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Digital Pathology Market to Grow to US$492.8 Million owing to Expanding Cancer Patient Pool

Press Release   •   Feb 23, 2016 06:20 EST

A new Transparency Market Research report states that the global digital pathology systems market stood at US$228.9 mn in 2013 and is predicted to reach US$492.8 mn by 2020. It is expected to expand at a CAGR of 11.90% from 2014 to 2020. The title of the report is “Digital Pathology Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”.

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As per the report, the information technology advancement enabling improved connectivity as well as the rise in healthcare reforms are the key factors fuelling the market for digital pathology systems. In addition, the increasing spending on healthcare and the rising workload of pathologists have also impacted the market positively. On the other hand, the huge initial cost expended in set up, the strict regulatory compliance, and sampling errors may impede the approval of these systems and hence result in having a negative impact on the growth of the market.

On the basis of technology, the digital pathology systems market is segmented into virtual microscopy and telepathology, which is sub-segmented into dynamic and static. Amongst these technology segments, the virtual microscopy segment held the biggest share in the market in 2013 and is anticipated to rise at the most exponential growth rate in the forecast horizon. The positive outlook of this segment is due to the rising preference for virtual microscopy in drug discovery and disease diagnosis and also the digitization of microscopic slides.

On the basis of application, the market is segmented into disease diagnosis, academic research, and drug discovery and development. Amongst these application segments, the segment of disease diagnosis held the biggest market share in 2013. This segment has been rapidly growing owing to slide analyzing being done in a very short span of time and that too with few diagnostic errors. On the other hand, digital pathology systems are being highly used for tumor morphological studies and biomarker profiling within research communities. Hence, this will raise the demand for digital pathology systems within the application of academic research during the forecast horizon.

In terms of geography, the digital pathology systems market is segmented into regions such as Europe, North America, Asia Pacific, and Rest of the World. Among these regions, Asia Pacific is predicted to rise at the highest CAGR during the forecast period. This is due to the increasing awareness about health, rising aging population, and the rising drug development initiatives within this region. On the other hand, in 2013, North America stood as the leading market for digital pathology systems owing to supportive reimbursement policies, the rising usage of companion diagnostics, and increasing work pressure on pathologists here.Olympus Corporation, Leica Biosystems, Ventana Medical Systems, Inc., GE Healthcare, Philips Healthcare, and Mikroscan Technologies, Inc., among others, are the prominent players operating in the market.

Full Research Report on Global Digital Pathology Systems Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/digital-pathology-systems.html

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