Global Digital Pathology Market Set For 17.8% Growth, Reaching $2.41 Billion By 2028
Digital Pathology Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The digital pathology market has experienced robust growth in the historical period. It is estimated to surge from $1.07 billion in 2023 to $1.26 billion in 2024, reflecting a compound annual growth rate CAGR of 17.6%. This growth can be largely attributed to multiple factors, including the rapid rise in the elderly population, an increase in medical errors and healthcare facilities, the prevalence of cancer and chronic diseases, and the unprecedented global pandemic, COVID-19.
What is Projected for the Digital Pathology Market in the Coming Years?
In the forecast period, the digital pathology market is expected to witness substantial growth, escalating to $2.41 billion by 2028, with a CAGR of 17.8%. This growth can predominantly be attributed to factors like the increasing adoption of digital devices, supportive government initiatives, aging population, and evolving global health concerns. Major trends in this period include the utilization of artificial intelligence for enhancing automation, cloud technology for simplifying digital pathology deployments, digital imaging, and video streaming technology. Partnerships for expanding products and heavy investment in research and development R&D activities also bolster market growth.
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What Main Factors Drive the Growth of the Digital Pathology Market?
A significant driver of the digital pathology market is the increased prevalence of cancer. The benefits of digital pathology in accelerating diagnosis and treatment have made it increasingly sought after in tending to cancer cases. The American Cancer Society's 2021 report highlighted that 1.8 million new cases of cancer were diagnosed in 2020. The rise in cancer cases, coupled with a growing elderly population and unhealthy lifestyles, underscore the demand for digital pathology. This system enhances the ease of access to images and pertinent information, thereby expediting diagnosis.
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Which Key Players Currently Dominate the Digital Pathology Market?
Key players operating in the digital pathology market include Danaher Corporation, Hoffmann-La Roche Ltd, Koninklijke Philips N.V, Hamamatsu Photonics K.K, 3DHISTECH Ltd, and Olympus Corporation. Companies like Nikon Corporation, Visiopharm A/S, Indica Labs Inc, Sectra AB, Leica Biosystems, and Apollo Enterprise Imaging Corp are also making significant strides in the market. The market is further complemented by players such as Inspirata Inc, PathAI, Aiforia Technologies, Proscia, Ibex Medical Analytics, Better Doc, among others.
How is the Digital Pathology Market Segmented?
The digital pathology market can be segmented into various categories. By product, it includes scanners, software, storage, and communication systems. By type, the market is divided into human pathology and veterinary pathology. It is further segmented by end-user into pharmaceutical & biotechnology companies, hospitals & reference laboratories, and academic & research institutes. Lastly, by application, it is divided into drug discovery, disease diagnosis, teleconsultation, and training & education.
How Does the Digital Pathology Market Vary by Region?
In 2023, North America stood as the largest regional player in the digital pathology market. Asia-Pacific came in second. The digital pathology market report covers several regions, such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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