Digital Pathology Market Overview:
Digital Pathology Market is expected to garner $1,052 million by 2022. Digital pathology is an emerging technology in the field of pathology. In the modern methodology, the glass slides containing specimen samples are converted into digital images for easy viewing, analysis, storage, and management of the collected data. This is enabled in part by virtual microscopy, a technology that enables successful image posting and transmission over a connected network. The data-rich image forms the base for maintenance of electronic health records of the patient populace and compile the distributed information to build a central database. The advancements in digital pathology is expected to take the conventional pathology to a more advanced level. Digitalization of pathology has led to the automation of the tests during diagnosis, thus saving cost and efforts. For example, now a single digital instrument can perform those tests that were previously performed using five instruments by pathologists. The net effect has been observed in the form of impressive cost-reduction in total cost of diagnostic procedures and services.
The growth of the digital pathology market size is attributed to factors such as efficient cost of digital pathology products, ease of transportation of slides virtually, high efficiency of digital pathology systems, and more efficient analysis of digital slides. The digital images obtained can be processed through advanced computing algorithms, thus producing enhanced output. Meanwhile, the time required for the diagnostic procedures is also significantly reduced. Minimum chances of error in observation and interpretation makes it the most sought after technology in the pathological segment. In addition, increased adoption of digital pathology over conventional pathology treatments further drives this market. On the other hand, barriers, such as lack of reimbursement and skilled personnel, are some of the major factors likely to restrain the market growth. However, the rise in initiatives towards commercialization of cost-efficient digital pathology systems would offer profitable growth opportunities for the service providers in the future.
The global digital pathology market share is segmented based on products, end users, and geographical regions. Based on product, the market is segmented into whole slide imaging (WSI), image analysisinformatics, and information management system storage & communication. Whole slide imaging is the highest revenue-generating segment as it is the most preferred method used to produce digital slides by scanning the whole glass slide. This segment is projected to grow at a CAGR of 14.8% during the study period. By end user, the market is segmented into educational institutes, hospitals & diagnostic centers, and pharmaceutical & biotechnology companies. Hospitals & diagnostic centers and pharmaceutical & biotechnology end user segments collective accounted for more than 70% of the market share in 2015. In terms of geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific and LAMEA together accounted for about 20% of the global market in 2015.
In the current scenario, companies readily adopt collaborations, product launches, and agreements as their key development strategies in this market. This helps them maintain their competitive edge over existin competitors and new entrants as well. For example, Visiopharm, in collaboration with LRI Imaging and Inter Instrument A, entered a partnership to deploy the digital pathology systems throughout Scandinavia. The key companies profiled in the report are Visiopharm, Indica Labs, Digipath Inc., Koninklinje Philips N. V., Hamamatsu Photonics K. K., PerkinElmer, Inc., Danaher Corporation (Leica Microsystem), Nikon Corporation, Pixcelldata Ltd., Glencoe Software Inc., and Definiens AG.
KEY BENEFITS FOR STAKEHOLDERS:
- This report provides an extensive analysis of the global digital pathology market trends both current and emerging, to highlight the dynamic industry structure.
- The report provides a detailed analysis of the current market and estimations from 2014 to 2022, which would enable the stakeholders to capitalize on the prevailing opportunities.
- The digital pathology market scenario is comprehensively analyzed in accordance to key geographical regions.
- The key players are profiled in the report, and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
- SWOT analysis enables to study the internal environment of the leading companies for strategy formulation.
DIGITAL PATHOLOGY MARKET KEY SEGMENTS:
Market - by Product
- Whole Slide Imaging
- Image Analysis - Informatics
- Information Management System Storage & Communication
Market - by End User
- Educational Institutes
- Hospitals and diagnostic centers
- Pharmaceutical & biotechnology companies
Market - by Geography
- North America
- United States
- United Kingdom
- South Korea
- Saudi Arabia
- North America