Global Digital Pathology Market Expected to Reach $8,668 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, March 8, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Digital Pathology Market by Product, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global digital pathology market was valued at $3,323 million in 2016, and is projected to reach $8,668 million by 2023, growing at a CAGR of 14.8% from 2017 to 2023. The digital IVD devices segment accounted for about seventh-eighths share of the global market in 2016.
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Digital pathology (DP) is an emerging technology in the field of pathology, where test results are converted into digital images for easy viewing, analysis, storage, and management of the data collected. This is expected to result in many advancements and upgradation of conventional pathology. Thus, lack in number of pathologists globally is addressed by the use of digital pathology, which is the major benefit of this technology. In addition, increase in applications of digital pathology for disease consultation, especially for cancer, boosts the market growth. The other key factors contributing to the growth of this market are rise in prevalence of chronic diseases and ease in virtual transportation of slides. However, lack of reimbursement policies, inadequate infrastructure, and high cost of digital pathology devices restrict the growth of the market.
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Image analysis informatics is expected to register a significant growth rate during the forecast period, owing to the benefits offered by image analysis informatics such as it aids in analyzing multitude of images with ease and in studying complex morphologies & features Moreover, it enables comparison of data with other related data for obtaining better decisions, which fuels the growth of the image analysis informatics segment.
Automated hematology analyzers & blood cell counters dominated the market in 2016, as cell counting with these devices is rapid. Moreover, they improve the accuracy test results, eliminate chances of errors, reduce inter operator variability, and minimize the potential contact with samples. In addition, automated hematology analyzers & blood cell counters are relatively cost-efficient and can process up to 120150 samples per hour.
Among the end users, the clinics segment accounted for the largest share in the global digital pathology market, as clinics deliver well-organized, documented, retrieved, and logistical pathological procedures. Thus, rise in number of clinics incorporating digital pathology over traditional pathology augments the market growth.
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Key Findings of the Digital Pathology Market:
- Digital holographic microscopy segment accounted for about one-fourth share of the total market in 2016, and is expected to register a CAGR of 11.5% from 2017 to 2023.
- The chromosome analyzers segment is expected to grow at a CAGR of 17.9% during the forecast period.
- The U.S. dominated the North American digital pathology market, and is projected to grow at a CAGR of 12.5% from 2017 to 2023.
- Pharma & biotech companies accounted for three-eighths share of the total market, and is estimated to grow with a high CAGR of 16.6% during the forecast period.
- India is expected to register the highest growth rate in the Asia-Pacific region during the forecast period.
Asia-Pacific is expected to witness highest growth rate in the global market, and is expected to continue this trend throughout the forecast period. This is attributed to high population density and rise in incidence of chronic diseases across high populous countries such as India and China. For instance, the number of annual deaths has reached 56 million individuals in 2015, and 70% of the global deaths in 2015 were due to noncommunicable diseases such as Alzheimer's disease, ischemic heart disease, diabetes, chronic kidney disease, stroke, and other dementias.
The key players operating in the global digital pathology market are Danaher Corporation, Digipath Inc., Glencoe Software, Inc., Hamamatsu Photonics K.K., Indica Labs, Inc., Koninklijke Philips N.V., Nikon Corporation, PerkinElmer, Inc., Pixcelldata Ltd., and Visiopharm A/S. Other players operating in the value chain are Leica Biosystems, Ventana Medical Systems, 3DHISTECH, HCL Technologies, Pathology Devices, Inc., Biogeniux, OptraSCAN, Pathcore, and Sectrae.
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