The global digital pathology market size was valued at $798.8 million in 2021 and is anticipated to grow from $892.5 million in 2022 to $2,045.9 million by 2029, exhibiting a CAGR of 12.6% over 2022 to 2029. Rising awareness of novel diagnostics and the increasing prevalence of chronic disorders are likely to incite market growth. Fortune Business Insights™ have furnished these findings in its research report, titled “Digital Pathology Market Forecast, 2022-2029”.
Key Industry Development
- October 2021 – F. Hoffmann-La Roche Ltd., collaborated with PathAI, a global leader in AI-powered technology, with an aim to develop AI-based applications for improved patient care.
- September 2021 – Koninklijke Philips N.V. announced its partnership with Healius Pathology, an Australian provider of laboratory and pathology services, to install multisite digital solutions for automating workflow. The development aims to cater to Healius Pathology’s clinicians to make timely decisions about patient care.
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Exponential Demand for Healthcare Devices Elevated Industry’s Progress
This market was positively impacted during the COVID-19 pandemic due to the rising demand for healthcare devices. Rising cases of chronic disorders enhanced pathology tools’ demand. Further, rising government initiatives that promote virtual treatment procedures’ adoption for the coronavirus increased the services’ adoption. Moreover, virtual education’s expansion allowed healthcare physicians to treat patients using virtual treatment facilities. For example, as per the Centers for Medicare & Medicaid Services (CMS), regulatory changes transform medical services and allow patients in the U.S. to achieve efficient medical treatment. These factors may foster industry growth during the pandemic.
Hardware Segment May Hold a Dominant Market Share Owing to Strong Demand for Time-Efficient Pathology Outcomes
By product, the market is segmented into hardware, software, and storage systems.
The hardware segment may dominate due to the strong demand for time-efficient pathology outcomes. Moreover, companies focus extensively on satisfying pathology and diagnostics demand, thereby elevating market progress.
Drug Discovery Segment to Dominate Because of the Strong Demand for Potential Pipeline Drugs
Based on application, the market is trifurcated into disease diagnosis, drug discovery, and others.
The drug discovery segment may dominate the market share due to the strong adoption of potential pipeline drugs. Further, rising awareness regarding precautionary pathology may propel segmental growth.
Hospitals & Clinics Segment to Dominate Market Share Owing to Strong Hospital Admissions
As per end-user, the market is categorized into hospitals & clinics, clinical laboratories, and others.
The hospitals & clinics segment is expected to dominate the market share due to rising hospital admissions. Also, strategic collaborations to launch advanced products may bolster market progress.
Geographically, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Increasing Aged Population May Boost Industry Growth in North America
North America is anticipated to dominate the digital pathology market share due to the rising aged population. The market in North America stood at USD 280.6 million in 2021 and may likely to grow positively in the upcoming years. Further, strong demand for workload streamlining may elevate the market growth.
In Europe, consumers’ rising preference for digital tools surged the demand for digital pathology. Further, increasing the adoption of technologically advanced products is likely to bolster market growth.
In Asia Pacific, increasing partnerships between healthcare companies and chains may enhance the adoption of virtual pathology services. Further, robust investments in private and public institutions may bolster the industry’s growth.
List of Key Players Profiled in the Report:
- Thermo Fisher Scientific Inc. (U.S.)
- Hoffmann-La Roche Ltd. (Switzerland)
- Hamamatsu Photonics K.K. (Japan)
- 3DHISTECH Ltd. (Hungary)
- Koninklijke Philips N.V. (Netherland)
- Apollo Enterprise Imaging Corp (U.S.)
- Sectra AB (Sweden)
- Huron Technologies International Inc. (Canada)
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Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments- Mergers, Acquisitions and Partnerships
- Technological Advancements in Digital Pathology
- Snapshot: Global Digital Health Market, 2021
- Impact of COVID-19 on the Market
- Global Digital Pathology Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product
- Market Analysis, Insights and Forecast – By Product
- Tissue Microarrayer
- Pathology Management
- Digital Microscopy Viewers
- Image Analyzers
- Storage Systems
- Market Analysis, Insights and Forecast – By Application
- Disease Diagnosis
- Drug Discovery
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Clinical Laboratories
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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