Digital Pathology Market by Product (Artificial Intelligence, Scanner, Software, Storage), Type (Human, Veterinary), Application (Teleconsultation, Training, Disease Diagnosis, Drug Discovery), End User (Pharma, Academia, Hospitals), and region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America).
The global Digital Pathology Market size is 799.296 million USD in 2022 and is projected to reach a CAGR of 8.6% from 2023-2030.
Digital pathology is a computer-enabled, image-based information platform that helps the management of information generated from digital slides. Digital pathology technology can aid a research pipeline in two ways. The first one is that the specified file storage and viewing applications may be used to arrange macroscopic images, tissue microarrays, and entire slide images. The second application of digital pathology in research is the development and implementation of image analysis techniques.
Growth of the global digital pathology market is majorly driven by the increase in the prevalence of cancer; a rise in the demand for accurate diagnostics, and the development of new digital pathology systems by a large number of key players. According to a report published by Medscape, chronic diseases can be associated with a higher mortality rate. The fundamental cause for the development of advanced diagnostic solutions is the rise prevalence of cardiovascular disorders. Thus, as the prevalence of chronic and cardiovascular diseases rises, the need for digital pathology systems increases driving the growth of the digital pathology market. Also, the Rise in the geriatric population and rapid technological advancements in digital pathology systems are the factors that fuel the growth of the digital pathology market.
On the other hand, the high cost of A typical digital pathology system, coupled with the lack of skilled personnel to operate them is expected to limit the adoption of these systems. The cost, which includes a slide scanner, an image server, and software, costs around USD 500,000 to USD 700,000. While in the Asia Pacific, the average price is around USD 110,000 to USD 130,000. Although large hospitals with significant capital budgets can afford these systems, pathologists and academic institutes with limited budgets or IT support often cannot afford them, this significantly restricts the Digital Pathology Market
The COVID-19 outbreak is anticipated to have a positive impact to fuel the growth of the global digital pathology market. Thus, the rise in cases of chronic diseases has increased the usage of digital pathology systems for diagnosis, which is anticipated to drive the digital pathology market during the forecast period.
Due to its ability to ascertain and comprehend the causes of diseases, digital diagnosis plays a significant role in the diagnosis of many chronic diseases. The efficiency, effectiveness, and safety of disease diagnosis in pathology laboratories are improved by the integration of digital pathology with digital tools like barcoding, specimen tracking, digital dictation, and others. Multiple pathologists can instantly share entire slides through a digital pathology platform to contribute to a case at once. The rise in the incidence of cancer, the requirement for precise diagnoses, and the creation of innovative digital pathology systems are the primary factors driving the worldwide market for digital pathology.
North America to Dominate the Market