Digital Pathology Market to Grow at a CAGR of 12.1% to reach US$ 1,892.40 million from 2021 to 2028
NEW YORK, UNITED STATES, UNITED STATES, November 12, 2021 /EINPresswire.com/ — The digital pathology market is expected to grow from US$ 852.08 million in 2021 to US$ 1,892.40 million by 2028; it is estimated to grow at a CAGR of 12.1% from 2021 to 2028.
According to our latest market research study on “Digital Pathology Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and End User,” The report highlights the market trends, drivers, and deterrents. Technological advancements in digital pathology systems, growing preference for telepathology in remote areas, and digital pathology for cancer diagnosis are among key factors driving the market growth. However, unreimbursed services hinder the market growth.
Digital pathology comprises the gaining, organizing, sharing, and interpretation of pathology information. The process involves converting the glass slides into digital pathology slides using digital pathology scanning solutions. A digital slide image file is then generated, which allows the high resolution viewing, interpretation, and image analysis of digital pathology slides.
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Advancements in the healthcare sector are encouraging research and development pertaining to imaging devices and software required for digital pathology devices. The advanced systems help labs and hospitals to add value to the testing services. The healthcare information technology (IT) helps physicians in maintaining optimal workflow, along with allowing them to meet the continuously changing patient expectations. The Aperio ePathAccess software offered by Leica Biosystems enables the sharing of digital pathology images and case data with experts outside the IT network. Computerization, robotic light microscopy, multiple fiber-optic communications, and digital imaging are among the modern technologies contributing to the digital pathology market growth. Rapid advancements in whole-slide imaging (WSI) technology as well as software applications, LIS/LIMS interface, and high-speed networking. As a result of these technical improvements, pathologists are now able to fully integrate digital pathology into their workflows.
The growing use of microarrays as well as a wide range of predictive models, such as API algorithms, and hybrid models bolster the demand for digital image analysis. A computer-aided diagnosis integrates image processing, physics, mathematics, and computational algorithms to aid in illness identification, anatomical evaluation, and disease progression quantification and risk assessment, thus adding to its popularity. Thus, the increasing popularity of computer-aided systems is contributing to the digital pathology market growth.
With other lab medicine disciplines, the COVID-19 outbreak pandemic has had a surprising impact on histology and digital pathology. The pandemic has curtailed all but the most painful surgeries and cancer treatments. Thus, histology labs are receiving the most difficult tissue samples to process. There is also a workforce shortage as the number of retiring pathologists is higher than those entering the field. Also, many pathologists are staying out of a lab due to physical distancing requirements. For instance, the US Food and Drug Administration (FDA) approved the use of common consumer monitors in the Philips IntelliSite Pathology Solution at home. In addition, the FDA has given Leica Biosystems a permission to market its Aperio AT2 DX System, which is substantially identical to Philips’ equipment, for clinical diagnosis and remote diagnosis of COVID-19 patients in emergency situations in the US.
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Based on product, the global digital pathology market is segmented into scanners, software, storage, communication systems. In 2020, the scanners segment held the largest share of the market. However, the software segment is expected to register the highest CAGR during 2021–2028. Scanner helps in producing quick, reliable, and high-resolution images of cells. It also helps pathologists, histologists, and other medical professionals to scan slides and upload an image on the network for remote access and to collaborate it among the peers. The market for the scanners segment is anticipated to grow in the future owing to the increasing use of scanners in digital pathology.
The market growth for the drug discovery segment is attributed to factors such as the central benefit of digital pathology in pharmaceutical research to apply image analysis algorithms for reducing subject interpretations, growing awareness about neurological disorders, and the availability of advanced EEG products. This is critically important to automate dull tasks such as counting cells of interest or estimating protein expression in immunohistochemical assays.
Digital Pathology Market: Competitive Landscape and Key Developments
A few prominent players operating in the digital pathology market are Koninklijke Philips N.V.; Nikon Corporation; Perkin Elmer, Inc.; Indica Labs; 3DHISTECH Ltd.; Danaher; Hamamatsu Photonics K.K.; F. HOFFMANN-LA ROCHE LTD.; Visiopharm A/S; and Glencoe Software, Inc.
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In addition, the digital pathology setup is easy to adopt in rural labs and hospitals. Further, Telepathology strives to bridge the gap between two or more geographically distant healthcare providers by eliminating geographic and functional distances. It is described as a remote telecommunications consultation, primarily, for the diagnosis or treatment of patients. Several hospitals, primary care providers, private clinics, and other medical institutions are offering Telepathology services.
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Digital Pathology Market to reach US$ 1,892.40 million from 2021 to 2028 says, The Insight Partners
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