The Adoption Of Digital Imaging And Video Streaming Technology Is On The Rise In The Digital Pathology Market: The Business Research Company
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LONDON, Oct. 19, 2022 /PRNewswire/ -- Companies in the digital pathology market are adopting digital imaging and video streaming technology which allows the sharing of real-time images to any location worldwide. The telepathology makes it easier for doctors to work together to make quick diagnoses. Patients experience suffering while waiting for test findings, which could affect their prognosis. For instance, in June 2020, the Mayo Clinic Department of Laboratory Medicine and Pathology initiated an enterprise-wide digital pathology implementation of the Sectra digital slide review and image storage and management system to enable digital pathology.
The global digital pathology market size is expected to grow from $0.67 billion in 2020 to $0.72 billion in 2021 at a compound annual growth rate (CAGR) of 8.00%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The digital pathology market is expected to reach $1.16 billion in 2025 at a CAGR of 11.34%.
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The Primary Focus Of Major Companies In The Digital Pathology Market Is On Research And Development (R&D)
As per the digital pathology market research, research and development (R&D) activities for the development of new diagnostic solutions is amongst the important digital pathology market trends. For instance, in October 2020, Royal Philips, a Dutch healthcare technology company, announced a collaboration with Singapore General Hospital (SGH) to establish the Singapore General Hospital Digital and Computational Pathology Center of Excellence. The SGH Center of Excellence aims to advance pathology practice by implementing a fully digital histopathology workflow and deploying Artificial Intelligence (AI) to increase productivity and enhance patient care.
Danaher Corporation Held The Largest Digital Pathology Market Share In 2021
Danaher Corporation was the largest competitor in the digital pathology market in 2021, with an 18.45% share of the market. Danaher Corporation is engaged in designing, manufacturing and marketing of professional, medical, industrial and commercial products and services. Danaher's growth strategy focuses on meeting the technical and regulatory integration needs of the digital pathology market through collaborations and partnerships. For instance, in September 2022, the company's subsidiary, Leica Biosystems, partnered with Indica Labs for delivering compatible digital pathology workflow solutions.
Digital Pathology Market Segments
The global digital pathology market segments are -
1) By Product: Scanners, Software, Communication Systems, Storage Systems
2) By Type: Human Pathology, Veterinary Pathology
3) By End User: Pharmaceutical & Biotechnology Companies, Hospitals and Reference Laboratories, Academic & Research Institutes
4) By Application: Drug Discovery, Disease Diagnosis, Teleconsultation, Training & Education
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