Press Release

A USD 2.5 Billion Global Digital Pathology Market to Cruise at a CAGR of Around 9.8% During 2024-30

The Global Digital Pathology Market size was valued at about USD 2.5 billion in 2023 and is anticipated to grow at a CAGR of about 9.8% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The increasing prevalence of oncology disorders is fueling the market. Globally, the cancer patient population has been growing at a rapid pace, backed by the rise in cancer-causing chemicals in the environment and the increased penetration of natural UV radiation. Consequently, there's a surging need for accurate & convenient diagnostic systems that have infused the demand for digital pathology solutions since they help pathologists streamline diagnostic workflows in oncology disorders.

According to GLOBOCAN, the Global Cancer Observatory, an estimated 28.4 million new cancer cases are likely by 2040 worldwide, i.e., a 48% boost from the estimated 19.5 million cases in recent years. Besides, the surging incidence of oncology disorders across regions like Australia, New Zealand, North America, Europe, etc., is another crucial aspect projected to drive the Global Digital Pathology Market over the forecast years. Additionally, the unprecedented expansion of the digital pathology industry is being driven primarily by its broad usage in medical facilities for illness diagnosis and medical schools for teaching purposes. This increased need is a result of the rising prevalence of both communicable & non-communicable diseases (NCDs).

Moreover, the ever-evolving range of telemedicine programs is opening up fresh prospects for digital pathology. In remote or underprivileged regions, telemedicine systems are gaining traction for linking patients with medical experts. The smooth fusion of digital pathology and telemedicine enables assessments and diagnoses from afar, thereby expanding healthcare services to areas where specialized medical skills are scarce. This amalgamation promotes superior health service delivery while providing a substantial avenue for providers, consequently augmenting future Digital Pathology Market growth potential, further states the research report, “Global Digital Pathology Market Analysis, 2024.”

Global Digital Pathology Market Segmentation Analysis

Hospitals & Clinics Segment to Witness the Substantial Revenue Growth

Based on the end-user, the market is further bifurcated into Biotech & Pharma companies, Hospitals & Clinics, Diagnostic Centers, and Others (Academic & Research Institutes). The hospitals & clinics segment is set to become the leading end-user as the global market experiences significant growth. This development can be attributed mainly to a rise in non-communicable diseases (NCDs) that have prompted healthcare facilities across the board to upgrade their diagnostic capabilities. In response, hospitals are increasingly adopting digital pathology solutions due to advancements in technology, making them more accessible and cost-effective while meeting demands for accuracy and promptness of diagnoses. The trend towards seeking comprehensive pathology services is likely only intensifying from small community health centers up through large specialized medical institutions grappling with higher patient admission volumes moving forward.

Additionally, the segment's expansion is anticipated to be fueled by efforts to introduce innovative products through partnerships with leading hospitals and an increase in the utilization of digital tools driven by a surge in patient volumes. Advanced medical facilities in developed nations like the United States and the UK have benefited from incorporating pathology equipment and systems, helping them attract many patients.

North America Leads the Global Digital Pathology Industry

North America has secured a substantial share of the global digital pathology market in the past few years. This is largely due to considerable investments in healthcare across nations such as Canada, Mexico, and especially the United States. The region has established itself as a major center for solutions to digital pathology, with significant growth witnessed over the past years. A combination of factors, including the ready availability of products related to digital pathology and the presence of top industry players, contributed to this development. Additionally, steadily increasing demand for accurate diagnostics, particularly those associated with cancer cases, significantly accelerated adoption rates for various options available within the realm of digital pathology throughout North America.

Furthermore, the North American market is expanding as a result of companies' emphasis on utilizing inorganic growth strategies, including partnerships and collaborations. These endeavors seek to introduce new digital resources that effectively manage workflow while satisfying an escalating demand for tailored solutions.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Philips, F. Hoffmann-LA Roche Ltd., Vital Signs Solutions Ltd., Sectra, Agilent Technologies Inc., Hamamatsu Photonics K.K., Nucleai, Medtech (Sigtuple), PreciseDx, Inspirata, Apollo Enterprise Imaging Corp., Aurora Interactive Ltd., Glencoe Software, Inc., Digipath Inc., Leica Biosystem Inc., Mikroscan Technologies Inc., and others (Ligolab Llc, etc.) are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping up across the regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?