New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Digital Pathology Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Digital Pathology Market Size:
The global digital pathology market is estimated to gain a revenue of ~USD 2450 Million by the end of 2033 by growing at a CAGR of ~11% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 1029 Million in the year 2022. The market growth can be attributed primarily to the rising prevalence of cancer worldwide. Globally, cancer causes more than 10 million deaths each year, according to the World Health Organization.
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Moreover, the management of data gathered from digitised specimen slides using data generated from those slides is the primary focus of the subfield of digital pathology. Virtual microscopy is used in digital pathology thanks to computer-based technology. Glass slides that have been converted into digital slides can be viewed, shared, managed, analyzed, and interpreted on a computer monitor. Additionally, the growing spending in the healthcare sector across the globe is estimated to boost market growth. According to the Centers for Medicare & Medicaid Services, US healthcare spending accounted for USD 4.1 trillion in 2020, representing 19.7% of the nation's GDP.
Global Digital Pathology Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Drug discovery segment to dominate the revenue graph
- Hospitals sub-segment remains prominent in the end-user segment
Increasing Incidence of Cardiovascular Diseases (CVDs) and Rising Number of Laboratory Tests to Boost Market Growth
Digital pathology is anticipated to become more crucial as chronic illnesses become more common in order to treat patients, enhance diagnostic performance, and lower the high cost of conventional diagnostics. High death rates are linked to chronic diseases. On account of the growing prevalence of cardiovascular diseases (CVDs), sophisticated diagnostic and imaging technologies are estimated to witness a boom over the forecast period. As per the data from World Health Organization, around 17.9 million people died from cardiovascular diseases in 2019 across the globe, accounting for 32% of all deaths.
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Apart from this, the rising awareness among the people regarding medical tests and growing spending on laboratory tests are estimated to boost the market growth over the forecast period. It was found that every year, people order 14 billion different types of laboratory tests. Clinical laboratories serve a critical role in healthcare, as evidenced by the fact that 70% of medical choices depend on the outcomes of laboratory tests. In addition to this, the rising investment in technological advancements and advance laboratory equipment is predicted to accelerate market growth during the forecast period.
Global Digital Pathology Market: Regional Overview
The global digital pathology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Geriatric Population to Drive Growth in the North America Region
The market in North America is estimated to gain the largest market share by the end of 2033 on account of the rising geriatric population in the region. It was noticed that the U.S. population aged above 65 years was recorded to be 54 million in the year 2019. Moreover, the increasing investments in research and development, continuous government support for development in IT healthcare, growing acceptance of digital imaging, rising awareness of the early diagnosis of diseases among population, and presence of key manufacturers in the region are expected to drive the market growth over the ensuing years.
Growing Instances of CVDs to Drive Growth in the Asia Pacific Region
On the other hand, the market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to the increasing prevalence of hypertension and cardiovascular diseases (CVDs) in the region. As per the records, in 2019, CVD was the biggest cause of mortality in the Asia region, accounting for 10.8 million deaths, or almost 35% of all deaths in Asia, and according to the definition of premature death as occurring before the age of 70, about 39% of these CVD deaths were untimely. In addition to this, the increasing research and development and growing healthcare sector in the region are estimated to boost the market growth over the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Digital Pathology Market, Segmentation by End-User
- Hospitals
- Clinics
- Diagnostic & Private Laboratories
- Research Centers
Owing to the growing usage of digital imaging and scanning methodologies in hospitals for expedited patient care, the hospital segment is predicted to hold the largest market share in the global digital pathology market over the forecast period. Further, the expanding number of government measures to support medical hospitals is anticipated to boost segment growth throughout the course of the projected period. For instance, there were around 800 outpatient visits in the United States in 2020. Additionally, people's strong desire to be treated by highly skilled medical personnel and the existence of a huge patient pool in a hospital facility, which in turn is estimated to drive segment growth.
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Global Digital Pathology Market, Segmentation by Application
- Tele-Consultation
- Disease Diagnosis
- Drug Discovery
- Education & Training
- Pathology Screening
Out of these, the drug discovery segment is estimated to witness noteworthy growth over the forecast period owing to increasing investment in the segment by various key market players. Additionally, the segment is expected to grow over the forecast period as a result of increasing medical R&D, the development of cutting-edge new medical technologies, and rising investment across the globe in the field of research and development. According to research reports, global research and development spending has more than tripled in real terms since 2000, rising from USD 677 billion to USD 2.2 trillion in 2019.
Global Digital Pathology Market, Segmentation by Component Type
- Hardware
- Software
- Services
Few of the well-known market leaders in the global digital pathology market that are profiled by Research Nester are ContextVision AB, Leica Biosystems Nussloch GmbH, GE Healthcare, Ventana Medical Systems Inc., Hamamatsu Photonics K.K., Apollo Enterprise Imaging Corporation, Xifin Inc., Definiens AG., Inspirata, Inc., 3DHISTECH Ltd., and others.
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Recent Developments in the Global Digital Pathology Market
- In July 2022, to develop and diversify its cancer informatics and digital pathology solutions, SpIntellx has joined Inspirata Inc.'s expanding community of partners.
- In July 2022, users will be able to handle more information concurrently, choose and show photos in novel ways, and manage more data quickly with the most recent edition of Apollo Enterprise Imaging Corporation's imaging solution, arcc.
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