Global Digital Pathology Market Was Valued At USD 6.19 Bn In 2021 And Is Expected To Witness A CAGR Of 13.5% During The Forecast Period 2021–2031
The digital pathology market has witnessed notable changes in terms of product innovation. One of the major reasons behind this is the scope of cloud integration with pathology outcomes in laboratory operations. According to a recent report by Future Market Insights, the global digital pathology market was valued at USD 6.19 Bn in 2021 and is expected to witness a CAGR of 13.5% during the forecast period (2021 – 2031).
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The scope of digital pathology with cloud integration has expanded with promising potential for numerous therapies in the healthcare industry including anti-cancer treatments. Innovation in terms of product efficiency, capabilities, and other modalities drives growth in the digital pathology market.
A number of modern hospitals are installing newly modified digital pathology systems for their laboratories which has widened the consumer base of the market globally. Manufacturers of digital pathology solutions are constantly making changes in software, to enhance the capabilities and efficacies of digital pathology devices.
This development will provide easy access to information such as images, and will also cater to specialized needs. In 2017, Glencoe Software Inc., launched a software named Path Viewer, which is used in interactive viewing and annotation of digital pathology images.
In Jan 2018, Definiens AG released Tissue Studio 4.2 software package. The updated product suite provided improved image analysis for researchers in academic medical laboratories, comprehensive cancer diagnostic and treatment centers, biotechnology, and pharmaceutical companies.
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Key Takeaways of Digital Pathology Market Study
- Digital pathology equipment is anticipated to increase at a CAGR of 13.7% over 2021-2031, to reach US$ 12.94 Bn by 2031, aided by growing investments by hospitals and laboratories.
- The clinical pathology and molecular diagnostics segment collectively have gained more than 50% of the market share in terms of revenue owing to use for a wider scope of ailments.
- CROs are estimated to display high growth potential at a CAGR of 19.0% in the forecast period owing to cost benefits to end users.
- Canada is reflecting high potential for growth with a 14.2% CAGR, driven by the expansion of urban centers and investments into healthcare facilities.
- The U.K. will account for over 24% of the Europe value share, surpassing Germany by 2031, owing to increases in healthcare research spending.
“Growing research and development initiatives aimed towards cancer diagnosis and treatment are key factors expected to provide major growth opportunities for the digital pathology market through the end of 2031,” says the FMI Analyst.
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Who is Winning?
Leading players in the market are largely focused on product development launches in addition to investing in strategic acquisitions and capacity expansions, to explore previously untapped markets.
Some the prominent players in the digital pathology market are Danaher Corporation, F. Hoffmann-La Roche AG, Huron Technologies International Inc., Koninklijke Philips N.V., Olympus Corporation, Hamamatsu Photonics K.K., Carl Zeiss, 3D HISTECH Ltd.