Digital Solutions in-sync with healthcare empower manifold avenues in terms of cost efficiency and market growth that is increased productivity, better patient outcome, reduced expenses for unsuitable treatment, and a reduction in administrative capital expenditures.
In the healthcare sector, hospitals are getting more inclined towards automating and streamlining the procedures that normally take place amid the delivery of diagnosis and digitization of the tissue sample, which helps in improving reliability and speed. Sample queuing and scanning, annotation, case generation, sharing, and storage, support in structuring the task and maintaining the workflow, reduction in the time spent by technicians and pathologists are some of beneficial factor responsible for the rising adoption rate and driving the global digital pathology market.
The Digital Pathology Market Size is predicted to reach around $8305.6 Million and grow at CAGR of 13.4% depending on the climb in adoption rates during the forecast period, 2017-2023, according to Market Research Future.
Growing penetration of digital solutions in radiology and organization stressing more on Electronic Health Records across the healthcare segment is predicted to drive the progress of the global market.
Increasing number of industry players shifting their development strategies towards building digital pathology services and growing penetration of digital pathology systems in developed as well budding regions is expected to stimulate the demand for the global pathology market.
Key players are adopting various strategies such as expansion, acquisition, and technology-driven product development to stay competitive in the global market. Some of the noteworthy key players in the digital pathology market comprise Huron Digital Pathology Inc, F. Hoffmann-La Roche Ltd., Definiens, Mikroscan Technologies, Inc., 3DHISTECH Ltd., Inspirata, Danaher Corporation (Leica Biosystems GmbH), Olympus Corporation, and Koninklijke Philips N.V. among others.
In August 2019, Philips made public that Taipei Veterans General Hospital (TPVGH) will make use of Philips IntelliSite Pathology Solution to create first fully digital pathology department in Taiwan. By enabling tissue samples to be remotely monitored within virtual pathology network in hospitals, the Philips IntelliSite Pathology Solution will assist in TPVGH to enhance quality of diagnoses and upgrade patient safety. Philips IntelliSite Pathology Solution is intended for in-vitro diagnostic purposes to analyze and understand digital images of surgical pathology slides.
The global digital pathology market is broadly bifurcated into type, application, product, and end-users.
The type segment is segmented into animal pathology and human pathology.
The global digital pathology market is also divided into hardware and software, based on product.
Based on application, the global market is segmented into mhealth, disease diagnosis, and drug discovery.
Further, the global digital pathology market is also classified on the basis of end-users; this includes diagnostic centers, hospitals, and other healthcare facilities.
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The global digital pathology market is led by North America due to its noteworthy market share. Sophisticated healthcare infrastructure and expenditures in Canada and the US drives the growth in the regional market. The market is anticipated to flourish throughout the forecast period. Existence of leading market players in the region fuels the growth of the North American digital pathology market.
Europe stands at the second position in the global market following North America. European digital pathology market is majorly driven by government aid for research and development, high-tech healthcare facilities, dedicated research funds, and patient population. Regions such as Germany and the UK are major drivers of the digital pathology market in Europe.
Moreover, the evolving healthcare industry with the digitization holding major role, the Asia Pacific market is developing rapidly. It is also anticipated to spur at great pace in the coming period. Favorable government policies and growing awareness about technology advancement in emerging nations such as China and India are the key drivers of the global market.