Market Overview:
Digital pathology utilizes digital imaging tools like computer microscopes and scanning systems that helps in capturing, sharing, managing, analyzing and interpreting images of glass slides. It improves productivity, lowers costs and enables remote diagnosis, making it a valuable tool for pathologists, hospitals and research institutes.
Market key trends:
The increasing prevalence of cancer across the globe is a key factor driving the growth of the digital pathology market. According to WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Early and accurate diagnosis plays a vital role in improving cancer treatment outcomes. Digital pathology provides quality whole slide imaging that helps pathologists examine slides from remote locations in real-time, thereby facilitating timely cancer diagnosis. It also allows for multiple pathologists to review the same case, increasing diagnostic accuracy especially for rare or hard to diagnose conditions. This in turn is expected to boost the adoption of digital pathology solutions over the forecast period.
Porter’s Analysis
Threat of new entrants: Low investment required to enter the market compared to other industries may attract new players. However, established brands and need for specialized equipment pose barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, need for advanced digital pathology solutions keeps their influence in check.
Bargaining power of suppliers: A few major players dominate the supply of core components like scanners, analysis software, etc, giving them significant influence on pricing.
Threat of new substitutes: Threat is moderate as advanced AI-based solutions can replace routine diagnostic tasks currently performed by pathologists.
Competitive rivalry: Intense competition exists among leading providers to gain market share through product launches and mergers.
The global Digital Pathology Market Share is estimated to be valued at US$ 884.4 Million in 2023 and is expected to exhibit a CAGR of 12.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strengths: Growing need for efficient diagnosis, automation and ability to share digital slides remotely.
Weaknesses: High setup costs, need for specialized infrastructure and trained professionals initially. Lack of standardization limiting interoperability.
Opportunities: Untapped growth avenues in developing nations. Rising chronic diseases and cancer cases boosting demand.
Threats: Data privacy concerns, slow adoption in developing countries and budget constraints in hospitals. Introduction of substitutes like AI could negatively impact pathologists.
Key Takeaways
The global Digital Pathology market is expected to witness high growth, exhibiting CAGR of 12.2% over the forecast period, due to increasing demand for automation and advanced diagnostic solutions in healthcare. The market size is projected to reach US$ 884.4 million by 2023.
The North America region currently dominates the global market owing to supportive government initiatives and presence of major players. However, Asia Pacific region is expected to grow at fastest pace due to rising healthcare expenditure, improving infrastructure and growing medical tourism.
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. These players are focusing on new product launches and mergers to strengthen their market position.
