Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Digital Pathology Market – Insights
Digital pathology, also known as ‘virtual microscopy’, is a dynamic, image-based environment that enables the acquisition, management, and interpretation of pathology information generated from a digitized glass slide. Digital pathology is a potential method for diagnosis of several chronic and infectious diseases.
The global digital pathology market is estimated to account for US$ 500.1 Mn in 2018 and is expected to reach US$ 1,182.9 Mn by the end of 2027.
Global Digital Pathology Market: Drivers
Increasing prevalence of chronic diseases and the need for early diagnosis of such conditions is expected to boost growth of the market over the forecast period. For instance, according to the World Health Organization (WHO), 18.1 million new cases and 9.6 million deaths were registered due to cancer in 2018.
Moreover, increasing incidences of infectious diseases is also propelling growth of the global digital pathology market. For instance, according to the WHO, July 2018 Factsheet, around 71 million people have chronic hepatitis C infection worldwide and around 3,99,000 deaths occur annually from hepatitis C mostly due to cirrhosis and hepatocellular carcinoma.
North America region held dominant position in the global digital pathology market in 2018, accounting for 57.8% share in terms of value, followed by Europe.
Global Digital Pathology Market: Restraints
The high cost of digital pathology devices and equipment is a major factor hampering growth of the market, especially in emerging regions. The overall cost of implementation of digital pathology can be around US$ 150,000. Other expenses also involve maintenance and training costs.
Moreover, the digital pathology industry is facing challenges due to unclear regulatory policies, especially in the U.S., which accounts for majority of market share. Such scenario is also expected to hinder the market growth.
Global Digital Pathology Market: Opportunities
Increasing R&D in cancer is expected to offer lucrative growth opportunities for players in the global digital pathology market. For instance, in December 2019, Cancer Research UK and Vaccitech Oncology Limited announced a new partnership to develop a novel immunotherapeutic vaccine strategy to patients with lung cancer.
Integration of cloud computing with digital pathology is also expected to boost growth of the market over the forecast period. Use of cloud computing in digital pathology can help to deliver cost effective healthcare and also help to manage the growing amount of data that is generated by the technology.
Services segment in the global digital pathology market was valued at US$ 86.9 in 2018 and is expected to reach US$ 263.2 Mn by 2027 at a CAGR of 13.1% during the forecast period.
Market Trends/Key Takeaways
Major hospitals are adopting digital pathology for diagnosis of cancer. For instance, in June 2019, Seoul St. Mary’s Hospital, a part of Catholic Medical Center (CMC), started operating a digital pathology system that aids in the diagnosis of cancer.
Key players in the market are focused on raising funds to expand their product portfolio. For instance, in December 2019, Paige, a U.S.-based company engaged in computational pathology, announced closure of Series B funding round of US$ 45 million. The company intends to use the funding to drive FDA clearance of its products and expand its portfolio.
Global Digital Pathology Market: Competitive Landscape
Major players operating in the global digital pathology market include, Perkin Elmer, Inc., Definiens AG, Sectra ABss, Koninklijke Philips N.V., Paige, GE Healthcare, Inspirata Co., Ventana Medical Systems, Inc., Leica Biosystems, 3D-Histech Ltd., and Hamamatsu Photonics, K.K.
Global Digital Pathology Market: Key Developments
Key players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in December 2019, Paige collaborated with Royal Philips to deliver clinical-grade AI applications to pathology laboratories in order to help pathologists identify, quantify, and characterize cancer in tissue samples and make precise diagnoses more efficiently.
In August 2019, Royal Philips announced that Taipei Veterans General Hospital (TPVGH) will utilize the Philips IntelliSite Pathology Solution to transform its pathology tissue examination to digital diagnostics.