Digital Pathology Market – Insights
A dynamic, image-based environment that aids in acquisition, management, and interpretation of pathology information generated from a digitized glass slide is called digital pathology. It is also known as virtual microscopy. It is a potential method that can be used for diagnosing various chronic and infectious diseases.
The global digital pathology market is estimated to account for US$ 500.1 Mn in 2019 and is expected to reach US$ 1,182.9 Mn by the end of 2027.
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Global Digital Pathology Market: Drivers
Rising prevalence of chronic diseases and need for early diagnosis of such conditions is expected to drive the market growth during the forecast period. For instance, according to the World Health Organization (WHO), 18.1 million new cases and 9.6 million deaths were registered due to cancer in 2018.
Moreover, rising incidence of infectious diseases is also fueling the global digital pathology market growth. For instance, according to the WHO, July 2018 Factsheet, around 71 million people suffer from chronic hepatitis C infection worldwide and around 3,99,000 deaths occur annually due to hepatitis C mostly due to cirrhosis and hepatocellular carcinoma.
In 2018, North America region held dominant position in the global digital pathology market, accounting for 57.8% share in terms of value, followed by Europe.
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Global Digital Pathology Market: Restraints
However, high cost of digital pathology devices and equipment is a major factor restraining the market growth, especially in emerging regions. The overall cost of implementation of digital pathology can be around US$ 150,000. Other expenses also involve maintenance and training costs.
Moreover, the digital pathology market is facing challenges due to unclear regulatory policies, especially in the U.S., which is also expected to restrain growth of the digital pathology market.
Global Digital Pathology Market: Opportunities
Rising research and development activities in cancer is expected to offer lucrative growth opportunities for players in the global digital pathology market. For instance, in December 2019, Cancer Research UK and Vaccitech Oncology Limited announced a new partnership to develop a novel immunotherapeutic vaccine strategy for patients with lung cancer.
Moreover, the integration of cloud computing with digital pathology is also expected to drive the digital pathology market growth during the forecast period. Cost-effective healthcare can be provided by using cloud computing in digital pathology. Also, it will aid in managing increasing amount of data that is generated by the technology.
Services segment in the global digital pathology market was valued at US$ 86.9 in 2018 and is expected to reach US$ 263.2 Mn by 2027 at a CAGR of 13.1% during the forecast period.
Market Trends/Key Takeaways
Various hospitals are adopting digital pathology method for cancer diagnosis. For instance, in June 2019, Seoul St. Mary’s Hospital, a part of Catholic Medical Center (CMC), started operating a digital pathology system that aids in the diagnosis of cancer.
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Key players in the digital pathology market are focused on raising funds to expand their product portfolio. For instance, in December 2019, Paige, a U.S.-based company engaged in computational pathology, announced closure of Series B funding round of US$ 45 million. The company intends to use the funding to drive FDA clearance of its products and expand its portfolio.
Global Digital Pathology Market: Competitive Landscape
Key players operating in the global digital pathology market include Perkin Elmer, Inc., Definiens AG, Sectra ABss, Koninklijke Philips N.V., Paige, GE Healthcare, Inspirata Co., Ventana Medical Systems, Inc., Leica Biosystems, 3D-Histech Ltd., and Hamamatsu Photonics, K.K.
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