With 12.6% CAGR, Digital Pathology Market Worth USD 2,045.9 Million by 2029
As per the report published by Fortune Business Insights, the global digital pathology market size is projected to reach USD 2,045.9 million in 2029, at CAGR of 12.6% during forecast period (2022-2029), rising awareness of novel diagnostics procedures to boost market progress
/EIN News/ -- Pune, India, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The global digital pathology market size was valued at USD 798.8 million in 2021. The market is expected to grow from USD 892.5 million in 2022 to USD 2,045.9 million by 2029, exhibiting a CAGR of 12.6% during the forecast period. The rising prevalence of chronic disorders and the increasing awareness of new diagnostics procedures are likely to incite market growth. Fortune Business Insights™ provides this information in its report titled “Digital Pathology Market, 2022-2029.”
Key Industry Development
- April 2022- 3DHISTECH Ltd. entered into an agreement with the Catalan Health Institute (ICS). This strategy was undertaken for the deployment of digital tools for pathology within a network of 8 hospitals.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2021 to 2028 CAGR | 12.6% |
| 2029 Value Projection | 2,045.9 Million |
| Base Year | 2018 |
| Market Size in 2022 | USD 892.5 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 149 |
Drivers and Restraints
Rising Approvals for Digital Tools to Foster Industry Growth
Digital pathology is a digital tool that analyzes, collects, and interprets pathology information. Rising approvals for digital tools are expected to enhance the product demand. Rising cases of chronic disorders and rising adoption of the procedure are expected to enhance the demand for the service. Furthermore, increasing applications of the service enhanced its adoption. Moreover, the rising demand for drug discovery using high-throughput applications is expected to enhance the product demand. In addition, the introduction of digitizing pathology is expected to incite demand. These factors may drive the digital pathology market growth.
However, high upfront installation costs of the service are expected to hamper the industry’s growth.
COVID-19 Impact:
Strong Demand for Healthcare Devices Fostered Market’s Progress
This industry was positively impacted during the COVID-19 pandemic due to strong demand for healthcare devices. Increasing cases of chronic disorders generated massive demand for pathology tools, thereby enhancing sales. Furthermore, increasing government initiatives promoting the adoption of virtual treatment procedures for the coronavirus improved the product’s adoption. Moreover, the expansion of virtual education allowed healthcare physicians to aid patients using virtual means. For example, the Centers for Medicare & Medicaid Services (CMS) declared regulatory changes to transform medical services. It allowed patients in the U.S. to achieve efficient medical treatment. These factors propelled industry growth during the pandemic.
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Segmentation
Hardware Segment to Dominate Market Share Attributable to Robust Demand for Time-Efficient Pathology Outcomes
By product, the market is segmented into hardware, software, and storage systems.
The hardware segment is expected to dominate due to robust demand for time-efficient pathology outcomes. Furthermore, manufacturers' focus extensively on satisfying pathology and diagnostics demand, thereby propelling industry growth.
Drug Discovery Segment to Dominate Attributable to Robust Demand for Potential Pipeline Drugs
Based on application, the market is trifurcated into disease diagnosis, drug discovery, and others.
The drug discovery segment is expected to hold a major market share due to the rising demand for potential pipeline drugs. Furthermore, increasing awareness regarding precautionary pathology is expected to enhance segmental growth.
Hospitals & Clinics Segment to Hold Major Market Share Attributable to Increasing Hospital Admissions
As per end-user, the market is categorized into hospitals & clinics, clinical laboratories, and others.
The hospitals & clinics segment is expected to hold a major market share due to increasing hospital admissions. Furthermore, strategic collaborations to launch advanced products are expected to enhance industry growth. These factors may propel industry growth.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
| Digital Pathology Market Segmentation |
By Product
|
By Application
| |
By End-user
|
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Regional Insights
Rising Geriatric Population May Foster Market Progress in North America
North America is expected to dominate the digital pathology market share due to the rising geriatric population. The market in North America stood at USD 280.6 million in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the increasing demand for workload streamlining is likely to enhance the industry’s progress.
In Europe, consumers' increasing preference for digital tools enhanced the demand for digital pathology. Furthermore, strong adoption of technologically advanced products may elevate the industry’s growth.
In Asia Pacific, the rising number of partnerships between healthcare chains and companies is expected to enhance the adoption of virtual pathology services. Furthermore, public and private institutions' strong investments are expected to elevate market growth.
Competitive Landscape
Crucial Players Engage in Partnerships to Expand Market Reach
The prominent companies operating in the market enter into partnerships to expand their market reach. For example, Leica Biosystems Nussloch GmbH partnered with Leap Therapeutics in January 2022. This partnership was undertaken to develop companion diagnostics for developing Dickkopfrelated protein 1 (DKK1). The development was aimed at developing Leap Therapeutics’ anti-DKK1 cancer therapy. This strategy may also allow the company to expand its market reach and enhance its activities. Furthermore, companies devise expansions, mergers, novel product launches, innovations, and research and development to enhance their market position.
List of Key Players Profiled in the Digital Pathology Market 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
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Global Digital Pathology Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product
- Hardware
- Market Analysis, Insights and Forecast – By Product
-
-
-
- Scanners
- Tissue Microarrayer
- Others
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-
-
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- Software
-
-
-
-
- Pathology Management
- Digital Microscopy Viewers
- Image Analyzers
- Others
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-
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North America Digital Pathology Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product
- Hardware
- Market Analysis, Insights and Forecast – By Product
-
- Market Analysis, Insights and Forecast – By Application
- Disease Diagnosis
- Drug Discovery
- Others
- Digital Pathology Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Clinical Laboratories
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
-
- Storage Systems
- Market Analysis, Insights and Forecast – By Application
-
-
-
- Scanners
- Tissue Microarrayer
- Others
-
-
-
-
- Software
-
-
-
-
- Pathology Management
- Digital Microscopy Viewers
- Image Analyzers
- Others
-
-
-
Europe Digital Pathology Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product
- Hardware
- Market Analysis, Insights and Forecast – By Product
-
- Market Analysis, Insights and Forecast – By Application
- Disease Diagnosis
- Drug Discovery
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Clinical Laboratories
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
-
- Storage Systems
- Market Analysis, Insights and Forecast – By Application
-
-
-
- Scanners
- Tissue Microarrayer
- Others
-
-
-
-
- Software
-
-
-
-
- Pathology Management
- Digital Microscopy Viewers
- Image Analyzers
- Others
-
-
-
-
- Storage Systems
-
TOC Continued……..
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