Digital Pathology Market Anticipated to Expand with a CAGR of 13.5% During 2021-2032 Amidst Increased Focus on Cancer Research - Future Market Insights, Inc.
U.S. Digital Pathology Market holds a 36% share in the global market. The market for digital pathology in China is exhibiting a 23.5% CAGR and is expected to account for more than 70% of the East Asia market in 2031
NEWARK, Del., July 19, 2022 /PRNewswire/ -- The global digital pathology market is estimated to total US$ 6,199 Mn by 2021. The overall sales of digital pathology products and services are expected to reach US$ 22,870.2 Mn by 2031, growing at a CAGR of 13.5% in the forecast 2021 – 2031.
According to Future Market Insights (FMI), the sales of Digital Pathology products and services have grown at a 10% CAGR from 2016-2020. The global Digital Pathology Market was valued at US$ 5.54 Bn in 2020. The market is expected to grow at a CAGR of 13.5% during the forecast period of 2021-2031.
Innovations in technology and integration of new services such as electronic medical records in the global healthcare sector are driving interest toward digital pathology solutions. Increasing adaptation of digital pathology devices in emerging economies to improve healthcare services is elevating growth.
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Key Takeaways
- Elevated healthcare-based IT spending and increased focus on cancer research are expected to fuel the growth of digital pathology devices across the globe over the forecast period.
- Integration of new services like electronic medical records and incorporation of innovative technology in the healthcare sector are driving interest toward digital pathology solutions.
- Accelerated healthcare-based IT spending and surging inclination toward cancer research are expected to fuel the growth of digital pathology devices across the globe over the forecast period.
- Manufacturers are focusing on the integration of digital pathology with cloud platforms and are collaborating with the cloud service providers for data sharing and scanning services to clients.
- Consumers are focusing on health issues and are proactively conducting full-body check-ups, which tends to the growth of the digital pathology market in the forecast period.
- The U.S continues to dominate the digital pathology market with a 36% share in the global market.
Competitive Landscape
Danaher Corporation, F. Hoffmann-La Roche AG, Huron Technologies International Inc., Koninklijke Philips N.V., Olympus Corporation, Hamamatsu Photonics K.K., Carl Zeiss AG, Nikon Corporation, 3DHISTECH Ltd., Hologic Inc., PerkinElmer, Inc., Visiopharm, OptraSCAN, Inc., Inspirata, Inc., Sectra AB. are some of the key companies profiled in the full version of the report.
Manufacturers are focusing on product development by offering a wide range of diagnostic products. Moreover, major players in the digital pathology market are focused on enhancing their global and regional presence through acquisitions and expansion on a global scale.
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More Insights into the Digital Pathology Market
The U.S. holds a 36% share in the global market. The rising adaptation of digital imaging methods and the adoption of advanced technology provide key opportunities for manufacturers to deliver novel products. The research and development sector in the U.S. is highly developed.
Increased use of digital pathology devices for diagnosis is coupled with favorable reimbursement policies in the U.S., which improves the quality of cancer diagnosis, and is further fueling growth in the country.
The German market accounts for over 20% of the Europe market in 2021. The country has strict guidelines which are proposed by the Association of German Pathologists. This is key for operational use by IT experts, pathologists and researchers.
The market for digital pathology in China is exhibiting a 23.5% CAGR and is expected to account for more than 70% of the East Asia market in 2031. China is the leading supplier of rapid diagnostic kits on a global scale due to the easy availability of manpower and raw material.
India is a high potential market for digital pathology services, which is expected to hold 70.0% of the South Asia value share in 2031 at a CAGR of nearly 26% during the forecast period. The growth can be largely attributed to the availability of low-cost labor.
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Key Segment
By Product Type:
- Equipment
- Whole Slide Scanners
- Brightfield Slide Scanners
- Fluorescence Slide Scanners
- Combination Slide Scanners
- Clinical Microscope
- Tissue Microarrays
- Softwares
- Image Viewing and Analysis Softwares
- On-premise
- Cloud-based
- Digital Pathology Information Systems
- On-premise
- Cloud-based
- Services
- Installation and Integration Services
- Consulting Services
- Maintenance and Validation Services
By Application:
- Clinical Patholog
- Molecular Diagnostics
- Basic & Applied Research
- Drug Development
- Others
End-User:
- Hospitals
- Diagnostic Laboratories
- Pharmaceutical & Biotechnology Companies
- Forensic Laboratories
- Research Institutes
- Contract Research Organizations (CROs)
- Clinics
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
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About FMI – Healthcare Market
In the latest study, FMI offers a detailed study of the digital pathology market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of digital pathology services through detailed segmentation. Our research studies serve as referencing market guidelines for key industry manufacturers, channel partners, and government bodies for developing – 'The Way Forward'.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Market Background
4.1. Macro-Economic Factors
4.2. Forecast Factors - Relevance & Impact
4.3. Market Dynamics
5. COVID19 Crisis Analysis
5.1. Current COVID19 Probable Future Impact
5.2. Current GDP Projection and Probable Impact
5.3. Current Economic Projection as compared to 2008 Economic analysis
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Pathology Devices Market Shares - Pathology is the field in healthcare which provides accurate information regarding the progression of disease conditions. This information helps physicians to monitor and manage the therapies.
Pathology Imaging Systems Market Forecast - The pathology imaging systems market is likely to register a CAGR of 10.36% during the forecast period, and is anticipated to reach a pathology imaging systems market share of US$ 2603.74 Million in 2032.
Quantitative Pathology Imaging Market Analysis - Quantitative pathology imaging systems visualize, analyze, quantify, and phenotype immune cells in situ in FFPE (formalin-fixed paraffin-embedded) tissue sections.
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Know More about Source: https://www.globenewswire.com/news-release/2018/07/09/1534677/0/en/Digital-Pathology-Market-Estimated-to-Reach-a-Value-US-954-4-Mn-by-2025-Future-Market-Insights.html
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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