Adoption of Digital Pathology Solutions on an Upswing amid COVID-19 Pandemic; Cloud Integration Will Define the Future, Says a New FMI Report
Apr 21,2020 | Healthcare, Pharmaceuticals and Medical devices
Up from global market revenues of US$ 4.9 Bn in 2019, demand for digital pathology solutions will expand at a stupendous double-digit CAGR during 2019 - 2029. As suggested by a new Future Market Insights (FMI) study, digital pathology market has witnessed a promising change in terms of product innovation in the last decade. One of the key factors contributing to this growth includes the scope of cloud integration with pathology outcomes, which would reduce the data sharing challenges facing pathology laboratories.
Potential scope of digital pathology with respect to cloud integration has highly benefited the cancer research industry and represents promising potential for other therapies as well. Innovation in terms of product capabilities and other modalities is another factor expected to drive growth of the digital pathology market.
Key Takeaways of Digital Pathology Market Study
- The equipment segment by component type is expected to gain maximum revenue share over forecast period. Equipment sales will increase at a CAGR of over 13% over the period of projection.
- Brightfield slide scanner is highly adopted whole slide scanner by researcher and pathologist. While, fluorescent slide scanner is anticipated to gain greater traction over the next decade due to its high quality image analysis feature.
- Application in clinical pathology and molecular diagnostics collectively account for over half of total demand.
- Hospitals remain leading end users, followed by diagnostics laboratories. CRO’s will exhibit high opportunistic potential over the forecast period.
- North America and Europe collectively gain 65% of revenue share in 2019 while South Asia region is expected to show greater growth potential over the forecast period.
R&D activities in cancer treatment and personalized medicine landscape provide attractive opportunities to digital pathology market players. COVID-19 pandemic is providing tailwinds to digital pathology market growth, with hospitals, clinics and CROs registering significant adoption of digital pathology solutions.
Key Manufacturers Focus on Introduction of Novel Platforms
Manufacturers of digital pathology solutions are consistently making changes in their software category platform, to enhance the capabilities of digital pathology image analysis range of solutions to their clients. This would provide easy access all of the information such as, images, and would also cater the specialized need to user pertaining to reports and other findings.
For More Detailed Insights on Digital Pathology Market
In 2017, Glencoe Software Inc., the company providing image data management solutions had launched a software named PathViewer tool, which is used interactive viewing and annotation of digital pathology images. Thus, the company is targeting untapped markets with its innovative solutions.
In Jan 2018, Definiens AG released Tissue Studio 4.2 software package in the digital pathology market. The updated product suites provide an improved image analysis functionality for scientists in academic medical centers, comprehensive cancer centers, biotechnology, and pharmaceutical companies.
What Does the Report Cover?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2029. The study provides compelling insights on digital pathology market on basis of component type (systems, software, and services), application (clinical pathology, molecular diagnostics, basic & applied research, drug development, others) and end users (hospitals, diagnostic laboratories, pharmaceutical & biotechnology companies, forensic laboratories, research institutes, contract research organizations, and clinics across seven major regions.
For additional insights on the various other facets of global digital pathology market, write to [email protected]
About Healthcare division of FMI
The Healthcare team at Future Market Insights has consistently tracked and analyzed rapidly evolving trends and developments in the global healthcare industry, encompassing pharmaceuticals and medical devices markets. The team facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.