According to a new report by Allied Market Research, titled, World Digital Pathology Market – Opportunities and Forecasts, 2014 – 2022, the digital pathology market is projected to reach $1,052 million by 2022. North America accounted for major share in 2015 and is expected to maintain its dominance throughout the forecast period.
The market is majorly driven by growing popularity of virtual slides as compared to physical slides, technological advancements, and cost-effective products in the digital pathology segment. Other factors contributing to the growth of this market include workflow efficiency, analysis efficiency, improved productivity & patient care, and accuracy. However, the factors restraining the market growth are the lack of reimbursement policies, inadequate infrastructure, and pending product approvals.
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Whole slide imaging is a leading segment due to its diversified use in surgical pathology, clinical diagnosis, consultation, and education. It is also used in proficiency testing, which is a part of cytopathology. The scanners/digitizers segment accounted for the largest share of the overall whole slide imaging market in 2015; while reagents is projected to be the fastest growing segment at CAGR of 15.3% during the study period.
The hospitals & diagnostic centers segment accounted for about two-fifths of the world digital pathology market in 2015, and is projected to maintain this trend throughout the forecast period. The rise is attributed to the demand for accurate and faster diagnosis along with increasing government efforts for the development of digital pathology globally. Moreover, growing trends toward the adoption of digital pathology by hospitals instead of the conventional methods is among the key factors driving the market growth.
Whole slide imaging is the major segment, followed by image analysisinformatics; and together they occupy approximately three-fourths of the total market.
Image analysisinformatics, is the fastest growing segment, growing at a CAGR of 25.2%.
Pharmaceutical & biotechnology companies are projected to be the fastest growing end use segment, growing at a CAGR of 19.9%.
In North America, whole slide imaging is expected to dominate the market followed by image analysisinformatics, during the analysis period.
Image analysisinformatics is expected to be the fastest growing segment in Asia-Pacific, registering a CAGR of 34.9%.
In 2015, North America accounted for the major share of the overall digital pathology market and is expected to grow at a CAGR of 14.7% during the forecast period. The growth is mainly attributed to the large number of hospitals and clinics adopting digital pathology procedures for accurate results and improved efficiency. However, Asia-Pacific is expected to grow rapidly at a CAGR of 26.6%, with a major contribution from China, owing to cost-effective products.
The key companies profiled in the report are Definiens AG, Visiopharm, Indica Labs, Digipath Inc., Danaher Corporation (Leica Microsystem), Koninklinje Philips N.V., Hamamatsu Photonics K. K., PerkinElmer, Inc., Nikon Corporation, Pixcelldata Ltd., and Glencoe Software Inc.
Digital pathology technology has witnessed widespread adoption, as it provides solutions to challenges faced in the field of pathology, which includes the use of glass slides. Slides are a key issue in the result productivity of pathologists. This technology mainly comprises of scanner, image analysis & storage, communication, and integration platforms. The systems consist of integrated scanners, which are connected to the workstation of consultants, hospital servers, and laboratory information systems (LIS). The services provided by the manufactures of scanners include high-resolution sample scanners and software to analyze slides and services for slide storage. The systems are available in desktop size, network infrastructure, server, processor, and computers along with 20-inch monitors. The cost of the systems varies from $30,000 to $1 million.
The world digital pathology market is projected to garner revenue worth $1,052 million by 2022. The growth of the market is attributed to factors such as efficient cost of digital pathology products, ease of transportation of slides virtually, high efficiency of digital pathology systems, and more efficient analysis of digital slides. In addition, increased adoption of digital pathology over conventional pathology treatments further drives this market. On the other hand, barriers such as lack of reimbursement and skilled personnel are some of the major factors likely to restrain the market growth. However, rising initiatives towards commercialization of cost-efficient digital pathology systems would offer profitable growth opportunities for the service providers in the future.
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Whole slide imaging (WSI), image analysisinformatics, information management system storage & communication are major types of types of digital pathology market. Whole slide imaging is the highest revenue-generating segment as it is the most preferred method used to produce digital slides by scanning the whole glass slide. Educational institutes, hospitals and diagnostic centers; and pharmaceutical & biotechnology companies are frequent end users for digital pathology products. In terms of geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The key companies profiled in the report are Visiopharm, Indica Labs, Digipath Inc., Koninklinje Philips N. V., Hamamatsu Photonics K. K., PerkinElmer, Inc., Danaher Corporation (Leica Microsystem), Nikon Corporation, Pixcelldata Ltd., Glencoe Software Inc., and Definiens AG.
This report provides an extensive analysis of the current and emerging trends and dynamics in the world digital pathology market.
The report provides a detailed analysis of the current market and estimations from 2014 to 2022, which would enable the stakeholders to capitalize on the prevailing opportunities.
The digital pathology market scenario is comprehensively analyzed in accordance to key geographical regions.
The key players are profiled in the report, and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
SWOT analysis enables to study the internal environment of the leading companies for strategy formulation.
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