April 18, 2022 04:50 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, April 18, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Digital Pathology Market finds that increasing adoption of digital pathology to enhance lab efficiency along with increasing cancer prevalence across the globe are factors that influencing the growth of Digital Pathology Market.
The total Global Digital Pathology Market is estimated to reach USD 1516.1 Million by the year 2028. The Market stood at a revenue of USD 732.1 Million in the year 2021, and expected to grow at a Compound Annual Growth Rate (CAGR) of 12.9%, states Vantage Market Research, in a report, titled “Digital Pathology Market Size, Share & Trends Analysis Report by Product (Scanners, Software, Storage Systems), by Type (Human Pathology, Veterinary Pathology), by Application (Drug Discovery, Disease Diagnosis, Training & Education), by End User (Pharmaceutical & Biotechnology Companies, Hospitals and Reference Laboratories , Academic & Research Institutes), by Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key Insights & Findings from the Report:
The Escalating Prevalence of Infectious and Chronic Diseases
The number of infectious and chronic diseases is proliferating across the globe amid all the precautions and personal hygiene procedures taken care of. In the prevention of chronic diseases, nutrition and diet are the most critical factors, whereas nutritional content in diet is deteriorating, which is the prominent factor for the escalating prevalence of chronic diseases worldwide, especially across developing countries including Southeast Asian countries and Western European countries. Cardiovascular diseases, diabetes, osteoporosis, cancer, dental diseases, and obesity are some of the chronic diseases caused by improper nutrition for the long term. According to the World Health Organization (WHO), the burden of chronic non-communicable diseases (NCD’s) is expected to reach 57% in 2020 from 46% in 2001 in total deaths across the globe.
The escalating prevalence of infectious diseases has led to advancements in R&D through diagnostic technology, which is expected to boost the overall market. Precise, early, and quick information related to genomic, transcriptome or other multi-omics of cells causing chronic and infectious diseases is resulting in the growth of digital pathology market.
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Segmentation of Digital Pathology Market:
By Product-(Revenue- USD Million, 2016-2028)
By Type-(Revenue- USD Million, 2016-2028)
By Application-(Revenue- USD Million, 2016-2028)
By End-User-(Revenue- USD Million, 2016-2028)
By region- (Revenue- USD Million, 2016-2028)
Middle East & Africa-
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Rise in Patient Awareness towards Disease Diagnosis through Sequencing Technology
In the early times, late and improper diagnosis of Infectious and Chronic Diseases has resulted in the loss of many lives. This is owing to unawareness of people towards disease diagnosis, improper diagnostic procedures along with inadequate instruments. With advancements in digital pathology, instruments, and reagents, the market for diagnostics started to snowball on a global level. additionally, along with changing lifestyles and habits, the prevalence of several diseases such as diabetes, cardiac diseases, liver disorders, cancer, kidney disorders and several others started rising. This surge in number of diseases has led to increased awareness among people across developed, developing, and under-developed countries. Information regarding transcriptome or other multi-omics and genomic is obtained through digital pathology which helps in early diagnosis of diseases through R&D. thus, further propelling the market growth over the forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The Report on Digital Pathology Market Highlights:
North America Holds Maximum Market Share
North America is expected to dominate the growth of Digital Pathology Market in 2021. The major driving factors for the market are increasing prevalence of cancer, introduction of favourable reimbursement policies and implementation of favourable initiatives by the governments in the region. Additionally, rising demand for quality diagnostics is providing the opportunity for the market. Thus, further propelling the market growth over the forecast period.
List of Prominent Players in the Digital Pathology Market:
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on “Digital Pathology Market Size, Share & Trends Analysis Report by Product (Scanners, Software, Storage Systems), by Type (Human Pathology, Veterinary Pathology), by Application (Drug Discovery, Disease Diagnosis, Training & Education), by End User (Pharmaceutical & Biotechnology Companies, Hospitals and Reference Laboratories, Academic & Research Institutes), by Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/digital-pathology-market-682686
Key questions answered in the report:
September 2021: Visiopharm (Denmark) and Agilent Technologies, Inc. (US) collaborated to co-market Visiopharm’s portfolio of CE-IVD marked AI-driven Precision Pathology software and Agilent’s automated pathology staining solutions portfolio.
August 2021: Sectra AB (Sweden) and University Medical Center Utrecht (Netherlands) signed an agreement under which UMC uses Sectra’s pathology module for effective multidisciplinary discussions among pathologists and radiologists.
May 2021: Sectra AB (Sweden) and Institut Curie (France) signed an agreement which allows the digitization of pathology at Institut Curie. The pathologists in Institut Curie can access cases, digital tools, and AI applications through the Sectra pathology solution.
April 2021: Leica Biosystems (US) and Paige.AI, Inc. (US) partnered for Paige’s AI-enabled research software for tumor detection, grading, and quantification to Leica Biosystems digital pathology platform in countries throughout North America and Europe.
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