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According to a recent report by Transparency Market Research, the global digital pathology market is likely to project a significant expansion with a robust CAGR of 12% within the forecast period from 2018 to 2026. The market in 2017 was valued around worth of US$ 340 Mn and is anticipated to reach over value of around US$ 900 Mn by the end of forecast period.
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On the basis of application, the global digital pathology market is classified as consulting services, educational, diagnosis, and so on. Among these, in 2017, the diagnosis segment held the maximum share in the global market, as far as revenue is considered. Rise in prevalence of contagious ailments is one of the key factors supporting the demand in digital pathology market all over the world in coming years. Geographically, North America region led the market, trailed by Europe in 2017, based on revenue. In the forecast period, the region is likely to mark the CAGR of over 12%, owing to increased popularity of the digital pathology technology along with lack of skilled pathologists.
Increased Cases of Cancer to Fuel Demand Globally
Rise in number of cases of tumor and need for more precise pathological diagnosis, along with emergence of digitalization are the major factors propelling the growth in global digital pathology market across the globe. Shortage of skilled pathologists in the nations for example, the U.S. which leads to increased workload is another major factor fueling the demand in digital pathology market in coming years. Moreover, upgradation in diagnostic tests, increased number of preclinical and clinical trials, surged adoption of automation, and growth in medical infrastructure are important reasons behind the market growth. Nevertheless, high initial set up prices, sampling mistakes, and strict regulations are a few of the factors hampering the global growth of digital pathology market.
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Rising Geriatric Population to Support Market growth of Digital Pathology
Rise in deployment of digital frameworks is anticipated to drive the global market in the forthcoming years. A couple of regions are foreseen to overwhelm the global digital pathology market in the following couple of years inferable from the increase in pervasiveness of tumor growth, advancement in innovation, and increase in old age population in the region. This is credited to the rise in occurrence of tumor, and increasing awareness in medical IT and its application in developed nations, for example, Australia and Japan. Developed nations such the U.K. and Germany display higher popularity about digital pathology and their applications. This is likely to help the market in the regions. The nations, for example, Japan, China, and India have an enormous potential for the development of market because of enhancing medicinal services foundation in the Asia Pacific.
The global digital pathology market are anticipated to witness a notable growth in the future years. The major players that are leading the in the global market are taking up various strategies for example, advancement in technology, mergers and acquisitions, collaborations, and tie-ups, so as to acquire the leading position in the market. The key players leading in the global digital pathology market are OLYMPUS CORPORATION, Leica Biosystems Imaging, Inc, F. Hoffmann-La Roche Ltd, Mikroscan Technologies, Inc., GE Healthcare, Koninklijke Philips N.V., Inspirata, and Sectra AB.