Global Digital Pathology Market – Snapshot
The global digital pathology market is expanding at a rapid pace, driven by increase in installation of digital pathology systems. The global market was valued at US$ 340 Mn in 2017 and is projected to reach more than US$ 900 Mn by 2026, expanding at a CAGR of more than 12% from 2018 to 2026. The global digital pathology market is witnessing expansion at a relatively higher growth rate owing to increase in technological advancements in image analysis software, rise in trend of automation in healthcare, and high prevalence of cancer.
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Digital pathology is defined as a dynamic and an image-based environment, which enables management, interpretation, and acquisition of pathology information from a slide to a computer screen. The pathologist observes the slide under a microscope and when the slide is digitalized with help of image analysis software, it can be shared over a distance for consulting, which is known as telepathology. This system is expected to streamline activities and workflow of diagnostic laboratories and pathologists during the forecast period. Digital pathology is considered as an emerging technology, which aids in improvisation of several applications such as diagnosis of the diseases, drug discovery, academics, and research.
The global digital pathology market is projected to expand at a significant CAGR during the forecast period. Rise in number of installation of digital pathology systems, accuracy in pathological assessment, and high quality delivery of results are some factors that are expected to drive the market from 2018 to 2026. Furthermore, increase in prevalence of cancer, rise in workload of pathologists, and ever increasing clinical and preclinical trials are other important factors attributed to boost the global digital pathology market during the forecast period. However, the high cost of the systems, stringent regulatory requirements, and sampling error are some factors that are likely to restrain the global digital pathology market during the forecast period.
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The global digital pathology market can be segmented based on product type, end-user, application, and region. In terms of product type, the market can be classified into image analysis software and scanners. The image analysis software segment held a major share of the market, in terms of revenue, in 2017. Technological advancements and rise in trend of automation are some factors that are expected to augment the segment during the forecast period.