The digital pathology market has been projected to grow at a significant speed in the foreseeable years.
The digital pathology market has been projected to grow at a significant speed in the foreseeable years. These growth opportunities in the global market are commonly attributed to the rising adoption of digital pathology in order to enhance the efficiencies of labs. In addition to this, the growing application of digital pathology for the development of drugs and companion diagnostics is also fueling the expansion avenues in the global market. Further, the increasing prevalence of cancer across the world is also contributing to the growth opportunities in the global market during the forecast period.
On the flip side, there is a lack of trained pathologists around the world in the healthcare industry that is predicted to challenge the growth avenues in the global market in the following years. The development of some affordable scanners around the world is estimated to bring novel growth avenues for the key players that are operating in the digital pathology market in the coming years. Various private small businesses are unable to afford expensive systems for digital pathology. These factors are further predicted to boost the growth impetuses in the global market.
Digital Pathology Market: Key Trends
Digital pathology is helpful for the improvement of lab efficiencies while reducing the costs of products. These services are also helpful in order to provide users with access to the subject-matter expertise and to decrease turnaround times. Further, improvement in the lab efficiencies is critical as physicians and patients are dependent on the results of the lab for the diagnostic decisions. In addition to this, these tests are required to be reported and completed accurately and quickly. Access to the digital slides through web services is vital to eliminate the pathologists’ travel time and shipping costs. These factors are important to bolster the expansion opportunities in the digital pathology market in the near future.
The sudden outbreak of the COVID-19 cases across the world has led to the implementation of lockdowns in order to maintain social distancing. These restrictions have boosted the requirement for digital pathology solutions for the remote view diagnostic results for the primary diagnosis. Thus, to gain the competitive edge as well as to deliver quick services, numerous pathology labs and pathologists have been adopting digital pathology. These factors are estimated to bolster the expansion prospects in the digital pathology market in the upcoming years.
Digital Pathology Market: Competitive Dynamics and Key Developments
The key players in the digital pathology market have been putting collective efforts to develop novel growth opportunities in the foreseeable years. These players are focusing on technological advancements through different R & D activities. They are adopting numerous growth prospects for the development of new growth avenues in the following years. Portfolio diversion, mergers and acquisitions, development and launching of products, expanding the footprints of the various organization through subsidiaries and partnership, and expansion of various distribution networks are some of these market growth practices that are likely to fuel the expansion avenues in the near future.
The key players in the digital pathology market are:
- Leica Biosystems
- Hamamatsu Photonics Roche
- Objective Pathology Services
- Koninklijke Philips N.V.
- Huron Digital Pathology
- 3DHISTECH
- Corista
- Apollo Enterprise Imaging
- XIFIN
- Visiopharm A/S
- Indica Labs
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Digital Pathology Market: Regional Assessment
Digital pathology has been bifurcated into five major geographical regions including Asia Pacific, Europe, North America, and the Rest of the World. North America is predicted to hold the largest share in the global market in the coming years. The growth avenues in the regional market are commonly attributed to the introduction of various favorable reimbursement policies, rising demand for quality diagnostics, and increasing prevalence of cancer. Along with these factors, the government from Canada and the US is also implementing favorable initiatives to drive the expansion opportunities in the following years.
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