Northbrook, IL -- (SBWire) -- 03/28/2022 --According to the new market research report "Digital Pathology Market by Product( Artificial Intelligence, Scanner, Software, Storage), Type(Human, Veterinary), Application( Teleconsultation, Training, Disease Diagnosis, Drug Discovery), End User( Pharma, Academia, Hospitals ) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 1,371 million by 2026 from USD 736 million in 2021, at a CAGR of 13.2% during the forecast period.
Browse and in-depth TOC on "Digital Pathology Market"
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The growth in the Digital Pathology Market is mainly driven by factors such as the increasing adoption of digital pathology to enhance lab efficiency, rising incidence of cancer, and growing applications of digital pathology in drug development and companion diagnostics. On the other hand, the high costs of digital pathology systems are expected to restrain market growth to a certain extent.
The scanners segment accounted for the largest share of the Digital Pathology Market in 2020.
Based on products, the market has been segmented into scanners, software, and storage systems. The large share of the scanners segment can be attributed to the high price of scanners and the increasing adoption of digital pathology solutions.
The human pathology segment accounted for the largest share of the Digital Pathology Market in 2020.
Based on type, the global market is segmented into human pathology and veterinary pathology. The human pathology segment accounted for the largest share of the market in 2020. This is due to the increasing number of cancer research activities and growing collaborations among research institutes, universities, and pathology laboratories.
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The drug discovery, segment accounted for the largest share of the Digital Pathology Market in 2020.
Based on application, the market is segmented into drug discovery, disease diagnosis, and training & education. The drug discovery segment accounted for the largest share of the market in 2020. Growth in R&D expenditure fueled by the need for numerous preclinical and clinical studies performed during the drug discovery and development process is a major factor responsible for market growth.
The pharmaceutical & biotechnology companies, segment accounted for the largest share of the Digital Pathology Market in 2020.
Based on end users, the global market is segmented into pharmaceutical & biotechnology companies, hospitals & reference laboratories, and academic & research institutes. The pharmaceutical & biotechnology companies segment accounted for the largest share of the Digital Pathology Market in 2020. The large share of this segment can be attributed to 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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North America accounted for the largest share of the Digital Pathology Market in 2020. The increasing prevalence of cancer, rising demand for quality diagnostics, the introduction of favorable reimbursement policies, and the implementation of favorable initiatives by the governments in the US and Canada are major factors driving the growth of the market in North America.
The major players in the global Digital Pathology Market include Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), Hamamatsu Photonics (Japan), F. Hoffmann-La Roche Ltd. (Switzerland), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN, Inc. (US), Huron Digital Pathology (Canada), Visiopharm A/S (Denmark), Aiforia Technologies Oy (Finland), Akoya Biosciences (US), Corista (US), Indica Labs (US), Objective Pathology Services (Canada), Sectra AB (Sweden), OptraSCAN (US), Glencoe Software (US), KONFOONG BIOTECH INTERNATIONAL CO., LTD. (China), Inspirata, Inc. (US), PathAI (US), Proscia Inc. (US), Kanteron Systems (Spain), Mikroscan Technologies (US), Motic (US), and Paige (US).
Digital Pathology Market Worth $1,371 Million by 2026 - Exclusive Report by MarketsandMarkets™
The market in North America is projected to witness the highest growth rate during the forecast period (2021–2026).