Albany, NY -- (SBWIRE) -- 11/27/2017 -- A market study on the global digital pathology systems market, recently published by Transparency Market Research (TMR), estimates this market to rise at a healthy CAGR of 11.0% over the period from 2014 to 2020 and reach a value US$492.8 mn by the end of the forecast period. The research report, titled "Digital Pathology Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," states that the worldwide market for digital pathology systems attained a value of US$229 mn in 2013.
Digital pathology is defined as an image-based information environment for the management, the analysis, and the interpretation of the information achieved from a digital slide. This technology has gained momentum in the global medical and healthcare industry, owing to the improvements it brings in a number of application such as drug discoveries and their development, diagnostic tests, and other academic and research application. Consequently, digital pathology systems are witnessing rapid adoption in the medical and healthcare industry.
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The ability of digital pathology systems to effectively validate and identify novel drugs, to create molecular therapies, and to categorize patients for treatment procedures is boosting their demand remarkably across the world.
According to the report, the rising need for cancer detection, propelled by the increasing incidence of cancer across the world, is the key factor fuelling the demand for digital pathology systems.
The research study has evaluated the global pathology systems market on the basis of technology and application. Based on technology, the market was led by the virtual microscopy segment in 2013. Analysts have predicted that this segment will remain the leading segment over the forecast period due to the rising digitization of microscopic slides and the increasing usage of virtual microscopy in the diagnosis of diseases and in drug discoveries.
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Based on application, the disease diagnosis segment dominated the global digital pathology systems in 2013. The segment is projected to witness steady growth during the forecast period on account of a favorable reimbursement scenario, notes the study.
The report also analyzes the global digital pathology systems market on the basis of its regional spread. North America emerged as the largest regional digital pathology systems market in 2013. The favorable reimbursement policies in the region have been boosting the North America digital pathology systems market substantially over the past few years.
Asia Pacific, however, is likely to rise at the highest growth rate during the forecast period. The growing awareness regarding healthcare, the rapid rise in the geriatric population, and the increasing research activities for the development of novel drugs are expected to fuel the Asia Pacific digital pathology systems market in the coming years, states the report.
Some of the key international producers of digital pathology systems mentioned in this report are Digipath Inc., Leica Biosystems, GE Healthcare, Mikroscan Technologies Inc., Perkin Elmer Inc., Olympus Corp., Ventana Medical Systems, Inc., and Philips Healthcare.
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