Digital Pathology Systems and Software Market
Number of pages: 100 | Report Format: PDF | Published date: February 17, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 0.92 billion |
|
Revenue Forecast in 2030 |
US$ 2.21 billion |
|
CAGR |
9.2% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Application, End user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global digital pathology systems and software market was valued at US$ 0.92 billion in 2021 and is expected to register a revenue CAGR of 9.2% to reach US$ 2.21 billion by 2030.
Digital Pathology Systems and Software Market Fundamentals
The collecting, management, sharing, and interpretation of pathological information, including slides and data in a digital environment, is referred to as digital pathology. A high-resolution digital image that can be viewed on a computer screen or mobile device is formed when glass slides are captured with a scanning instrument. Digital pathology and image analysis can potentially improve the accuracy, repeatability, and standardization of research inclusion criteria and outcomes. Measurements and features that are known to be relevant can be extracted via automated image analysis. The quantification of immunohistochemistry staining (IHC) is one example of how automated methods are successfully used in clinical practice. Virtual microscopy is a subset of digital pathology in which glass slides are converted into digital slides that may be seen, controlled, shared, and studied on a computer display.
Digital pathology is currently regarded as one of the most promising areas of diagnostic medicine for achieving an accurate, feasible, and speedier diagnosis, prognosis, and prediction of cancer and other serious diseases. Growing applications of digital pathology, ease of consultation, increase in implementation of digital pathology to boost lab efficiency, rise in cancer prevalence, and growth in investment for research & development by key companies to develop new pathological technology are driving the revenue growth of the digital pathology systems and software market.
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Digital Pathology Systems and Software Market Dynamics
Chronic disorders are responsible for the high mortality rate. Due to the high frequency of cardiovascular diseases (CVDs) and other chronic diseases, better diagnostic and imaging options have become essential. The new coronavirus has a large economic impact on the majority of sectors, including the healthcare business. To combat the threat of COVID-19, government bodies worldwide are enacting critical measures, such as state-wide lockdowns, social separation, and large-scale quarantine. The pandemic created a significant development potential for digital pathology.
CMS temporarily suspended the rigorous regulation on remote diagnosis on March 26, 2020, and allowed remote sign-out of pathology cases using digital pathology equipment. During the pandemic, the United States Food and Drug Administration’s (US FDA) Centre for Devices and Radiological Health issued an enforcement policy for remote digital pathology devices aimed at pathologists, clinical laboratories, drug administration personnel, and healthcare facilities. During the pandemic, this guidance provided a policy framework for increasing the availability of remote digital pathology instruments. Supportive laws are expected to have a favorable impact on the market revenue growth in the future years. Rapid technological improvements in digital pathology systems are also likely to drive market expansion. Digital imaging, computerization, robotic light microscopy, and numerous fiber optic links contribute to the expansion. Whole slide imaging is one such approach that has several advantages over traditional light microscopes, and is projected to generate profitable opportunities in this market.
Digital Pathology Systems and Software Market Ecosystem
The global digital pathology systems and software market has been analyzed from four perspectives: product, application, end user, and region.
Digital Pathology Systems and Software Market by Product
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Based on product, the global digital pathology systems and software market has been segmented into devices, software, and storage systems.
The devices segment is expected to dominate the market during the forecast period. Scanners and slide management systems are part of the devices segment. The segment’s growth can primarily be attributed to the increased usage of academic research activities and improved resolution. Due to the developments in magnification and scanning of slides at the Z-axis provided by whole slide imaging, the adoption of this technique is predicted to increase rapidly during the forecast period. Furthermore, intuitive user interfaces and high broadband connectivity is projected to increase its utilization rates. Major players are constantly introducing technological advancements for digital pathology scanners.
Digital Pathology Systems and Software Market by Application
Based on application, the global digital pathology systems and software market has been segmented into academic research, drug discovery, and disease diagnosis.
The academic research segment dominates the market with the highest revenue share. The rising acceptance of digital pathology in various research projects, such as tumor morphology studies, can be attributed to segment revenue growth. Many cancer medicines are projected to be developed in the upcoming years, driving the academic research segment revenue growth even more.
Digital Pathology Systems and Software Market by End User
Based on end user, the global digital pathology systems and software market has been segmented into diagnostic labs, hospitals, pharmaceuticals & biotechnology companies, and academic & research institutes.
The hospital segment is expected to dominate the market during the forecast period owing to the widespread usage of digital scanning techniques in hospitals for speedier diagnosis and improved patient compliance. For instance, Mackenzie Health collaborated with Philips in August 2020 to become one of Canada’s first hospitals to implement a contemporary digital pathology platform to aid patient diagnosis for faster and better treatment. With the deployment of Philips’ InteliStaf pathology platform, the hospital hopes to improve laboratory efficiency, increase access to specialists, and shorten diagnosis times.
Digital Pathology Systems and Software Market by Region
Based on region, the global digital pathology systems and software market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America is expected to dominate the market during the forecast period. The key factors driving this region’s market revenue growth are the presence of significant players, supporting government efforts to develop technologically advanced systems, increased usage of digital imaging, and continuous deployment of R&D investments. Increased usage of digital pathology for disease diagnosis, combined with advantageous reimbursement regulations in the United States, is likely to drive regional market expansion further.
Asia Pacific is expected to develop at the fastest revenue CAGR during the forecast period. The expansion can be ascribed to increased digital imaging penetration in emerging nations, rising investments in the healthcare infrastructure, and the presence of untapped opportunities in the Asia Pacific. Furthermore, the growing prevalence of cancer, increasing demand for novel treatment alternatives, improving patient care facilities, and lower laboratory costs are likely to fuel market expansion in this region.
Digital Pathology Systems and Software Market Competitive Landscape
The prominent players in the global digital pathology systems and software market include:
Digital Pathology Systems and Software Market Strategic Developments
The global digital pathology systems and software market is expected to be valued at US$ 2.21 billion by 2030.
The global digital pathology systems and software market is expected to register a revenue CAGR of 9.2% during the forecast period.
Leica Biosystems (Danaher), Hamamatsu Photonics, Inc., Koninklijke Philips N.V., Olympus Corporation, and F. Hoffmann-La Roche Ltd. are among the top market players.
North America dominates the global digital pathology systems and software market with the largest revenue share.
The rising adoption of digital pathology to enhance lab efficiency and increasing application in drug discovery and companion diagnostics are the prime factors driving the market revenue growth.
*Insights on financial performance are subject to the availability of information in the public domain