Digital Pathology Market Size, Trends and Insights By Type (Human Pathology, Animal Pathology), By Product (Hardware, Software, Storage), By Application (Telemedicine, Drug Discovery, Disease Diagnosis, mhealth) and By End-user (Hospitals & Clinics, Research Centers & Academic Institutes, Diagnostic Centers) – Forecast till 2028
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Digital Pathology Market Scope
The digital pathology market is projected to grow at a CAGR of 6.5% By the end of 2028 and market’s expected size will be around USD 1.4 Billion, signifying promising growth prospects, says Market Research Future (MRFR).
Top Growth Boosters and Challenges
Digital pathology comes under the Class II devices categorized by the USFDA, used for primary diagnosis. The surge in initiatives encouraging the usage of digital pathology for better and more effective diagnosis presents lucrative opportunities for players. Regulatory organizations are working on promoting the use of digital pathology via initiatives that spread awareness about the strategies and practicalities for effective implementation and advances in pathology workflows.
Return on investment pertaining to digital pathology due to improvements in clinical workflows, higher accuracy, and quicker decision-making elevate the appeal and adoption of digital pathology. Escalating use of digital imaging systems that facilitate faster diagnosis, particularly of various chronic disorders will augment the business growth over the ensuing years.
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Digital Pathology Market Segmentation
The market for digital pathology has been considered for end-users, product, type, as well as applications.
Major end-users of digital pathology include hospitals & clinics, research centers & academic institutes, and diagnostic centers.
The products listed in the MRFR study of the digital pathology market are software, storage, and hardware.
Types of digital pathology are human pathology as well as animal pathology.
Key applications are drug discovery, disease diagnosis, telemedicine, and mHealth.
Digital Pathology Market Regional Status
Between 2020 and 2027, the Americas will reap the highest profits in the global market for digital pathology. The top reasons for the robust market growth in the region include the steadily burgeoning aging population combined with the presence of sophisticated medical facilities. The escalating adoption of innovative technologies and devices in the healthcare sector, extensive R&D investments, and the surging use of digital imaging systems. The supportive government coupled with the presence of established firms in the region also promote market growth. Rising approval of AI-backed tools to detect invasive breast cancer as well as skin lesions should further augment the market position in the region.
Europe would clinch the second position in the global market over the subsequent years, in response to the huge spending on R&D activities as well as the government’s efforts to facilitate improvement of the life sciences industry. Other major growth inducing factors are the rising adoption of electronic health records (EHRs) in clinics and hospitals, automation integration that helps expedite the workflow, and technological advances in image analysis software.
At a rate of around 13.53%, APAC would be the fastest advancing market in the coming years. The region’s growth potential is sharpened by the surging healthcare spending in countries like China and India. Medical tourism is a highly lucrative sector in Thailand, Singapore, and India, giving a significant push to the demand for digital pathology services.
Digital Pathology Market Top Contenders
Koninklijke Philips N.V. (The Netherlands), Inspirata (U.S.), Mikroscan Technologies, Inc. (U.S.), Olympus Corporation (Japan), Hoffmann-La Roche Ltd. (Switzerland), microdimensions GmbH (Germany), Huron Digital Pathology Inc. (Canada), Definiens (Germany), Danaher Corporation (Leica Biosystems GmbH) (U.S.), 3DHISTECH Ltd. (Hungary), are listed in the MRFR study as the top manufacturers of digital pathology solutions.
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Digital Pathology Industry Update
March 2022
Paige, the digital pathology firm has introduced its latest artificial-intelligence-powered tool created to help in diagnosing breast cancer cases that have metastasized to peripheral lymph nodes. The company’s AI program focuses on elevating the efficiency and accuracy in detecting potential tumors of every size, such as micrometastases that generally go unnoticed.
March 2022
Roche has partnered with Bristol Myers for the development of digital pathology AI that helps detect and assess clinical trial assays. Their first project will involve Ventana PD-L1 assay, having received the FDA approval for use as a companion diagnostic for non-small cell lung cancer patients. The company’s digital pathology group will create an imaging analysis algorithm that will make sue of AI to interpret the test results.
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