Digital Pathology Market Size to Surpass USD 2,694.6 Million by 2030, at a CAGR of 14.9%
Fortune Business Insights
8 min read
As per the report by Fortune Business Insights, The global digital pathology market size was valued at USD 908.9 million in 2022 and is expected to be worth USD 1,019.4 million in 2023. The market is projected to reach USD 2,694.6 million by 2030, recording a CAGR of 14.9% during the forecast period.
Digital Pathology Market
Forecast 2023-2030
Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The global digital pathology market size was valued at USD 908.9 million in 2022 The market is projected to reach USD 2,694.6 million by 2030 recording a CAGR of 14.9% during forecast period. Digital pathology uses various advanced tools to gather, interpret, analyze, and share critical medical information.
Digital slides are created either with a digital microscope or by using whole slide scanning devices from previously prepared devices. The growing prevalence of life-threatening diseases and increase in the average rate of hospitalizations are expected to bolster the digital pathology market growth.
Fortune Business Insights™ displays this information in a report titled, "Digital Pathology Market, 2023-2030."
September 2022 - OptraSCAN, a manufacturer of whole slide scanners, announced its partnership with Paige AI, Inc. to streamline the use of end-to-end digital pathology workflow solutions in the countries across Europe, the U.S., and the U.K.
Key Takeaways :
Utilization of Digital Pathology for Accurate Diagnosis during Pandemic Bolstered Market Growth
Integration of Artificial Intelligence Will Transform Market
Rising Burden of Chronic Disorders to Drive Market Progress
High Upfront Costs for Installation of Devices to Hamper Market Growth
Broad Product Portfolios and Rising Inorganic Business Activities by Key Players Will Spur Market Competition
List of Key Companies Profiled in the Report:
Thermo Fisher Scientific Inc. (U.S.)
Hoffmann-La Roche Ltd. (Switzerland)
Hamamatsu Photonics K.K. (Japan)
3DHISTECH Ltd. (Hungary)
Koninklijke Philips N.V. (Netherland)
Apollo Enterprise Imaging Corp (U.S.)
Sectra AB (Sweden)
Huron Technologies International Inc. (Canada)
COVID-19 Impact:
COVID-19 Pandemic Fueled Market Growth Due to Increased Product Use for Reliable Diagnosis
The COVID-19 outbreak had a positive influence on the market growth as a large number of diagnostics systems were undergoing digitization. There was also a major increase in the usage of these advanced pathology systems to offer accurate and reliable diagnosis for possible COVID-19-infected patients. Countries across the world introduced favorable regulations to use these devices during emergencies, which further accelerated market development.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
Increasing Incidence of Chronic Diseases to Catalyze Market Growth
The prevalence of various chronic diseases is rising at a worrying rate across the world. This factor has boosted the demand for diagnostic tests to help patients get a clear idea about their medical condition and obtain a head start in their treatment. A growing number of patients are visiting diagnostic centers to undergo various tests, which has also increased the overall volume of tests and workload. This scenario is expected to fuel the adoption of virtual pathology devices to speed up the testing process and provide accurate results.
Segmentation:
Rising Need for Timely Pathology Results to Boost Adoption of Digital Pathology Hardware
Based on product, the market is segmented into hardware, software, and storage systems. The hardware segment accounted for the largest digital pathology market share due to factors, such as rising demand for timely pathology results and increase in the number of labs conducting in-vitro tests.
Robust Demand for Promising Pipeline Medicines to Fuel Product Application in Drug Discovery Systems
Based on application, the market is segmented into disease diagnosis, drug discovery, and others. The drug discovery segment is anticipated to record the highest CAGR during the forecast period as the demand for potential pipeline drugs to treat chronic diseases.
Report Coverage:
The report has studied various aspects of the market and highlighted the crucial ones, such as leading product types, applications, end-users, and prominent companies in the market. It also provides valuable information about the latest developments in the industry and top market trends. Besides the factors mentioned above, the market report covers many other aspects that have fueled the market’s growth in recent years.
However, high installation costs of these devices can hinder market growth.
Quick Buy - Digital Pathology Market Research Report:
Hospitals & Clinics to Increase Dependence on Digital Pathology Devices with Increasing Patient Admissions
Based on end-user, the market is segmented into hospitals & clinics, clinical laboratories, and others. The hospitals & clinics segment held the largest share of the global market in 2022 as there is a notable rise in patient admissions every year and many major hospitals are providing high-quality pathology services.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
North America to Dominate Market Due to Growing Prevalence of Chronic Diseases
North America is expected to dominate the digital pathology market share as the region is seeing a worrying rise in the number of people suffering from chronic diseases, such as cardiovascular disorders and diabetes. Moreover, the percentage of the geriatric population is also increasing, which will further increase their risk of contracting these ailments, thereby bolstering market growth.
Europe captured the second-largest share in the global market as more patients are opting for digital diagnostic tools over conventional ones to help them get a reliable medical diagnosis.
Competitive Landscape:
Rising Participation of Key Players in Inorganic Growth Activities to Boost Market Competition
Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd., 3DHISTECH Ltd., and Leica Biosystems Nussloch GmbH are some of the top companies dominating this market. These firms have strong portfolios of digital tools and are increasing their investments in R&D activities to introduce innovative products. They are also participating in inorganic growth activities, such as partnerships and collaborations to increase competition in the market.
Key Industry Developments- Mergers, Acquisitions and Partnerships
Technological Advancements in Digital Pathology
Snapshot: Global Digital Health Market, 2022
Impact of COVID-19 on the Market
Global Digital Pathology Market Analysis, Insights and Forecast, 2019-2030
Market Analysis, Insights and Forecast – By Product
Hardware
Scanners
Tissue Microarrayer
Others
Software
Pathology Management
Digital Microscopy Viewers
Image Analyzers
Others
Storage Systems
Market Analysis, Insights and Forecast – By Application
Disease Diagnosis
Drug Discovery
Others
Market Analysis, Insights and Forecast – By End User
Hospitals & Clinics
Clinical Laboratories
Others
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America Digital Pathology Market Analysis, Insights and Forecast, 2019-2030
Market Analysis, Insights and Forecast – By Product
Hardware
Scanners
Tissue Microarrayer
Others
Software
Pathology Management
Digital Microscopy Viewers
Image Analyzers
Others
Storage Systems
Market Analysis, Insights and Forecast – By Application
Disease Diagnosis
Drug Discovery
Others
Market Analysis, Insights and Forecast – By End User
Hospitals & Clinics
Clinical Laboratories
Others
Market Analysis, Insights and Forecast – By Country
U.S.
Canada
Europe Digital Pathology Market Analysis, Insights and Forecast, 2019-2030
Market Analysis, Insights and Forecast – By Product
Hardware
Scanners
Tissue Microarrayer
Others
Software
Pathology Management
Digital Microscopy Viewers
Image Analyzers
Others
Storage Systems
Market Analysis, Insights and Forecast – By Application
Disease Diagnosis
Drug Discovery
Others
Market Analysis, Insights and Forecast – By End User
Hospitals & Clinics
Clinical Laboratories
Others
Market Analysis, Insights and Forecast – By Country/ Sub-region
U.K.
Germany
France
Spain
Italy
Scandinavia
Rest of Europe
Toc Continue…
FAQs :
How big is the Digital Pathology Market?
The global digital pathology market size was valued at USD 908.9 million in 2022 and is expected to be worth USD 1,019.4 million in 2023. The market is projected to reach USD 2,694.6 million by 2030, recording a CAGR of 14.9% during the forecast period.
What are the key factors driving the Digital Pathology Market?
Increasing prevalence of chronic diseases and rising applications of digital tools in diagnostics are the key factors driving the market.
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