Northbrook, IL -- (SBWire) -- 03/11/2022 --According to the new market research report "Digital Pathology Market by Product (Artificial Intelligence, Scanner, Software, Storage), Type (Human, Veterinary), Application (Teleconsultation, Disease Diagnosis, Drug Discovery), End-User (Pharmaceutical Companies, Hospitals) - Global Forecast to 2025", published by MarketsandMarkets™, is projected to reach USD 1,054 million by 2025 from USD 553 million in 2020, at a CAGR of 13.8% during the forecast period.
Growth Driver: Increasing adoption of digital pathology to enhance lab efficiency;
The Digital pathology helps improve lab efficiency by reducing costs, decreasing turnaround times, and providing users with access to subject-matter expertise. Improvements in lab efficiency are critical as patients and physicians are dependent on lab results for diagnostic decisions, and diagnostic tests are required to be completed and reported quickly and accurately. Moreover, access to digital slides via web services eliminates shipping costs and pathologists' travel time. The outbreak of the COVID-19 pandemic has led to the implementation of lockdowns and social distancing restrictions. Such restrictions have increased the demand for digital pathology solutions, as these can be used by pathologists to remotely view diagnostic results for primary diagnosis. In order to gain a competitive edge and deliver quick services, a large number of pathologists and pathology labs are adopting digital pathology.
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The growth of this market is majorly attributed to the increasing adoption of digital pathology to enhance lab efficiency, rising prevalence of cancer, growing application of digital pathology in drug development & companion diagnostics, and increasing initiatives by industry players.
By product, the scanners segment accounted for the largest market share in 2019.
On the basis of product, the digital pathology market is segmented into scanners, software, communication systems, and storage systems. The scanners segment accounted for the largest share of the market in 2019. The large share of this segment is mainly due to the increasing adoption of digital pathology solutions across the globe. However, the software segment is projected to witness the highest growth rate during the forecast period due to the availability of user-friendly, analytical, and advanced functions for pathology diagnosis.
The drug discovery segment commanded the largest share of the digital pathology market, by application, in 2019.
On the basis of application, the market has been segmented into drug discovery, disease diagnosis, teleconsultation, and training & education. The drug discovery segment accounted for the largest share of the market in 2019. Factors such as the growth in R&D expenditure, fuelled by the need for numerous preclinical and clinical studies performed during the drug discovery and development process is one of the major factors driving the growth of this segment.
Pharmaceutical & biotechnology companies are the largest end-user segment of the digital pathology market.
On the basis of end-users, the market is segmented into pharmaceutical & biotechnology companies, hospitals and reference laboratories, and academic & research institutes. The pharmaceutical & biotechnology companies segment accounted for the largest share of the global market, by end-user, in 2019. Factors contributing to the large share and high growth rate of this segment include the increasing use of digital pathology for drug discovery studies and drug toxicology testing. Biotechnology companies also use digital pathology for biobanking, biopharmaceutical studies, molecular assays, and the development of individualized medicine.
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In 2019, North America accounted for the largest share of the market, followed by Europe. Factors such as the high prevalence of cancer and increasing initiatives by industry players are driving the market in North America. However, the Asia Pacific region is expected to grow at the second-highest rate during the forecast period
Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), and Hamamatsu Photonics K.K. (Japan) are the key players operating in the digital pathology market. Other prominent players in this market include Roche (Switzerland), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN (US), Huron Digital Pathology (Canada), Visiopharm A/S (Denmark), Corista (US), Indica Labs (US), Objective Pathology Services (Canada), Sectra AB (Sweden), OptraSCAN (India), Glencoe Software (US), KONFOONG BIOTECH INTERNATIONAL CO., LTD (China), Inspirata Inc. (US), Mikroscan Technologies (US), Proscia Inc. (US), and Kanteron Systems (Spain).
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Digital Pathology Market Worth $1,054 Million by 2025 - Global Trends, Share Analysis and Leading Key Players
North America dominates the digital pathology market during the forecast period.