Market Overview:
Digital pathology involves digitizing tissue samples through high-resolution whole-slide imaging systems to create digital image databases. This enables viewing, sharing, managing, and analyzing pathology information on computer screens instead of microscopes. Digital pathology offers many advantages over traditional glass slide methods such as easier storage and transport of slides, remote collaboration between pathologists, automated scanning, and integration with laboratory information systems and electronic medical records. The need for improved disease diagnosis and growth in research activities are driving increased adoption of digital pathology solutions.
Market key trends:
The key trends in the global digital pathology market include growing applications of AI and machine learning tools. AI algorithms are being deployed for automated tissue detection, disease classification, and diagnostic decision support. This reduces diagnostic errors and workflow time for pathologists. Another trend is the increasing preference for cloud-based solutions over on-premise systems. Cloud hosting of digital slides provides cost benefits and scalability. It also enables anytime, anywhere access through the internet. Upgrading of legacy systems to digital platforms is another trend as healthcare providers look to digitally transform their operations and workflows. Partnerships between technology and pharmaceutical companies are also on the rise to develop advanced computational pathology applications and further research in drug discovery and precision medicine.
The global Digital Pathology Market Share is estimated to be valued at US$ 884.4 Million in 2023 and is expected to exhibit a CAGR of 12.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The digital pathology market has high market entry barriers due to high overall cost of establishment of digital pathology infrastructure, specialized skills and expertise required.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are few vendors dominate the digital pathology system market. However, the availability of open source digital pathology software provides options to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low in digital pathology market as there are large number of raw material suppliers and service providers for various components of digital pathology system.
Threat of new substitutes: There is low threat from substitutes in digital pathology market as it provides capabilities of digital image analysis and interpretation which can’t be replicated by traditional microscopy alone.
Competitive rivalry: The digital pathology market witnesses high competitive rivalry between established key players.
Key Takeaways
The global Digital Pathology market is expected to witness high growth, exhibiting CAGR of 12.2% over the forecast period 2023-2030, due to increasing applications in drug development and cancer research.
Regionally, North America captures largest share of digital pathology market and is expected to dominate the market during forecast period owing to rapidly growing adoption of digital pathology solutions across healthcare facilities and research institutes in the US. Asia Pacific is expected to witness fastest growth rate owing to rising healthcare expenditure, diagnostic needs and growing focus of key players in emerging Asian countries.
Key players operating in the digital pathology market are Leica Biosystems Nussloch GmbH, Olympus Corporation, F. Hoffmann-La Roche Ltd., Merck KGaA, GE Healthcare, Mikroscan Technologies, Inc., Koninklijke Philips N.V., Sectra AB, Propath UK Limited, Inspirata, Inc., Hamamatsu Photonics, Inc., OracleBio Limited, MD Biosciences, Aiforia, Xybion Digital Inc., Nucleai, Inc. These players are focusing on new product launches and expansion of digital pathology service offerings to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
