Digital pathology is an innovative technique that had surfaced some years ago. It can be explained as an image-centered information environment which is assisted by computer technology. This technology has proven to be extremely helpful for organizing sensitive information that has been retrieved from a digital slide. Lately, the demand for this method has risen which in turn has fueled the growth of the digital pathology market.
By using this procedure researchers and scientists have been able to identify various diseases in their early diseases. This is it provides a normal physical slide a digital form in such a manner that it can be viewed on a big screen. This helps in better diagnosis of various diseases and disorders.
Another major benefit of this innovative technology is that healthcare professionals can access their anytime, anywhere. It is because it makes management of data pretty convenient and stores it digitally.
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Market Scenario
Looking at the current advancements in the healthcare sector, it can be confidently said that the future looks bright for the digital pathology market. Back in 2016 the market generated a revenue of around USD 382.7 million. During the forecast period of 2018-2022 it is anticipated the market will earn around 755.9 million. In terms of CAGR the market is expected to grow at the rate of 11.8%.
There are many growth propellers that aid in the development of the market. One of the most important ones is the use of digital pathology in the pharmaceutical industry. It is used in the formation of various drugs.
Other factors that drive the growth of the market include, increasing instances of chronic diseases & high ratio of geriatric population. The consistent technological advancements and innovations act as additional growth factors for the market.
Although, the global digital pathology market can face certain restrains in the form of shortage of expenditure and lack of labor resources.
Market segmentation
The worldwide digital pathology market is divided into five distinct parts that include, end users, types, products, applications & regions.
On account of end users the market is segmented into hospitals and reference laboratories, academic & research institutes and pharmaceutical & biotechnology companies.
On the basis of types the industry is bifurcated into animal pathology & human pathology.
When it comes to products, the market is further separated into storage system servers, software & scanners.
The application segment can be sub-divided into mHealth, disease diagnosis & drug discovery.
Geographically, the global digital pathology market is spread across various regions like North America, Europe, Asia Pacific & Rest of the World. Out of these North America accounts for the largest market share. This is because of the heavy investment in R&D by the country’s government. After it, Europe grabs the second biggest chunk of shares in the market. Experts believe that the Asia Pacific region will grow at a tremendous rate in the coming years.
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Current Market Trends
The worldwide digital pathology market has witnessed many trends since the time of its inception. These trends have contributed in the growth of the market so far and will continue to do so in future as well. At present, there is one major trend that is ruling the market and that is heightened usage of hosted technology. Industry experts believe that this trend will lead the development in the forecast period of 2018-2022.
Key Players & Strategies
Some of the key players of this industry can be listed as Apollo Enterprise Imaging Corp, Omnyx, LLC and Huron Digital Pathology Inc. To earn a higher revenue, these brands use two main strategies – heavy investment on R&D and strategic partnerships with other notable brands.
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