Digital Pathology Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $1,052 million by 2022. North America accounted for major share in 2015 and is expected to maintain its dominance throughout the forecast period.
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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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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.
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Key Findings of Digital Pathology Market :
- Whole slide imaging is the major segment, followed by image analysis informatics; and together they occupy approximately three-fourths of the total market.
- Image analysis informatics, 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 analysis informatics, during the analysis period.
Image analysis informatics 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.
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