by The global Digital Pathology Market is estimated to be valued at US$ 884.4 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital pathology is a technique that uses digitized whole slide images to manage, share, and evaluate histology and pathology specimens remotely. Whole slide images captured by digital pathology systems can be viewed, managed, and analyzed on computer monitors rather than using conventional light microscopes. Some key advantages of digital pathology over conventional methods include improved workflow efficiency, easy sharing of case materials among pathologists globally, remote diagnosis capabilities, and better analytics. The technology offers capabilities like image analysis, machine learning and artificial intelligence that can aid pathologists to deliver more precise diagnoses.
Market key trends:
One major trend driving the growth of the Global Digital Pathology Market Size is the increasing adoption of virtual microscopy for pathology diagnostics. Virtual microscopy enables pathologists to conduct slide reviews and develop diagnoses using digital whole slide images rather than relying on conventional glass slide microscopy. This allows easier collaboration, subspecialty consultations, and second opinion reviews. Growing need for telepathology amid coronavirus pandemic has also boosted adoption of digital pathology platforms. Digitization of pathology workflows has picked up pace to ensure continuity of diagnosis and collaborative case evaluations between geographically dispersed laboratories and pathologists. Ongoing advancements in artificial intelligence and machine learning solutions integrated with digital pathology are enhancing disease detection and diagnosis capabilities.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the digital pathology market is moderate to low due to the need for huge investments in developing integrated software and platforms as well as strong brand presence of existing players.
Bargaining power of buyers: The bargaining power of buyers in the digital pathology market is moderate as the switching costs from traditional to digital pathology is high and buyers have fewer alternatives.
Bargaining power of suppliers: The bargaining power of suppliers in the digital pathology market is low due to the presence of many suppliers and ease of switching between them.
Threat of new substitutes: The threat of new substitutes in the digital pathology market is low as there are limited substitutes for digitalization of pathology workflows and services.
Competitive rivalry: High owing to strong competitive environment among existing players.
Key Takeaways
The global digital pathology market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing automation and reduction of errors coupled with minimization of workload.
The North America region is expected to dominate the global digital pathology market during the forecast period. This is attributed to presence of major players, rising adoption of digital pathology solutions in the region. Furthermore, increasing implementation of favorable government initiatives is also propelling market growth.
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. Key players are focusing on new product launches and geographic expansions to increase their market share. For instance, in 2021, F. Hoffmann-La Roche Ltd launched VENTANA DP 200 for digital pathology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
