Digital pathology enables pathologists to analyze, evaluate and share pathology outcomes remotely. The introduction of digital pathology in healthcare and life science applications has significantly reduced laboratory expenses and improved operational efficiency and productivity. The integration of conventional pathology operations with digital pathology in healthcare applications has enhanced treatment decision and patient care. According to the latest research by Future Market Insights (FMI), the global digital pathology market was valued at US$ 326.7 Mn in terms of value in 2015. The report on digital pathology further projects significant growth potential with an average year-on-year growth rate of 11.4% through 2025.
Digital Pathology Market: Overview & Analysis
The global digital pathology industry is largely dominated by the histopathology application segment, which is part of the tissue diagnostics market. The digital pathology market has witnessed a significant transformation in terms of adoption across developed countries of Europe and North America over the recent past. Companies are not focused on the commercialization of cheaper digital pathology solutions in the APAC market as they already have a large consumer base in the region. Continuous efforts from AI service providers to integrate digital pathology solutions with commercial diagnostics are expected to hold key growth opportunities in the market. The recent collaboration between Microsoft India and SRL Diagnostics will empower the pathology services of SRL Diagnostics with Microsoft’s Azure and AI innovations. This collaboration will enable Microsoft to use a repository of more than a million histopathology slides of SRL Diagnostics for training an AI algorithm. The increasing prevalence of chronic diseases such as cancer is demanding more reliable and cost-effective diagnostic platforms for pathology laboratories.
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Digital pathology imaging solutions have transformed the day-to-day operations image analysis and interpretation of histopathology images in pathology laboratories. The cost effectiveness and remote pathology review of digital pathology are attracting health and pharmaceutical sectors as well as education and contract research organizations. According to Pharmaceutical Research and Manufacturers of America (PhRMA), the overall spending on drug discovery and development was around US$ 90.0 Bn in 2016. Digital pathology has witnessed significant application in drug discovery and development, especially in preclinical GLP pathology and oncology clinical trials. Digital pathology technology is transforming the mode of drug delivery by enabling data sharing and integrating dispersed pharmaceutical pathology laboratories worldwide. Digital pathology technologies are primarily used for research purposes and are increasingly gaining prominence as one of the most competent technologies for pathology. The growing use of digital pathology technologies in drug discovery is a major factor expected to drive the growth of the global digital pathology market.
The introduction of novel digital pathology tools in clinical diagnostics is expected to create major potential opportunities for investors over the forecast period. This can be attributed to the vast potential of digital pathology platforms in histopathology screening. Such promising opportunities for digital pathology in histopathology screening are also expected to present the histopathology screening service segment as an increasingly lucrative option for investment. The application of digital pathology in medical microbiology and hematology is likely to gain momentum by late 2020 due to the strong barriers with regard to the adoption of digital pathology technologies. These barriers include the high capital costs of products, lack of regulatory standards for commercial application and lack of product awareness among end users.
FMI has segmented the global digital pathology market on the basis of product type, end user, pathology screening service and region. In terms of revenue, the instrument segment is expected to hold a substantial market share over the forecast period. The segment is expected to exhibit a healthy CAGR of 12.0% over the forecast period.
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FMI’s report covers some of the key companies operating in the digital pathology market, which include Perkin Elmer, Inc., Sectra AB, Definiens AG, 3D-Histech Ltd., Ventana Medical Systems, Koninklijke Philips N.V, GE Healthcare, Olympus Corporation, Inspirata Inc., Leica Biosystems, Digipath Co., Zeiss, Yokogawa Electronic Corporation Hamamatsu Photonics, K.K. and Quorum Technologies Inc.