In a landmark projection, the digital pathology market sales is poised to redefine the landscape of medical technology, catapulting from a 2023 valuation of US$ 7,035.8 million to an impressive US$ 24,961.8 million by 2033. The industry is gearing up for a stellar 13.5% Compound Annual Growth Rate (CAGR) from 2023 to 2033, underscoring a period of unprecedented expansion and innovation.
Driving this transformative journey are two pivotal factors – the escalating integration of advanced analytics in pharmaceuticals and medical testing. The digital pathology market is witnessing a surge in demand as healthcare stakeholders harness the power of cutting-edge analytics for enhanced diagnostics and treatment planning. Furthermore, the strategic implementation of analytics by healthcare financing organizations and government bodies, particularly in claim management and fraud prevention, serves as a powerful catalyst, propelling the market towards robust growth.
The forthcoming decade promises a paradigm shift in how healthcare embraces digital pathology, with this market poised not just to meet, but exceed, the evolving demands of a dynamic healthcare landscape. As technology and analytics converge to shape the future of medical diagnostics, the digital pathology market stands at the forefront of this revolution, fostering a new era of precision and efficiency in healthcare delivery.
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Surge in R&D in Digital Pathology to Augment Sales in Forthcoming Years
In recent years, the digital pathology industry has increased investments in biosimilar research and development initiatives, primarily for cancer treatment and Covid-19 treatment, which have substantially fuelled the market expansion.
Contract Research Organizations (CROs), in-vitro diagnostics (IVD) laboratories, clinical laboratories, and regulatory consultants are being assigned biosimilar development responsibilities by pharmaceutical corporations. These enterprises are developing in order to provide more cost-efficient solutions to their customers, requiring the use of digital pathology instruments to diagnose, research, and design effective healthcare solutions.
Cancer diagnostic Opens New Avenues for Digital Pathology Companies
Due to the sheer increasing occurrence of cancer, there is an increase in spending on digital pathology equipment. Complications arising from late cancer diagnosis, particularly in the case of blood cancer and lung cancer, necessitate the use of significant capital resources during therapy and diagnosis. The success of digital pathology in research is driving demand for these systems in the cancer research industry. This is also encouraging government investors to invest in digital pathology systems for clinical diagnosis. A significant amount of money is spent on cancer diagnosis and therapy monitoring. This explains why digital pathology solutions are in high demand.
Competitive Landscape
- Danaher Corporation
- F. Hoffmann-La Roche AG
- Huron Technologies International Inc.
- Koninklijke Philips N.V.
- Olympus Corporation
- Hamamatsu Photonics K.K.
- Carl Zeiss AG
- Nikon Corporation
- 3DHISTECH Ltd.
- Hologic Inc.
- PerkinElmer, Inc.
- Visiopharm
- OptraSCAN, Inc.
- Inspirata, Inc.
- Sectra AB
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Some of the recent developments in digital pathology market are as follows:
- In May 2021, Leica Biosystems joined the European Society for Digital and Integrative Pathology (ESDIP) to assist pathology labs in developing laboratories in accordance with modern digital pathology instruments.
- In March 2021, Roche inked a comprehensive merger agreement with GenMark Diagnostics to broaden its product and distribution channel for European consumers.
Key Segments:
Digital Pathology by Product Type:
- Digital Pathology Equipment
- Whole Slide Scanners
- Brightfield Slide Scanners
- Fluorescence Slide Scanners
- Combination Slide Scanners
- Clinical Microscope
- Tissue Microarrays
- Digital Pathology Software
- Image Viewing and Analysis Software
- On-premise
- Cloud-based
- Digital Pathology Information Systems
- On-premise
- Cloud-based
- Digital Pathology Services
- Installation and Integration Services
- Consulting Services
- Maintenance and Validation Services
Digital Pathology by Application:
- Clinical Pathology
- Molecular Diagnostics
- Basic & Applied Research
- Drug Development
- Others
Digital Pathology by End User:
- Hospitals
- Diagnostic Laboratories
- Pharmaceutical & Biotechnology Companies
- Forensic Laboratories
- Research Institutes
- Contract Research Organizations (CROs)
- Clinics
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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