseases has further increased the requirement for digital pathology. As per the WHO survey, the total number of chronic respiratory disease cases increased by 39.5% between 1990 to 2017. At COVID-19, a Digital Pathology Enforcement Policy for Pathologists, clinical laboratories, healthcare centers, and drug management staff was issued by the US FDA’s Centre for Devices and Radiological Health.
Growing digital pathology usage for lab performance
Digital pathology improves lab efficiency by lowering costs, speeding up response times, and giving subject-matter expertise. Patients and doctors rely on lab data for diagnosis, thus tests must be conducted fast and precisely. Moreover, pathologists save money and time by accessing digitized slides via web services. The COVID-19 pandemic has prompted lockdowns and social restrictions. These constraints have spurred demand for digital pathology technologies, which allow pathologists to assess medical outcomes distant from initial diagnosis.
Digitized pathology systems are extremely expensive
A standard digital pathology system contains a slide scanner, image server, and software. A digital pathology scanner costs between $110,000 and $130,000 in Asia-Pacific. Big hospitals with huge capital expenditures can afford these technologies, whereas pathologists and academic institutes with small budgets or no IT assistance cannot. Healthcare professionals in poor countries like India, Brazil, and Mexico cannot afford such high-tech equipment. Also, trained personnel are necessary to efficiently handle and maintain digital pathology systems. It is believed that the expensive cost of these systems, coupled with a lack of experienced individuals to handle digital pathology equipment, will limit their use.
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The global digital pathology market is segmented on the basis of product, type, application, and end-user.
On the basis of Product, the global digital pathology market is segmented into scanners, software, communication systems, and storage systems. In 2020, the scanners segment was expected to account for the majority of the market share.
On the basis of type, the global market is categorized into human pathology, veterinary pathology. By application segment, the global digital pathology market is divided into drug discovery, disease diagnosis, training & education, and teleconsultation. In 2020, the drug discovery category was expected to account for the biggest percentage of the market overall.
By end-user, the market is classified into hospitals, pharmaceutical & biotechnology companies, diagnostic labs, and academic & research institutes. Pharmaceutical and biotechnology companies are expected to dominate the industry in 2020.
A large selection of diagnostic products is available from manufacturers, who are concentrating on product development. Furthermore, leading players in the digital pathology market are concentrating on expanding their global and regional footprint through acquisitions and international expansion on an international scale.
Major players in the market are Koninklijke Philips N.V., Hamamatsu Photonics, Leica Biosystems, Visiopharm A/S, Corista, Indica Labs, OptraSCAN, Glencoe Software, Inspirata Inc., Mikroscan Technologies, Proscia Inc., Kanteron Systems, Roche, Apollo Enterprise Imaging, Sectra AB, and Huron Digital Pathology among others.
Browse the full “Digital Pathology Market by Product (Scanners, Software, Communication Systems, and Storage Systems), By Type (Human Pathology, Veterinary Pathology), By Application (Drug Discovery, Disease Diagnosis, Training & Education, and Tele-consultation), By End User (Hospitals, Pharmaceutical & Biotechnology Companies, Diagnostic Labs, and Academic & Research Institutes): Global Industry Perspective, Comprehensive Analysis, and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/digital-pathology-market
Key Findings from Primary Research:
Asia-Pacific is expected to record the highest rate of growth over the next few years due to a rise in awareness of digital pathology systems. The presence of a large patient base with chronic & infectious diseases and an increase in expenditure in healthcare infrastructure will support the market growth during the forecast timeline. Moreover, the ever-changing life science sector is predicted to offer lucrative market expansion opportunities in developing economies such as China, India, and Malaysia. North America accounted for the major market share among the others, and it has been expected to maintain this trend in the near future, owing to the huge adoption of digital pathology systems.
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The global Digital Pathology market is segmented as follows:
By End User
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