Digital pathology market size is to grow by USD 716.93 million from 2022 to 2027, Growing adoption of IoT infrastructure among laboratories to drive market growth, Technavio

NEW YORK, March 7, 2024 /PRNewswire/ -- The digital pathology market size is expected to grow by USD 716.93 million from 2022-2027, progressing at a CAGR of 13.2% as per the latest Technavio market research report. The digital pathology market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some major vendors are 3DHISTECH Ltd., Apollo Enterprise Imaging Corp., Co Diagnostics Inc., Corista, Danaher Corp., F. Hoffmann La Roche Ltd., General Electric Co., Hamamatsu Photonics KK, Huron Digital Pathology, Indica Labs Inc., Inspirata Inc., Kanteron Systems SLU, Koninklijke Philips NV, Mikroscan Technologies Inc., Objective Pathology Services, Olympus Corp., Proscia Inc., Sectra AB, Visiopharm AS, and XIFIN Inc., and among others.

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Growing adoption of IoT infrastructure among laboratories to drive growth. 

A paradigm shift toward the development of advanced infrastructure to offer efficient healthcare services has increased the use of advanced equipment and software. Moreover, the increasing interest of governments of emerging economies in promoting mobile health (mHealth) services as a complementary strategy to achieve the health-related Millennium Development Goal has boosted the demand for teleconsultation services. Thus, the growing development of IoT infrastructure facilitates easy integration of digital pathology systems in laboratories and helps offer efficient healthcare services. This will substantially boost the growth of the market.

• Integration of AI into digital pathology systems is the key trend impacting the global digital pathology market growth. 

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Segmentation Analysis

This market research report segments the digital pathology market by product (digital slide scanner and software), application (hospitals and laboratories, independent and small clinics, and research centers), and geography (North America, Europe, Asia, and Rest of World (ROW)).

The market share growth by the digital slide scanner segment will be significant for overall market growth during the forecast period. Growing technological advancement in the magnification and scanning of slides is expected to propel further growth of the segment. Moreover, the rising internet bandwidth connectivity and technological developments by vendors in the market are propelling the market growth. Such developments are expected to propel the growth of the segment, which, in turn, is expected to propel the growth of the market in focus during the forecast period.

North America is estimated to account for 39% of the market's overall growth. Growing US FDA approval of whole slide imaging systems used in digital pathology workflows and increasing adoption of advanced pathology practices drive the growth of the market in North America.  Furthermore, the vendors are witnessing favorable market conditions due to the increasing approval of digital pathology systems in the region. Such factors have surged the growth opportunities in the US market and have substantially promoted market vendors to develop advanced digital pathology products. This has promoted the swift growth of the digital pathology market in the region. 

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Analyst Review

In recent years, the digital pathology market has witnessed significant growth, driven by technological advancements and a growing emphasis on early cancer diagnosis. This market encompasses a wide array of components, including slide scanners, image servers, and software, all aimed at improving lab efficiency and facilitating the transition towards digital pathology systems.

A pivotal aspect of digital pathology is its role in companion diagnostics, which play a crucial role in tailoring treatment strategies for individual patients. This is particularly significant in regions like Asia Pacific, where the demand for healthcare providers equipped with advanced diagnostic tools is rising, especially in developing countries where access to quality healthcare is limited.

Key stakeholders in the digital pathology ecosystem include pharmaceutical & biotechnology companies, hospitals & reference laboratories, and academic & research institutes, all of which are investing heavily in drug development and disease diagnosis. These entities are increasingly turning to digital pathology solutions to streamline processes and enhance collaboration.

One of the challenges in expanding the digital pathology market lies in ensuring access to affordable solutions, especially for private pathology practices in resource-constrained settings. However, the emergence of affordable scanners combined with a pool of trained pathologists is gradually overcoming this barrier, catalyzing the adoption of digital pathology systems.

Pricing analysis and patent analysis are integral components of market research in this domain, offering insights into competitive dynamics and innovation trends. Moreover, conference and webinar materials serve as platforms for knowledge exchange and networking among industry experts, further driving innovation and market expansion.

The digital pathology market intersects with various domains such as human pathology and veterinary pathology, catering to a wide range of applications including toxicology testing and illicit drugs detection. Furthermore, ongoing preclinical & clinical studies are leveraging digital pathology to accelerate drug discovery and validate novel therapeutic interventions.

In conclusion, the digital pathology market represents a dynamic landscape fueled by technological innovation and evolving buying behavior among healthcare providers. With increasing pharmaceutical & biotechnology R&D expenditure, coupled with advancements in training & education, the market is poised for sustained growth, promising enhanced precision in diagnosis and treatment across diverse medical disciplines.

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Market Overview

In the digital pathology market, a recent research study sheds light on the accelerating adoption of digital solutions in diagnostic pathology. Industry trends indicate a significant shift towards digitalization for efficient workflow management and improved diagnostic accuracy. Pricing analysis reveals competitive strategies among key players to capture market share. Moreover, patent analysis highlights ongoing innovation and technological advancements. Conference and webinar materials serve as platforms for knowledge exchange among key stakeholders, including pathologists, researchers, and industry experts, fostering collaboration and driving market growth. Understanding buying behavior is crucial for companies to tailor solutions that meet customer needs effectively, ensuring sustained market expansion.

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TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Product
7. market Segmentation by Application
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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