Digital Pathology Market is estimated to account for US$ 1,105 Million By 2027, says nova one advisor

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According to Nova one advisor, the global Digital Pathology market value was estimated at US$ 554 Million in 2020 and is projected to reach US$ 1,105 Million by 2027, registering a CAGR of 15.7% from 2020 to 2027. The report contains 150+ pages with detailed analysis.

Overview of Digital Pathology Market Study

Digital Pathology market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The growth of this market is majorly attributed to the increasing adoption of digital pathology to enhance lab efficiency, the rising prevalence of cancer, and the growing application of digital pathology in drug development & companion diagnostics. However, a lack of trained pathologists is expected to challenge market growth in the coming years.

Digital Pathology Market Dynamics
Driver: Increasing adoption of digital pathology to enhance lab efficiency
Digital pathology helps improve lab efficiency by reducing costs, decreasing turnaround times, and providing users with access to subject-matter expertise. Improvements in lab efficiency are critical as patients and physicians are dependent on lab results for diagnostic decisions, and diagnostic tests are required to be completed and reported quickly and accurately. Moreover, access to digital slides via web services eliminates shipping costs and pathologists’ travel time. The outbreak of the COVID-19 pandemic has led to the implementation of lockdowns and social distancing restrictions. Such restrictions have increased the demand for digital pathology solutions, as these can be used by pathologists to remotely view diagnostic results for primary diagnosis. In order to gain a competitive edge and deliver quick services, a large number of pathologists and pathology labs are adopting digital pathology.

Restraints: High cost of digital pathology systems
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. The high cost of these systems, coupled with a dearth of skilled personnel to operate digital pathology systems, is expected to limit the adoption of these systems.

Opportunities: Introduction of affordable scanners for private pathology practices
The development of affordable scanners is expected to offer growth opportunities for players operating in the digital pathology market. Most private medical practices are small businesses and cannot afford expensive digital pathology systems. The introduction of affordable scanners will encourage their adoption among pathologists with low or limited budgets.

Challenges:Lack of trained pathologists
Pathologists play a crucial role in performing laboratory tests essential for disease diagnosis. However, at present, there is a gap between the supply and demand of pathologists worldwide, especially in countries in the Asia Pacific and Africa. Thus, the alarming shortage of pathologists is expected to result in the increased utilization of digital pathology for providing remote pathological consultation and services.

The scanners segment accounted for the largest share of the digital pathology market, by product, in 2019
On the basis of product, the digital pathology market is segmented into scanners, software, communication systems, and storage systems. The scanners segment accounted for the largest share of the global digital pathology market in 2019. The large share of this segment can be attributed to the increasing adoption of digital pathology solutions across the globe.

By application, the drug discovery segment accounted for the largest market share in 2019
On the basis of application, the digital pathology market is segmented into drug discovery, disease diagnosis, teleconsultation, and training & education. The drug discovery segment accounted for the largest share of the global digital pathology market, by application, in 2019. The large share of this segment can be attributed to the growth in R&D expenditure, fueled by the need for numerous preclinical and clinical studies performed during the drug discovery and development process.

By end user, the pharmaceutical & biotechnologies segment to witness the highest growth during the forecast period
On the basis of end users, the global digital pathology market is broadly segmented into pharmaceutical & biotechnology companies, hospitals and reference laboratories, and academic & research institutes. The pharmaceutical & biotechnology companies segment accounted for the largest share of the global digital pathology market in 2019. The large share of this segment can be attributed to the increasing use of digital pathology for drug discovery studies and drug toxicology testing.

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COVID-19 Impact on Digital Pathology Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Digital Pathology market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Digital Pathology market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Digital Pathology market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Digital Pathology market include:

Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), Hamamatsu Photonics (Japan). Other prominent players in this market include Roche (Switzerland), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN (US), Huron Digital Pathology (Canada), Visiopharm A/S (Denmark), Corista (US), Indica Labs (US), Objective Pathology Services (Canada), Sectra AB (Sweden), OptraSCAN (India), Glencoe Software (US), KONFOONG BIOTECH INTERNATIONAL CO., LTD (China), Inspirata, Inc. (US), Mikroscan Technologies (US), Proscia Inc. (US), Kanteron Systems (Spain).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Product

  • Scanners
  • Software
  • Communication Systems
  • Storage Systems

Type

  • Human Pathology
  • Veterinary Pathology

Application

  • Drug Discovery
  • Disease Diagnosis
  • Teleconsultation
  • Training & Education

End User

  • Pharmaceutical & Biotechnology Companies
  • Hospitals and Reference Laboratories
  • Academic & Research Institutes

Why Buy this Report?

The purpose of Nova one advisor’s Digital Pathology market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/5411

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James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

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