The growing use of telepathology, especially in developing economies are expected to generate new opportunities in the market. Technological advancements such as computerization, digital imaging, multiple fiberoptic communications, and robotic light microscopy are some of the major factors leading to the adoption of digital pathology.
Moreover, the introduction of cloud-based technology allowing the storage of digital slides along with secure access to pathologists anticipated to serve as a prospective growth driver for the market. The increasing government attention to implement advanced systems for improved efficiency and quick response is a contributing factor. Combined with these factors, the expanding patient pool, delays in radiography diagnostics owing to high waiting time are expected to provide a favorable environment for the adoption of digital pathology systems over the forecast period.
Artificial Intelligence with digital pathology stimulate the market with significant growth during the forecast period
Digital pathology systems are gaining popularity among pathologists owing to its operational efficiency and increasing need for integrated healthcare facilities. A combination of Artificial Intelligence (AI) technologies with digital pathology is a potential growth factor. Investors are ready to capitalize hugely in start-ups attempting to adopt artificial intelligence. Technology experts claim that machine learning and other sophisticated technologies can assist pathologists, making them more detailed in their analysis. Digital pathology market trends such as the integration of AI into digital pathology systems is expected to influence market growth. The adoption of AI in digital pathology offers efficient image recognition and automated diagnostic capabilities. Vendors are emphasizing on developing AI-powered software platforms to extend applications in digital pathology workflows such as automation in result interpretations, image analytics, and decision making. Automated applications will assist to overcome the challenges associated with the lack of trained professionals. To fulfill this growing demand, vendors are concentrating on the continuous development of AI platforms and applications by strategic initiatives.
North American regional segment expected to witness lucrative growth in global Digital Pathology market
North America is anticipated to hold the largest share in the global digital pathology market owing to accessibility of expertise, well-developed healthcare infrastructure, and increasing emphasis on digitization of diagnostic procedures. The technological advancements by leading market players are anticipated to augment the adoption of digital pathology systems in North America during the forecast period. Further, the increasing trends of machine learning and artificial intelligence in the region expected to drive the implementation of the global digital pathology market. Factors such as accessibility of expertise, well-developed healthcare infrastructure, and increasing focus on digitization of diagnostic procedures are contributing to the growth of the digital pathology in the region.
The device product segment is anticipated to dominate the digital pathology market
Based on the product, the device segment is expected to dominate the market as the devices can perform repeated data analysis across experiments and produce high-resolution images. Moreover, the rising use of scanners in pathology labs and increasing R&D related to applications such as slide managers is expected to boost the adoption of this technology during the forecast period. Growing demand for online storage system is further fueling the growth. The benefits such as improved productivity, cost reduction, and better patient outcome along with data reliability and Image Lifecycle Management (ILM) are projected to drive the market.
The Global Digital Pathology Market reached USD 0.52 Billion in 2019 and projected to witness market size of USD 1.06 Billion by 2026 with a significant CAGR of 12.6% during the forecast period 2020-2026. Rising demand for digital pathology in disease diagnosis, easy consultation, and the digitalization trend in the medical industry boost the growth of the digital pathology market.