Digital Pathology Market on Position to Cross $1,390 Million by 2026
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:There is a rise in adoption of digital pathology over the traditional methods due to advantages offered by this technique. Moreover, surge in demand of digital pathology in developing countries and increase in prevalence of chronic diseases are expected to fuel the market growth.
According to a new report published by Allied Market Research, titled, “Digital Pathology Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2026,” The digital pathology market size accounted for $512 million in 2018, and is expected to reach $1,390 million by 2026, registering a CAGR of 13.3% from 2019 to 2026.
Digital pathology (DP) is an emerging technology in the field of pathology, where test results are converted into digital images for easy viewing, analysis, storage, and management of the collected data. This is expected to result in many advancements and upgradation of conventional pathology. Thus, lack in number of pathologists globally is addressed by the use of digital pathology, which is the major benefit of this technology. In addition, increase in applications of digital pathology for disease consultation, especially for cancer, boosts the market growth. The other key factors contributing to the growth of this market are rise in prevalence of chronic diseases and ease in virtual transportation of slides. However, lack of reimbursement policies, inadequate infrastructure, and high cost of digital pathology devices restrict the growth of the market.
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Based on product type, the scanners segment is expected to register significant growth rate during the forecast period, owing to the benefits offered by digital pathology scanners such as it aids in analyzing multitude of images with ease and in studying complex morphologies & features. In addition, these systems perform repeated data analysis across experiments and produce images with high resolution. Moreover, the recent approvals granted by FDA boost the growth of digital pathology scanners market.
Based on application, the drug discovery segment will show significant market growth, owing to growth in number of research activities and increase in adoption of digital scanning among the pharmaceutical and biopharmaceutical companies.
Among end users, the pharma & biotech companies segment accounted for the largest share in the global digital pathology market, as it delivers well-organized, documented, retrieved, and logistical pathological procedures. However, clinical segment will show fastest market growth due to rise in number of clinics incorporating digital pathology over traditional pathology, which in turn fuels the digital pathology market growth.
Asia-Pacific is expected to witness highest growth rate in the global market, and is expected to continue this trend throughout the forecast period. This is attributed to high population density and rise in incidence of chronic diseases across high populous countries such as India and China. Moreover, growth in adoption of digital pathology will further boost the market growth.
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Key Findings of the Digital Pathology Market:
Scanners segment occupied more than half share of the global digital pathology market in 2018.
The clinical segment is anticipated to grow with the highest CAGR throughout the forecast period.
The disease diagnosis segment accounted nearly one third share of the market in 2018.
Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
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