July 24, 2024
Digital Pathology Market

Digital Pathology Market Is Estimated To Witness High Growth Owing To Rising Application In Drug Discovery And Development

Market Overview:

Digital pathology utilizes digital microscopy and image analysis to automate diagnostic processes in pathology laboratories. It helps in analyzing large amounts of data to aid pathologists’ diagnosis. Digital pathology provides improved speed, quality, and accessibility of diagnoses compared to traditional microscopy. It also enables collaboration among pathologists and connection with patients globally. Digital slides can be stored, retrieved, managed, and shared electronically.

Market Dynamics:

Two key drivers expected to boost growth of the digital pathology market over the forecast period include rising application in drug discovery and development as well as increasing number of digital pathology associations. Digital pathology can help identify cellular and molecular signatures involved in disease pathways and for screening new drugs in early-stage research. This aids in drug discovery and development processes. Furthermore, growing number of digital pathology associations are working towards standardizing digital pathology practices. For instance, the Digital Pathology Association (DPA) focuses on developing guidelines for diagnostic validity of whole slide imaging applications in pathology laboratories.

The global Digital Pathology Market Share is estimated to be valued at US$ 884.4 Million in 2023 and is expected to exhibit a CAGR of 12.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The global digital pathology market can be segmented on the basis of product & service, application, end-user, and region. Based on product & service, the hardware sub-segment is expected to dominate the market during the forecast period. This is mainly because the adoption of high-resolution whole slide scanners has increased significantly among diagnostic laboratories and pathology practices globally.

PEST Analysis

Political: Regulations around data privacy and security will impact adoption of digital pathology systems. Economic: Rising healthcare costs are driving demand for solutions that improve efficiency like digital pathology. Social: Increased awareness about cancer diagnosis and treatment is raising demand for advanced pathology techniques. Technological: Adoption of AI, ML and cloud computing in pathology is enhancing the capabilities of digital pathology solutions.

Key Takeaways

The global digital pathology market size was valued at US$ 884.4 million in 2023 and is expected to witness high growth, exhibiting a CAGR of 12.2% over the forecast period.

North America region dominated the market in 2023 owing to favorable government initiatives and presence of key players in the region. The Asia Pacific region is expected to exhibit the fastest growth rate during the forecast period due to increasing investments by market players and rising incidence of chronic diseases in developing economies.

 Key players operating in the digital pathology market are Leica Biosystems Nussloch GmbH, Olympus Corporation, F. Hoffmann-La Roche Ltd., Merck KGaA, GE Healthcare, Mikroscan Technologies, Inc., Koninklijke Philips N.V., Sectra AB, Propath UK Limited, Inspirata, Inc., Hamamatsu Photonics, Inc., OracleBio Limited, MD Biosciences, Aiforia, Xybion Digital Inc., Nucleai, Inc. These players are focusing on organic and inorganic growth strategies like new product launches, partnerships, and expansions to gain more market share.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it