The global digital pathology market size is expected to reach USD 1.86 billion by 2027, registering a CAGR of 11.8% over the forecast period, according to a new report published by Grand View Research, Inc. Increasing prevalence of chronic diseases triggers the demand for advanced diagnostics, which is expected to drive the market growth. Growing economic stability and awareness pertaining to the benefits of using Computer-Aided Diagnostics (CAD) is further contributing to the growth.
Technological advancements, such as digital imaging, computerization, robotic light microscopy, and multiple fiberoptic communications are some of the key factors driving the adoption of digital pathology. In addition, introduction of cloud-based technology enabling storage of digital slides coupled with secure access to pathologists is expected to serve as a potential growth driver for the market.
Digital pathology has important role in companion diagnostics and drug development pipeline, including molecular biology, biobanking, molecular tissue profiling, and tissue microarray analysis. Increasing demand for high-quality tissue samples in tissue-based biomarker research is expected to propel adoption of the technology over the forecast period.
The market is expected to witness intense competition in near future owing to rising adoption of rigorous strategies by the market players to sustain competition. For instance; whole slide imaging system manufacturers focus on obtaining premarket approval for diagnostic digital systems to capture greater revenue share.
Further Key findings from the study suggest:
- Devices held the dominant market share in 2019 owing to increased use in academic research
- Rising implementation of slide management system in stratified medicine and tissue-based biomarker research is one of the key contributing factors for the dominance of this technology
- Software segment is expected to witness lucrative growth in near future as the product assists in faster diagnosis and synchronization of patient data, where healthcare professionals can remotely access this information
- Digital pathology is increasingly used in academic research owing to various benefits, such as cost-effectiveness and rapid results
- Disease diagnosis segment is expected to witness lucrative growth over the forecast period owing to the increasing prevalence of cancer and demand for noble diagnosis techniques
- Availability of unified platforms for workflows in pathology is anticipated to boost the usage of computer-aided imaging technology in academic research, which is anticipated to boost the segment growth
- Hospital led the end-use segment in 2019 owing to the increasing adoption of digital pathology
- The digital pathology market is expected to remain innovation-led, with frequent acquisitions and strategic alliances. New product development and well-established distribution channels are key for competitive advantage of the leading players
- Increasing usage rate of the digital imaging systems to facilitate faster diagnosis, particularly of chronic diseases; the increased uptake of these products serves as the key driver of this market