Digital Pathology Market to Exceed USD 2.3 billion by 2035, Due to the Growing Demand for Advanced Diagnosing Procedures| Roots Analysis
04 Dec 2023
LONDON , Dec. 4, 2023 /PRNewswire/ -- According to a recently published report by Roots Analysis, the growing preference for advanced diagnostic tools and technology for quick disease diagnosis is driving the growth of the digital pathology market.
Digital Pathology Market Overview
The global digital pathology market size was estimated at USD 0.8 billion in 2023 and is expected to reach over USD 2.3 billion by 2035, growing at a CAGR of 8.4% in the forecast period 2023- 2035.
Pathology refers to the branch of medical science that primarily emphasizes the causes, genesis, and diagnosis of diseases. Clinical pathology is crucial in examining diseases, causative agents, and cancer detection. Based on the pathological reports, healthcare experts can provide precise drugs and therapies to treat patients. 70-80% of treatment decisions are made based on diagnosis reports. However, the conventional diagnosing approach is tedious, time-consuming, and invasive, which might be inconvenient for patients and often result in errors. Digital pathology system emerges as a viable solution to diagnose disease comparatively faster and reduces the chances of human errors. AI-powered digital pathology involves sample collection, management, analysis, and data sharing within digital settings, reducing the time and effort required for diagnosing. Considering the significance of digital pathology, the market is anticipated to grow substantially during the forecast period.
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Market Drivers
Several market drivers driving the digital pathology market include higher laboratory efficacy and reduced diagnosing costs. Digital pathology has significantly reduced the turnaround times required for diagnosing diseases. Quick sample analysis allows healthcare experts to provide appropriate treatment to cure patients. Moreover, digital pathology facilitates diagnosing in remote settings, reducing the travel time required for diagnosing diseases to the pathologist. Driven by the significance of digital pathology, several market players continue to adopt AI-based digital pathology, which becomes the primary reason for the growth of digital pathology during the forecast period.
Market Restraints
Several market restraints restricting the growth of the digital pathology market are the high cost of AI-powered systems and the limited availability of experts. Installation of digital pathology requires tech-driven systems, AI-based scanners, image servers, sample analyzers, collectors, and diagnosing software. The cost of an extensive tech-driven system is extremely high. Furthermore, digital pathology requires technical experts to contribute significantly to the system installation cost.
Growth Factors
Despite market restraints, the digital pathology market continues to grow due to the increasing investment in the healthcare field to introduce advanced solutions for diagnosing and treatment. Since 2016, digital pathology firms have surpassed funding USD 1.6 billion, while the majority of the funds are raised in the year 2021. Moreover, market players are currently focusing on developing affordable scanners and diagnosing tools to reduce the cost of installing digital pathology systems.
Digital Pathology Market Segments
Based on the type of neural network, the digital pathology market is segmented into
artificial neural networks, convolutional neural networks, fully convolutional networks, recurrent neural networks, and other neural networks.
Convolutional networks segment led the market, capturing 60% of the market revenue share by 2035.
Artificial neural network segment is likely to hold 15% of the market share by 2035.
Based on the type of assay, the digital pathology market is segmented into
Ki67 segment is likely to lead the digital pathology market, capturing a 18% revenue share by 2035.
The market for HER2 assay segment is anticipated to grow at a relatively higher CAGR of 0.9% during the forecast period, capturing 15%% of the market share by 2035.
Based on the type of end-user, the digital pathology market is segmented by
academic institutions, hospitals/healthcare institutions, laboratories/diagnostic institutions, research institutes, and other end-users.
The research institute drives the market, capturing 31% of the revenue share by 2035.
The hospitals / healthcare segment is anticipated to grow at a relatively higher CAGR in the forecast period, capturing 28% of the digital pathology market share in 2035.
Based on the areas of application, the digital pathology market is segmented into
diagnostics, research, and other areas of application.
Research segment dominates the digital pathology market, capturing a major 48% of the share by 2035.
Diagnostics segment drives the digital pathology market, capturing 42% of the share by 2035, and is likely to grow during the forecast period.
Based on the target disease indication, the digital pathology market is segmented into
breast cancer, colorectal cancer, cervical cancer, gastrointestinal cancer, lung cancer, prostate cancer, and other indications.
The breast cancer segment led the digital pathology market, capturing 33% of the revenue share in 2035.
Colorectal cancer is likely to grow at the highest rate and hold 8% of the market share in 2035.
Based on the Regional Insights, the digital pathology market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and North Africa, Rest of the World.
North America region dominates the digital pathology market, capturing the largest revenue share of 58.90% by2035.
Europe region captures 23.80% of the market share, which is anticipated to grow substantially in 2035.
Key Companies Profiled
The market report also includes detailed profiles of key players (listed below) that offer digital pathology solutions:
Ibex Medical Analytics
Paige
PathAI
PROSCIA
Visiopharm
You Can Also Ask a Question on the Digital Pathology Market by Clicking on the Given Link
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About Roots Analysis
Roots Analysis is a global leader in the pharma/biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists, and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research/consulting services dedicated to serving our clients in the best possible way.
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