DUBLIN--(BUSINESS WIRE)--The "Digital Pathology Market by Product (Artificial Intelligence, Scanner, Software, Storage), Type (Human, Veterinary), Application (Teleconsultation, Disease Diagnosis, Drug Discovery), End User (Pharmaceutical Companies, Hospitals) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global digital pathology market is expected to grow at a CAGR of 13.2% during the forecast period, to reach USD 1,139.8 million by 2025 from an estimated USD 613.6 million in 2020.
The key factors driving the growth of this market include the increasing adoption of digital pathology to enhance lab efficiency, rising prevalence of cancer, growing application of digital pathology in drug development & companion diagnostics, and increasing initiatives by industry players. However, the high cost of digital pathology systems is expected to restrict market growth to a certain extent.
Adoption of artificial intelligence is expected to increase during the forecast period.
The adoption of AI in healthcare has been rising in recent years due to its ability to optimize clinical processes, thereby solving a variety of problems in the healthcare industry. AI helps patients receive correct diagnosis in a timely manner, maximize hospital efficiency, and reduce the waiting time for patients, thereby enhancing overall healthcare. AI helps in collecting, storing, and normalizing data along with tracing its lineage.
The software segment will grow at the highest rate during the forecast period.
On the basis of product, the digital pathology market is segmented into scanners, software, communication systems, and storage systems. The scanners segment accounted for the largest share of the digital pathology market in 2019. The large share of this segment is mainly due to the increasing adoption of digital pathology solutions across the globe, and the high cost of scanners. On the other hand, the software segment is projected to witness the highest growth rate during the forecast period, due to the availability of user-friendly, analytical, and advanced functions for pathology diagnosis.
By type, the human pathology segment accounted for the largest share of the digital pathology market in 2019.
On the basis of type, the global digital pathology market is segmented into human and veterinary pathology. The human pathology segment accounted for the largest share of the digital pathology market in 2019. The increasing number of cancer research activities and growing collaborations between academic research institutes, universities, and pathology laboratories are driving the increased uptake of digital systems in human pathology.
The market in North America is projected to witness the highest growth rate during the forecast period (2020-2025).
North America is projected to register the highest growth during the forecast period. This large share can be attributed to factors such as the rising prevalence of cancer and increasing initiatives by industry players. On the other hand, the Asia Pacific region is expected to grow at the second-highest CAGR during the forecast period. Factors such as a large patient population, shortage of pathologists, increasing initiatives in the healthcare industry by key market players, and rising adoption of advanced technologies for disease diagnosis are driving the growth of the digital pathology market in this region.
- Increasing Adoption of Digital Pathology to Enhance Lab Efficiency
- Rising Prevalence of Cancer
- Growing Applications of Digital Pathology in Drug Development and Companion Diagnostics
- Increasing Initiatives by Industry Players
- High Cost of Digital Pathology Systems
- Introduction of Affordable Scanners for Private Pathology Practices
- Increase in Demand for Personalized Medicines
- High Scope of Growth in Emerging Economies
- Lack of Trained Pathologists
- Leica Biosystems (Subsidiary of Danaher Corporation)
- Koninklijke Philips
- Hamamatsu Photonics
- F. Hoffmann-La Roche Ltd
- Sectra Ab
- Apollo Enterprise Imaging
- Xifin, Inc.
- Huron Digital Pathology
- Indica Labs
- Objective Pathology Services
- Optrascan, Inc.
- Glencoe Software, Inc.
- Konfoong Biotech International Co., Ltd
- Inspirata, Inc.
- Mikroscan Technologies, Inc.
- Proscia Inc
- Kanteron Systems
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