Digital Pathology Market Revenue Will Reach $1.33 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Digital Pathology Market By Products (Whole Slide Imaging, Image Analysis- Informatics, Information Management System Storage and Communication, Information Management System Storage and Communication), Industry trends, Estimation & forecast, 2016 – 2024.”the global digital pathology market was valued at $390.7 million in 2016, and is projected to reach $1.33 billion by 2024, growing at a CAGR of 16.6% from 2017 to 2024.
In 2016, the Whole slide imaging segment held the highest revenue share in the global digital pathology market. Among major regions, North America digital pathology market was the highest revenue generating market valued at 3/8th of the global market share.
“Numerous factors such as cancer diagnosis, efficient workflow, and effective transportation are helping digital pathology market to garner notable revenues globally. Information rich images are proving to be a game changer in diagnosis industry and will nourish the market further. Global digital pathology market is expected to grow significantly in upcoming years and help various organizations in faster & accurate diagnosis.”
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Whole slide product segment is expected to grow at a CAGR of 13.5% and projected to hold around 40% of the market share. Various advantages of whole slide imaging such as faster analysis, digital storage, and database creation are helping the segment to retain a large portion of the market share. Growing need of whole slide analysis would further boost the market. For instances, about 1.5 billion histopathological slides are investigated manually each year in the U.S. alone.
Pharmaceutical and Biotechnology companies end-user segment is estimated to grow at a rapid CAGR of 18.8%
Hospitals & diagnostic centers had generated highest revenue in 2016 and will grow at a steady CAGR of 14.9%. However, Pharmaceutical and Biotechnology companies are expected to grow at an impressive CAGR of 18.8% and will garner a revenue of around 30% of the market share. Increasing adoption of digital pathology for various applications within Pharmaceutical and Biotechnology companies would further boost the market. For instance, nearly all of the top 15 pharmaceutical companies have completed multisite-integration with digital pathology in October 2012.
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North America will dominate the digital pathology market throughout the forecast period
North America currently holds more than 40% of the market share and is expected to grow at a CAGR of 13.5% from 2017 to 2024. U.S is expected to be the largest market for digital pathology.
Asia-Pacific is one of the largest market for digital pathology. China is estimated to exhibit a highest growth rate with a CAGR of 31.0% and dominate the market in terms of revenue by 2024.
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DIGITAL PATHOLOGY MARKET KEY FINDINGS
• Global Digital Pathology market is expected to reach $1.33 billion by the end of 2024.
• Whole slide imaging will dominate the market in terms of revenue.
• Pharmaceutical and Biotechnology companies will be the largest end users segment to generate revenue in the upcoming years.
• North America will lead the digital pathology market throughout the forecast period. However, Asia-Pacific is forecasted to emerge as the fastest growing market.
The global digital pathology market is highly competitive owing to the presence of numerous market players. Some major vendors of the market are Danaher Corporation, Digipath Inc., Glencoe Software Inc., Hamamatsu Photonics K.K., Indica Labs Inc., Koninklijke Philips N.V., Nikon Corporation, PerkinElmer, Inc., Pixcelldata Ltd. and Visiopharm A/S. Key vendors compete on the basis of product quality and competitive pricing. New product launch and technological innovation are key strategies adopted by market leaders to improve their foothold within the market. For instance, OptraSCAN Digital Pathology launched Fluorescent Whole Slide Imaging Scanner in February 2017, to increase their product portfolio in the market.