Global Digital Pathology Market projected to grow at a CAGR of 13.3% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Digital Pathology Market By Application (Disease Diagnosis, Teleconsultation, Drug Discovery Training and Education), By Product (Scanner, Storage, Artificial Intelligence, Software), By End-user (Hospitals, Pharmaceutical Companies), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global digital pathology market is expected to grow from USD 580.09 million in 2019 to USD 1575.21 million by 2027, at a CAGR of 13.3% during the forecast period 2020-2027. With the rising adoption of digital imaging, continual deployment of R&D investments, supporting government initiatives pertaining to the development of technologically advanced systems; the market in North America holds the largest shares. Upgrading the quality of cancer diagnosis in the US and Canada is expected to boost the market growth. The Asia-Pacific region is anticipated to show a significant growth, owing to the presence of untapped opportunities, rising penetration of digital imaging in emerging economies, and increased investments in the medical field.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are Koninklijke Philips N.V, 3DHISTECH, Roche, Hamamatsu Photonics, Leica Biosystems, Apollo Enterprise Imaging, Visiopharm A/S, Corista, Indica Labs, XIFIN, Huron Digital Pathology, Glencoe Software, KONFOONG BIOTECH INTERNATIONAL CO., LTD, Inspirata, Inc., Kanteron Systems, OptraSCAN, Sectra AB, Mikroscan Technologies, Objective Pathology Services, and Proscia Inc. In June 2018, Acquisition between one of the largest pathology image-based analysis firm, Royal Philips and Ventana Medical Systems took place.
The application segment includes disease diagnosis, Teleconsultation, drug discovery, training and education. The drug discovery segment holds the largest number of shares in the market, owing to growth in R&D expenditure, clinical studies performed during the drug discovery and development process, and fuelled by the need for numerous preclinical and clinical studies. The product segment includes scanner, storage, artificial intelligence, software. The scanners segment dominates the market growth due to increasing adoption of digital pathology solutions across the globe. The type segment includes human and veterinary. Based on end-user, the market is segmented into hospitals and pharmaceutical and biotechnology companies. The pharmaceutical and biotechnology companies hold the largest number of shares, attributing to the increased drug toxicology testing, increasing use of digital pathology for drug discovery studies, increased use of digital pathology in drug development, increasing prevalence of cancer, and demand for better treatment options.
The factors influencing the market are ease of virtual transportation of slides, efficient cost of digital pathology products, high efficiency of digital pathology systems, increased focus on improving workflow efficiency, demand for faster diagnostic tools for chronic diseases, rising prevalence of chronic conditions, and increasing geriatric population. Profitable growth opportunities in the market is a rise in initiatives towards commercialization of cost-efficient digital pathology system. Factor restraining the growth of the digital pathology market is the unwillingness of older pathologists to adopt new technologies.
About the report:
The global Digital Pathology market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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