Pune, India, Sept. 13, 2018 (GLOBE NEWSWIRE) -- The Global "Digital Pathology Market" is primarily driven by escalating need for pathological services created by a shortage of registered pathology practitioners. The rapid pace at which chronic diseases such as cancer, diabetes, and others are metastasizing, has created a dearth of pathology professionals. In addition, pathology practices have also been faced by other challenges such as increased demand, need to comply with regulatory standards, the evolution of new techniques, etc. This gap between the supply and demand acts a driving force for the growing global digital pathology market.
Moreover, the advantages of digital pathology over conventional pathology are inclusive of short diagnostic time, easier access to the slides, and reduction of slide mixing. Increasing adoption of Electronic Health Records (EHRs) and cost saving associated with the application of digital pathology are among other factors proving vital for the growth of the global digital pathology market. However, digital pathology, being an advanced paradigm of healthcare, involves the installation of associated technologies such as scanners, workstations, medical displays, and computer servers which raises the cost of implementation.
The high-cost structure is likely to reduce the adoption rate, leading to a restricted growth of the market over the forecast period. However, the untapped markets of Asia Pacific holds the key for further progress where the healthcare industry is proliferating.
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The Global Digital Pathology Market is expected to scale up to USD 8,305.6 Million valuation in 2023 from USD 3,937.0 Million in 2017 over the forecast period of period 2018-2023, asserts Market Research Future (MRFR). The rapid momentum of a promising CAGR of 13.04 % which the market is expecting to witness is due to the application of digital pathology in tissue-based research, drug development, and human pathology.
Competitive Landscape
The notable operating in the Global Digital Pathology Market include Koninklijke Philips N.V., Definiens, Danaher Corporation (Leica Biosystems GmbH), and Huron Digital Pathology Inc.
Segmentation
The global digital pathology market has been segmented based on type, product, application, and end users. Type-based segmentation of the digital pathology market includes human pathology, and animal pathology. The human pathology segment accounts for 65% share of the market which can be attributed to the widespread prevalence of chronic diseases. The human pathology segment is expected to reach USD 5,475.4 Million by the end of the forecast period.
Product-wise segmentation of the digital pathology market includes hardware, software, and storage. The hardware segment holds the maximum share of the market and is expected to reach USD 6,031.9 Million by the end of 2023.
Application-wise segmentation of the Digital Pathology Market comprises of disease diagnosis, Mhealth, drug discovery, and telemedicine. The disease diagnosis segment is leading the market owing to the increased adoption of technologically-advanced devices for diagnosis. The segment is expected to attain USD 2,650 Million by the end of the forecast period.
By end-users, the market has been segmented into hospital & clinic, diagnostic centers, and research centers & academic institutes. Research centers & academic institutes is the dominating segment as digital pathology assists them in faster and precise in-depth analysis of various diseases. The research centers & academic institutes segment is expected to reach USD 3,778.4 Million by the end of 2023.
Industry Updates
- In September 2018, Definiens AG, a leader in diagnostics development, announced a multi-year digital partnership agreement with Merck KGaA, a leading technology and science company in healthcare, life science, and performance, to support Merck’s exploratory digital pathology and clinical development programs. Under the partnership, Merck will use Definiens' novel web-based collaboration software platform to maximize synergies between its projects.
- In September 2018, Microsoft India announced a partnership with SRL diagnostics to boost digital pathology with AI. The collaboration will help to improve the quality of digital pathology by combining Microsoft’s Azure and AI innovations with SRL’s world-class expertise in the study of cells and tissues (histology).
APAC on the Roadmap to Modernizing Healthcare
The Global Digital Pathology Market spans across the regions of the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The Americas represent the largest market for digital pathology. High prevalence of chronic diseases, increasing expenditure on healthcare, and substantial investment in pathological studies is driving the market in the Americas. The growth of the market in the region is boosted by the expeditious adoption of newer technologies and promising developments such as AI for image analysis.
Europe is the second largest market for digital pathology. The existence of key players in the region such as Leica Biosystems, Definiens, and others coupled with the gradual permeation of chronic diseases drives the growth of the market in the region. Moreover, European countries such as Germany, Sweden, and France allocate a significant portion of their GDP in healthcare spending.
Asia Pacific is expected to be the fastest growing market and capture a CAGR of almost 13.53% over the forecast period. Increasing investments in healthcare infrastructure coupled with towering demand for digital pathology provide suitable grounds for the growth of the digital pathology market in Asia Pacific. Extension of state health care programs and increasing affluence of the population in the economies of China and India also aid the growth of the market.
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Furthermore, the growth of medical tourism in Thailand, India, and Singapore are expected to contribute significantly to the growth of the Asia Pacific market. The Middle East & Africa market is expected to showcase a limited but steady growth. For the Middle East & Africa market, healthcare challenges of access and affordability of new technology are acting as bottlenecks, however, raising health-related awareness is expected to boost the market over the forecast period.
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