Digital Pathology Market worth $1.8 billion | MarketsandMarkets

2023-06-15

CHICAGO, June 15, 2023 /PRNewswire/ -- The digital pathology industry is poised for remarkable growth and transformation in the near future. With advancements in technology and the increasing demand for efficient and accurate diagnostic solutions, digital pathology is set to revolutionize healthcare systems worldwide. The integration of artificial intelligence and machine learning algorithms with digital pathology platforms will enable pathologists to analyze and interpret large volumes of digital slides more efficiently, leading to faster and more accurate diagnoses. Moreover, the widespread adoption of telepathology will facilitate remote consultations and second opinions, bridging the gap between experts and underserved areas. This digital revolution in pathology will not only enhance patient care by enabling faster diagnosis and personalized treatment plans but also streamline pathology workflows, reduce costs, and facilitate data-driven research for improved clinical outcomes.

Digital Pathology Market in terms of revenue was estimated to be worth $0.9 billion in 2023 and is poised to reach $1.8 billion by 2028, growing at a CAGR of 13.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The digital pathology market is mainly driven by factors such as the growing applications of digital pathology in drug development and companion diagnostics, growing awareness of early cancer diagnosis in emerging economies, and recommendations for cancer screening. On the other hand, the high costs of digital pathology systems are expected to restrain market growth to a certain extent.

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Browse in-depth TOC on "Digital Pathology Market"

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274 - Pages

Digital Pathology Market

Scope:

The human pathology segment has accounted for the largest market share during the forecast period.

Based on type, the digital pathology market is segmented into human pathology and veterinary pathology. The human pathology segment accounted for the largest share of 66.5% of digital pathology type market in 2022. The growing awareness of early cancer diagnosis in emerging economies, and increasing collaborations among academic research institutes, universities, and pathology laboratories drives the growth of the human pathology segment in the digital pathology market.

The scanners segment accounted for the largest share of 44.9% of the global digital pathology market

Basesd on product, the global digital pathology market is segmented into scanners, software, and storage systems. The scanners segment accounted for the largest share of 44.9% of the global digital pathology market in 2022. The large share of this segment can be attributed to the restrictions implemented in many countries owing to the COVID-19 outbreak are also expected to increase the installation of scanners to promote the remote viewing of tests by pathologists.

Drug discovery was the largest application segment of the digital pathology market.

Based on application, the digital pathology market is segmented into drug discovery, disease diagnosis, and training & education. In 2022, drug discovery was the largest application segment of the digital pathology market. The growth in the rising number of preclinical & clinical studies, high throughput screening and imaging, and increasing use of toxicology testing for illicit drugs are the major factors responsible for the large share of the drug discovery application segment.

North America accounted for the largest share of the Digital Pathology market

In 2022, North America accounted for the largest share and highest growth rate of the digital pathology market in 2022. The highest growth rate of the market can be attributed to the rising prevalence of cancer, growing geriatric population, and the presence of well-developed healthcare infrastructure in the region are expected to drive the growth of the market in North America.

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Digital Pathology Market

Dynamics:

Drivers:

Increasing adoption of digital pathology to enhance lab efficiency

Rising incidence of cancer

Growing applications of digital pathology in drug development and companion diagnostics

Growing awareness of early cancer diagnosis in emerging economies

Recommendations for cancer screening

Restraints:

High cost of digital pathology systems

Opportunities:

Introduction of affordable scanners for private pathology practices

Growing demand for personalized medicine

High growth opportunities in emerging economies

Challenges:

Shortage of trained pathologists

Key Market Players:

The Digital Pathology Market is highly consolidated. Some of the major players operating in this market include Danaher Corporation (US), Koninklijke Philips N.V. (Netherlands), KONFOONG BIOTECH INTERNATIONAL CO., F. Hoffmann-La Roche Ltd. (Switzerland), XIFIN, Inc. (US), Apollo Enterprise Imaging (US), Huron Digital Pathology (Canada), Hologic, Inc. (US), Kanteron Systems (Spain), Corista (US), Objective Pathology Services Limited (Canada), Aiforia (Finland), Glencoe Software, Inc. (US), Motic Digital Pathology (US), OptraSCAN (US), Sectra AB (Sweden), Mikroscan Technologies, Inc. (US), Indica Labs Inc. (US), 3DHISTECH (Hungary), Akoya Biosciences, Inc. (US), Fujifilm Holdings Corporation (Japan), Paige AI, Inc. (US), Proscia Inc. (US), LTD. (China), PathAI (US), and Hamamatsu Photonics K.K. (Japan).

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Recent Developments:

In 2022, Danaher Corporation partnered with Indica Labs to deliver compatible digital pathology workflow solutions by maintaining file compatibility between Leica Biosystems Aperio GT 450 family of scanners with Indica Labs Halo family of software solutions.

In 2022, Hamamatsu received US FDA 510(k) clearance for the NanoZoomer S360MD Slide scanner system for primary diagnostic use.

In 2022, F. Hoffmann-LA roche ltd. Launched the VENTANA DP 600 slide scanner for digital pathology, enhancing patient care with precision diagnostics.

In 2021, Koninklijke Philips launched the next-generation digital pathology solution, which features a comprehensive and scalable suite of software tools and capabilities in digital pathology.

Digital Pathology Market Advantages:

Improved Efficiency: Digital pathology eliminates the need for physical slides and enables the digitization of tissue samples. This streamlines the entire pathology workflow, reducing the time and effort required for slide preparation, transportation, and storage. Pathologists can access digital slides instantly, enabling faster diagnosis and treatment decisions.

Enhanced Collaboration: Digital pathology enables seamless collaboration among pathologists, regardless of their geographical locations. It allows for easy sharing of digital slides, facilitating second opinions, consultations, and multidisciplinary discussions. This collaborative approach can lead to more accurate diagnoses and improved patient outcomes.

Cost Savings: Digital pathology reduces costs associated with slide preparation, storage, and transportation. It eliminates the need for physical slide archiving, freeing up valuable laboratory space. Additionally, remote consultations and telepathology services minimize the need for physical travel, reducing expenses and increasing accessibility to expert opinions.

Data Management and Analysis: Digital pathology platforms offer robust data management capabilities, allowing pathologists to store, organize, and analyze large volumes of digital slides and associated clinical data. Advanced image analysis algorithms and machine learning techniques can assist pathologists in detecting patterns, identifying biomarkers, and predicting patient outcomes, contributing to personalized medicine and research advancements.

Education and Training: Digital pathology provides valuable educational opportunities for pathologists in training. They can access a vast repository of digital slides for learning purposes, participate in virtual case discussions, and gain exposure to a wider range of pathologies. This technology-driven approach enhances the learning experience and helps in standardizing diagnostic practices.

Overall, the digital pathology market offers numerous advantages, including improved efficiency, enhanced collaboration, cost savings, advanced data analysis capabilities, and educational opportunities. These advantages have the potential to revolutionize pathology practices and significantly improve patient care in the future.

Digital Pathology Market – Report Highlights:

UPDATED MARKET OVERVIEW:

The current edition of the report consists of an updated market overview, along with the updated market assessment across all segments from 2021 to 2028. Also, it includes value chain analysis, Porter's five forces analysis, average selling price trends of key players, regulatory analysis, key conferences, and events in 2022-2023, key stakeholders and buying criteria, and trade analysis have been provided in the market overview chapter.

UPDATED COMPETITIVE LANDSCAPE CHAPTER:

The competitive landscape chapter has been updated with the company evaluation quadrant and company evaluation quadrant for start-ups/SMEs. The competitive landscape also includes the revenue share analysis of the top players, market share analysis, competitive benchmarking, and company footprint of the global market.

UPDATED COMPANY PROFILES:

The new edition of the report includes profiles for Danaher Corporation (US), Hologic, Inc. (US), Akoya Biosciences, Inc. (US), and Fujifilm Holdings Corporation (Japan).

UPDATED FINANCIAL INFORMATION/PRODUCT PORTFOLIOS OF PLAYERS:

The new edition of the report provides updated financial information in the context of the digital pathology market until 2022 for each listed company in a graphical representation in a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, key revenue-generating country/region, business segment focus in terms of the highest revenue-generating segment, and investments in R&D activities.

UPDATED MARKET DEVELOPMENTS OF PROFILED PLAYERS:

Recent developments are important to understand the market trend and growth strategies adopted by players in the global digital pathology market space. The current edition of this report provides updated developments of profiled players from January 2019 to February 2023, indicating a continuation of the previous version. Product launches, mergers, and acquisitions are the principal growth strategies adopted by market players in this period.

ADDITION OF RECESSION IMPACT:

The current edition of the report consists of the impact of the recession on the digital pathology market.

A section on the impact of the recession on all regional markets, such as North America, Asia Pacific, Europe, Latin America, and Middle East & Africa have been included.

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