Digital Pathology Market to Surpass USD 2067.36 Million by 2031, Witnessing 7.8% CAGR Growth | SkyQuest Technology
Westford, USA, Sept. 12, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Digital Pathology Market will reach a value of USD 2067.36 Billion by 2031, with a CAGR of 7.8% during the forecast period (2024-2031).
Due to the increasing number of cancer cases, there is more focus on improving work efficiency while quick diagnostic tools are becoming a necessity. Additionally, the market is growing due to rising investments in healthcare, which are supported by major players in the industry that concentrate on new launches, growing telepathology adoption, and a growing emphasis on precision medicine and drug discovery. The market for digital pathology solutions is being driven by the increasing adoption of healthcare IT solutions.
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Digital Pathology Market Segmental Analysis
Global Digital Pathology Market is segmented based on product, application, and region.
Based on product, the market is segmented into Software {by type [integrated and standalone (information management system and image analysis software)], by deployment mode (on premises and cloud based), scanners (brightfield scanners and other scanners), device, and storage systems.
By application, the market is segmented into drug discovery & development, academic research, and disease diagnosis.
By type, the market is segmented into human pathology and veterinary pathology.
By end use it is segmented into pharmaceutical and biotechnology, Hospitals & Reference Laboratories, Academic & Research Institutes.
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Digital Pathology Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 1133.61 Billion |
| Estimated Value by 2031 | USD 2067.36 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, Type, End User and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Telepathology and remote consultation |
| Key Market Opportunities | AI and Machine learning applications |
| Key Market Drivers | Need for efficient workflow and collaboration |
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Prominent Players in Digital Pathology Market
- Philips Healthcare (Netherlands)
- Roche Diagnostics (Switzerland)
- Hamamatsu Photonics (Japan)
- 3DHISTECH (Hungary)
- GE Healthcare (US)
- Apollo Enterprise Imaging (US)
- Olympus Corporation (Japan)
- Mikroscan Technologies (US)
- Inspirata (US)
- PerkinElmer (US)
- Huron Digital Pathology (Canada)
- Sectra AB (Sweden)
- PathAI (US)
- Indica Labs (US)
- F. Hoffmann-La Roche (Switzerland)
- Nikon Corporation (Japan)
Device Product Segment to Hold Significant Growth Due to Advancements in Imaging Systems
Endorsed by progressions in AI-accommodating therapeutics instruments, imaging schemes and scanners, gadget offerings run the global digital pathology industry presently. Thus, pathology slides can be analyzed with swifter speeds and higher accuracies; this way enhancing both clinical procedures as well as diagnostic correctness. As a result, these innovations are widely adopted in patient care, education, and research, propelling market expansion.
Academic Research to Lead Market Due to Cutting-Edge Studies on AI-Driven Diagnostics
Cutting-edge studies on AI-driven diagnostics, machine learning algorithms, and data analytics are driving innovation in the global digital pathology market. These studies are conducted by academic institutions. This industry leads because of its contributions to the creation of new technologies, the advancement of precision medicine, and the creation of partnerships that push the frontiers of digital pathology for use in clinical and research settings.
North America to Dominate the Market Due to Rising Adoption of Digital Imaging
The global market for digital pathology was led by North America. This can be ascribed to a number of things, such as growing government initiatives to develop technologically complex pathologies, ongoing investments in R&D, the increasing use of digital imaging, and the existence of significant market players in the region.
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Digital Pathology Market Insight
Drivers:
- Rising Demand for Accurate and Early Diagnosis
- Advancements in Digital Imaging Technologies
- Growing Adoption of AI and Machine Learning in Pathology
Restraints:
- High Maintenance Costs
- Regulatory and Standardization Challenges
- Limited Integration with Existing Laboratory Systems
Key Questions Answered in Global Digital Pathology Market Report
- By 2031, how much is the global digital pathology market expected to be worth?
- Which region is now leading the world market for digital pathology, and why?
- Which major factors are propelling the digital pathology market expansion?
This report provides the following insights:
- Analysis of key drivers (Increasing cases of chronic diseases, high-resolution scanners, Automated analysis improves diagnostic accuracy), restraints (Shortage of pathologists trained to use digital pathology tools, raising issues related to cybersecurity, approval processes being time-consuming), opportunities (Expansion of AI-driven diagnostic tools, global push towards telehealth, Increased focus on oncology and precision medicine), and challenges (Privacy laws like GDPR and HIPAA pose challenges, Limited healthcare infrastructure in low- & middle-income countries) influencing the growth of digital pathology market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the digital pathology market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the digital pathology market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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