Digital Pathology Market to Surpass US$ 1290.6 Million by 2030; Rising Incidences of Diseases & Demand for Quality Diagnoses to Propel Growth, says The Brainy Insights

·6 min read
Brainy Insights Pvt. Ltd.
Brainy Insights Pvt. Ltd.

The demand for personalized medicines for the treatment of several diseases is rising, which is an opportunity for the digital pathology market's growth during the forecast period.

Newark, July 07, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global digital pathology market is expected to grow from USD 635.0 million in 2021 to USD 1290.6 million by 2030, at a CAGR of 8.2% during the forecast period 2022-2030.

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The demand for digital pathology has grown fast in recent years, and it is expected to grow much more throughout the forecast period. This expansion can be attributed to the rising incidences of cancer and several other chronic diseases. However, the high cost of digital pathology is hindering the market's growth. The rapid technological advancements in digital pathology systems such as computerization, digital imaging, multiple fiber-optic communications, and robotic light microscopy is an opportunity for the market's growth during the forecast period. But the lack of trained and skilled pathologists to operate the machines in digital pathology labs is expected to be a challenge to the market's growth.

Competitive Strategy

To enhance their market position in the global digital pathology market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

● A leading medical devices company, Leica Biosystems, announced a collaboration with the European Society in May 2021 for Digital and Integrative Pathology (ESDIP). The main aim of this collaboration was to support the development of pathology Labs in accordance with the new digital pathology devices.

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Market Growth & Trends

The growth of the digital pathology market is driven by the rising prevalence of disease and increasing R&D programs by institutes and universities for drug development and for improving the existing patient diagnostic to get accurate results of disease diagnosis. FDA, which is the Center for Devices and Radiological Health in the U.S. released an enforcement policy for clinical laboratories, pathologists, and drug administration staff for using remote digital pathology devices. This increased the usage of digital pathology for the diagnosis of chronic diseases, which is anticipated to drive the digital pathology market during the forecast period. Increasing penetration of IT solutions in the healthcare sector further boosts the demand for digital pathology solutions. Several organizations and key market players are using these solutions to decrease the diagnosis cost, time, automate the process of diagnosis, reduce bottlenecks of resources, and share the test results with patients and doctors effectively.

Key Findings

● In 2021, the scanner segment dominated the market with the largest market share of 42% and market revenue of 266.7 million.

The product type segment is divided into software, scanners, and storage & communication systems. In 2021, the scanner segment dominated the market with the largest market share of 42% and market revenue of 266.7 million. The rising incidences of diseases and increasing demand for their diagnosis are driving the market for digital pathology. The development of medical devices and customization of medicines for the treatment of diseases such as cancer is also propelling the market's growth.

● In 2021, Drug Discovery accounted for the largest share of the market, with 36.2% and a market revenue of 229.87 million.

The application segment is divided into training & education, disease diagnosis, teleconsultation, and drug discovery. In 2021, drug discovery accounted for the largest share of the market, with 36.2% and a market revenue of 229.87 million. Drug discovery is prominently being used post the Covid-19 pandemic for finding diseases that can help cure chronic and other deadly diseases. The drug discovery process can be accurate with efficient lab results of the disease. This drives the growth of the digital pathology market.

● In 2021, the pharma & biotech companies segment accounted for the largest share of the market, with 43% and market revenue of 273.05 million.

The end-user segment is divided into clinical, educational, and pharma & biotech companies. In 2021, the pharma & biotech companies segment accounted for the largest share of the market, with 43% and a market revenue of 273.05 million. The rising demand for digital pathology for educational practices and the development of innovative and novel pathology systems are driving the market growth.

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Regional Segment Analysis of the Digital Pathology Market

● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, the North American region emerged as the largest market for the global digital pathology market, with a market share of around 42.2% and 267.9 million of the market revenue in 2021. Owing to the rise in cases of cancer and chronic diseases, the need for diagnosis increases which drives the region's market growth. Apart from this presence of prominent market players, development in the healthcare sector, and technological advancements in the region are also propelling the market's growth. In addition to this, the key market players are focusing on research and development to treat the chronic diseases prevalent among the geriatric population also drives the market growth.

Key players operating in the global digital pathology market are:

● 3DHISTECH
● Corista
● Aiforia Technologies Oy
● Akoya Biosciences
● OptraSCAN
● Glencoe Software
● QProscia Inc
● Kanteron Systems
● Mikroscan Technologies
● OptraSCAN

This study forecasts revenue at global, regional, and country levels from 2022 to 2030. Brainy Insights has segmented the global digital pathology market based on the below-mentioned segments:

Global Digital Pathology Market by Product Type:

● Software
● Scanners
● Storage & Communication Systems

Global Digital Pathology Market by Application:

● Training & Education
● Disease Diagnosis
● Teleconsultation
● Drug Discovery

Global Digital Pathology Market by End-User:

● Clinical
● Educational
● Pharma & Biotech Companies

About the report:

The global digital pathology market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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