ALBANY, New York, Aug. 20, 2018 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) has published a new report titled, "Digital Pathology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026". According to the report, the global digital pathology market was valued at US$ 340 Mn in 2017, and it is projected to expand at a CAGR of more than 12% from 2018 to 2026. Increase in installation of digital systems and workload of pathologists is projected to drive the global market during the forecast period. North America and Europe are anticipated to dominate the global digital pathology market in the next few years owing to the rise in prevalence of cancer, improvement in technology, and increase in elderly population in these regions. The digital pathology market in Asia Pacific is expected to expand at a rapid pace from 2018 to 2026. This is attributed to the increase in prevalence of cancer and rise in awareness about healthcare IT and its application in developed countries such as Japan and Australia. The market in Asia Pacific is projected to expand at a CAGR of more than 13% from 2018 to 2026.
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Increase in Workload of Pathologists to Drive Global Market
High prevalence of cancer and accurate pathological assessment and digitalization are major factors that are projected to fuel the global digital pathology market during the forecast period. Decrease in number of pathologists in countries such as the U.S., leading to ever increasing workload, is an important factor that is likely to drive the global market during the forecast period. Furthermore, advancements in diagnostic tests, rise in number of clinical and preclinical trials, rise in in automation, and improvement in healthcare infrastructure are key factors driving the global market. However, high cost of initial set up, sampling errors, and stringent regulatory requirements are some factors that are likely to restrain the market during the forecast period.
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Image Analysis Software Segment to Dominate Global Digital Pathology Market
The report offers detailed segmentation of the global digital pathology market based on product type, end-user, application, and region. In terms of product type, the digital pathology market has been classified into image analysis software and scanners. The image analysis software segment is expected to account for a leading share of the global market during the forecast period. Higher share held by the segment is attributed to improved technology and ease of usage of the software. Based on end-user, the global market has been segregated into diagnostic laboratories, academic & research centers, pharmaceutical companies, and others. The diagnostic laboratories segment dominated the global market, accounting for more than 30% share in 2017 due to the rise in prevalence of infectious diseases and chronic diseases such as cancer. Based on application, the global digital market has been split into diagnosis, consulting services, educational, and others. The educational segment is expected to expand at a prominent CAGR during the forecast period due increase in research activities, globally.
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Asia Pacific Market to Expand Rapidly
In terms of region, the global digital pathology market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held a major share of the global market, in terms of value, in 2017. It is projected to dominate the market during the forecast period. The market in the region is anticipated to expand at a CAGR of more than 12% from 2018 to 2026. Rise in awareness about healthcare IT applications, shortage of pathologists, and easy usage of the systems are likely to drive the market in the region during the forecast period. Europe is projected to account for the second-largest share of the global digital pathology market by 2026. The market in the region is anticipated to expand at a significant CAGR from 2018 to 2026. Rise in geriatric population and high health care spending are expected to fuel the market during the forecast period.
The digital pathology market in Asia Pacific is anticipated to expand at a rapid pace from 2018 to 2026. The market in the region is likely to expand at a CAGR of more than 13% during the forecast period. Increase in population, rise in prevalence of cancer, increase in awareness towards digital pathology systems, and rise in government initiatives toward diagnosis of diseases are expected to boost the market in the region. Australia, Japan, India, and China are potential markets for digital pathology in Asia Pacific. The market in China is expected to expand rapidly at a notable CAGR during the forecast period due to rise in population, inexpensive digital systems, and high installed based. The digital pathology market in Latin America is projected to expand at a CAGR of more than 11% from 2018 to 2026. Investment by major players is anticipated to propel the market in the region.
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Key Players
Key players in the global market are adopting strategies such as mergers and acquisitions, technological developments, and geographic expansion in order to capture significant market position. Major players operating in the global digital pathology market include Leica Biosystems Imaging, Inc, OLYMPUS CORPORATION, F. Hoffmann-La Roche Ltd, GE Healthcare, Mikroscan Technologies, Inc., Koninklijke Philips N.V., Sectra AB, and Inspirata.
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