The global Digital Pathology Market is estimated to be valued at US$ 884.4 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Digital pathology is a technique for analyzing digital images of glass slides using computers instead of traditional microscopes. It involves converting glass slides into digital slides using digital slide scanner, storing, managing, analyzing and interpreting the slides using special imaging software. Digital pathology has several advantages over traditional microscopy such as remote diagnosis, automated quantitative analysis capability, ability for multiple users to view slide at once and easy sharing of slides between pathologists. It helps in streamlining workflow and improving efficiency of pathology labs.
Market key trends:
One of the major trends in the Digital Pathology Market Size is the increasing adoption of AI and machine learning. Use of AI for analyzing digital slides can help pathologists reduce diagnostic errors, automate quantification of tissue characteristics and provide timely and consistent results. For instance, PathAI uses AI deep learning algorithms to analyze whole slides and supports pathologists in cancer detection and grading. Another key trend is growing demand for digital pathology solutions in developing regions. Emerging economies in Asia Pacific and Latin America are increasingly investing in digital pathology to enhance healthcare system and reduce diagnostic errors. Growing medical tourism and need for advanced diagnostics in these regions will support market growth over the forecast period.
Threat of new entrants: Low capital requirements and growing technological advancements have lowered entry barriers to some extent. However, high research and development costs and established brand loyalty pose significant challenges for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of several solution providers and product substitutes in the market. However, switching costs deter buyers to some extent.
Bargaining power of suppliers: A few major players control the supply of key components like scanners, digital cameras, and software. This provides suppliers with a bargaining advantage over buyers.
Threat of new substitutes: Though substitutes exist, they are not direct replacements for digital pathology solutions. Moreover, digital pathology offers significant benefits over conventional microscopy. This reduces the threat of substitutes.
Competitive rivalry: The digital pathology market features the presence of several global and regional players. Leading companies focus on innovations and strategic partnerships to strengthen their market position.
The global digital pathology market is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing adoption of digital pathology to enhance lab efficiency.
North America dominates the global digital pathology market, primarily due to supportive government initiatives and presence of major industry participants in the region. However, Asia Pacific is likely to grow at the fastest pace during the forecast period. Significant growth in healthcare infrastructure and rising medical tourism are supporting the regional market.
Key players operating in the digital pathology market are Leica Biosystems Nussloch GmbH, Olympus Corporation, F. Hoffmann-La Roche Ltd., Merck KGaA, GE Healthcare, Mikroscan Technologies, Inc., Koninklijke Philips N.V., Sectra AB, Propath UK Limited, Inspirata, Inc., Hamamatsu Photonics, Inc., OracleBio Limited, MD Biosciences, Aiforia, Xybion Digital Inc., Nucleai, Inc. Major companies focus on product launches and strengthening their distribution networks to strengthen market position.