Digital Pathology Market Overview
The Digital Pathology Market is expected to register a CAGR of 6.5% over the review period from 2021 to 2028 and expected to reach USD 1.4 Billion by 2028, says Market Research Future (MRFR). Adoption of electronic health records (EHRs), automation integration to speed workflow, and technological developments in image analysis software are all predicted to influence hospital and clinic purchasing decisions. The digital pathology market will be driven by significant technological breakthroughs in the digital pathology system, such as advances in digital imaging, robotic light microscopy, and various fiber optic connectivity. Since patients and physicians rely on laboratory results to make diagnostic decisions, laboratory efficiency improvements are critical, and diagnostic tests must be performed and reported promptly and accurately. Additionally, as the prevalence of chronic diseases increases, digital pathology is expected to gain popularity as a means of enhancing existing patient diagnostic imaging measures while minimizing the high costs associated with traditional diagnostic procedures.
The introduction of affordable scanners will almost certainly create growth opportunities for businesses in the digital pathology industry. Most private medical offices are small businesses incapable of investing in costly digital pathology tools. The availability of affordable scanners will increase their use by pathologists operating on a shoestring budget.
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However, the paradigm shift in healthcare that these devices enable comes with a hefty price tag. The present COVID-19 pandemic has resulted in an unprecedented daily influx of patients to healthcare facilities. Globally, the number of pathological tests undertaken has reduced because of the COVID-19 outbreak. Additionally, the global implementation of lockdowns and limitations has had a detrimental effect on demand for these solutions since 2020. The FDA approval of digital pathology solutions for primary diagnostic applications, on the other hand, is likely to boost demand throughout the projection period. Thus, the demand for improved remote access to assess a patient’s diagnostic tests is predicted to increase in the next five years.
Digital Pathology Market Segmentation
The digital pathology market is segmented by type to cover both human and animal pathology.
The digital pathology market is segmented by product into its functionality: hardware, software, and storage.
The digital pathology business is segmented by application into disease diagnosis, mHealth, drug discovery, and telemedicine.
Hospitals and clinics, diagnostic centers, research institutions, and academic institutes are among the end users in the digital pathology industry.
Digital Pathology Market Regional Overview
The digital pathology market research report analyses geographical trends in the Americas, Asia Pacific (APAC), Europe, the Middle East, and Africa (MEA).
Due to the high prevalence of chronic diseases, increased healthcare spending, and a readiness to accept new technologies, the Americas have unequalled impact in other fields. This has elevated the Americas to the position of industry leader. Pathological research is also a significant component of this sector, and it is accelerating the growth of the digital pathology industry.
The second European position is entirely based on the participation of a few significant enterprises in the field, such as Leica Biosystems and Definiens. The steady progression of chronic disorders is frequently a factor that should not be overlooked.
APAC is predicted to develop at the quickest rate of any emerging digital pathology market. This need will be met in the area during the forecast period at a CAGR of around 13.53 percent. The ever-increasing healthcare expenditures of countries such as China and India bode well for the regional digital pathology business. Medical tourism has the potential to significantly boost the economies of Thailand, Singapore, and India.
Digital Pathology Market Competitive Dynamics
The notable players of the market are Olympus Corporation (Japan), Danaher Corporation (Leica Biosystems GmbH) (U.S.), Inspirata (U.S.), 3DHISTECH Ltd. (Hungary), Huron Digital Pathology Inc. (Canada), Koninklijke Philips N.V. (The Netherlands), Hoffmann-La Roche Ltd. (Switzerland), microdimensions GmbH (Germany), Definiens (Germany), Mikroscan Technologies, Inc. (U.S.)
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