The global Digital Pathology Market is valued at USD 931.5 million in 2020 and is expected to reach USD 1989.4 million by 2026, exhibiting a staggering CAGR of 13.5% during period 2020-2026. Increasing prevalence of chronic conditions is expected to surge the clinical urgency for adoption of quicker and reliable diagnostic techniques in accurate disease diagnosis, accelerating the growth of global Digital Pathology market. This comprehensive study on digital pathology identifies the current revenue size of the industry along with the forecast estimation for next 06 years to 2026. The exhaustive research conducted by a team of life sciences domain experts and experienced market analysts studies the historical market scenario and evaluates the impact of COVID-19 on the segment growth and deviation analysis, enabling businesses to identify potential gaps and recover from these unexpected variations. The geographic analysis at regional and country level offers in-depth insights on potential growth regions, their market share and factors influencing the market development. According to the report, North America region accounted for over 42% market share in 2020.
Digital pathology is a dynamic image-based environment that acquires, manages, and interprets pathology information generated from digital slides. Through a whole slide imaging process, a digital slide is created to provide a high-resolution image that can be viewed on a computer screen or mobile device. Its applications in healthcare are several including primary diagnosis, clinical research, intraoperative diagnosis, diagnostic consultation and decision support. Today, digital pathology is enabling pathologists discover hidden context utilizing the power of AI, offer multiple angle views of the AOI, improve analysis with tested algorithms, deliver better outcomes with dashboard views of the slides data and annotations, driving the overall demand in the pathology laboratory segment.
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Market Driver and Restraint Analysis:
Increasing Geriatric Population with higher tendency of Disease Susceptibility and Advancement in Digital Technology to Fuel Growth
There is increase in old age population with higher tendency of chronic disease susceptibility which is fostering the demand for Digital Pathology. As per National council on aging (NCO), around 80% of older adults at least have one chronic disease out of which 68.4% of Medicare beneficiaries consists of two or more chronic diseases whereas 36.4% have four or more. Additionally, need for remote diagnostics during the COVID-19 pandemic, advancement in technology and rising demand for quicker and reliable diagnostic techniques for chronic disease identification are the other key drivers for the growth of the global digital pathology market.
Expensive Digital System Integration in Pathology and Scarcity of Skilled Personnel may Hamper the Growth
The implementation cost is high due to associated technologies such as scanners, computer servers, pathologists’ workstations, and medical displays thereby making it difficult for pathologists and academic institutes with limited budgets or information technology support to afford the high cost of installation, thereby limiting the growth of digital pathology market. Moreover, the shortage of skilled personnel to operate digital pathology systems is also expected to restrain the market growth. A study from National Center for Biotechnology Information, US (NCBI) predicts that the number of retired pathologists will exceed the number of new trainees in near future and by 2030, U.S. will experience a net shortage of about 5,700 pathologists.
Market Share Analysis:
High Per Capita Healthcare Expenditure and High Investments in R&D to Stimulate Growth in North America Region
North America accounted for the highest revenue share of 42.8% in 2020 and is projected to continue its dominance during the forecast period to 2026. This can be attributed to the rising demand for quality diagnostics, rising prevalence of cancer and high per capita healthcare expenditure in the region. According to Organization for Economic Co-operation and Development (OECD), the U.S. healthcare spending was a staggering USD 11,072 per capita in 2019 and is expected to surge even higher in the near future. Asia Pacific is expected to be the fastest growing regional segment owing to the strengthening technology infrastructure in the region, high government support and growing demand for improved and reliable diagnostic results.
Software Product Segment to witness fastest CAGR during the forecast period to 2026
The device product segment accounted for the significant revenue share due to increase in research activities coupled with improved resolution worldwide. The software segment is projected to grow at a lucrative CAGR during the forecast period to 2026 due to increasing technological advancements with improved outcomes.
Biotech and Pharma Companies End User segment to show lucrative CAGR during the forecast period to 2026
The hospitals end user segment accounted for the highest revenue share in 2020 and is expected to maintain its dominance during the forecast period due to large adoption of digital scanning for quicker and reliable diagnosis. The biotech and pharma companies’ segment is anticipated to grow at an accelerated CAGR during the forecast period owing to the surge in applications of digital scanning technology in oncology clinical trials.
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Competitive Landscape Analysis:
This global report sheds light on key strategies and approaches adopted by the leading organizations to stay ahead of the competition and acquire maximum market stake.
List of Key Companies profiled in the Digital Pathology Market Report:
- 3DHISWTECH Kft. (Hungary)
- DigiPath, Inc. (U.S.)
- AstraZeneca plc (U.K.)
- Inspirata Inc. (U.S.)
- Mikroscan Technologies (U.S.)
- Hoffmann-La Roche AG (Switzerland)
- Olympus Corporation (Japan)
- Koninklijke Philips N.V. (Netherlands)
- Hamamatsu Photonics K.K. (Japan)
- Danaher Corporation (U.S.)
Innovative Product launches and Information Technology and Strategic Partnerships by Key Industry Players remain at the Forefront
- October 2020: Indica Labs a leading provider of computational pathology software and services announced the launch of enterprise-wide, cloud-based digital pathology at National Cancer Institute NCI in Albuquerque, NM. This is the largest deployment of Indica Labs software in the world that will allow Hundreds of NCI users to access, manage millions of digital images, and easily analyze thousands of images every day, thereby enabling centralized access to scientists across the institution. The launch has become an incredible milestone for Indica and their NCI user base.
- June 2019: Royal Philips, a global leader in health technology, partnered with Alverno Laboratories, a provider of high-quality diagnostic testing services, allowing Alverno to implement digital pathology in its clinical laboratories for assessing and diagnosing all clinical histology cases digitally instead of using a microscope to improve laboratory efficiency, quality and patient safety. Digital pathology can improve cooperation and contact with specialists, thereby helping Alverno Laboratories to shorten their turnaround time and ultimately achieve their goal of saving lives.
The Global Digital Pathology Market is segmented into the following Categories:
- Digital Pathology Market, By Product (Revenue, USD Million, 2018 – 2026)
- Slide Management System
- Storage System
- Digital Pathology Market, By Application (Revenue, USD Million, 2018 – 2026)
- Academic Research
- Drug Discovery & Development
- Cancer Cell Detection
- Digital Pathology Market, By End User (Revenue, USD Million, 2018 – 2026)
- Academic & Research Institutes
- Diagnostic Labs
- Biotech & Pharma Companies
- Digital Pathology Market, By Region (Revenue, USD Million, 2018 – 2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
- North America
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