Increase in the adoption of advanced technologies in order to provide superior healthcare is leading to sizable business prospects in the global digital pathology market, notes a study by Transparency Market Research (TMR). Moreover, the market is being driven by a surge in understanding among people across the globe about digital pathologies.
The global digital pathology market is estimated to expand at a CAGR of 12.0% during the forecast period, from 2019 to 2027. With this growth rate, the digital pathology market size is estimated to reach a valuation of reach US$ 1.08 Bn by 2027.
The global digital pathology market outlook offers exhaustive study of key factors influencing the market growth. Thus, the report delivers systematic assessment of the growth drivers, growth restraints, regional analysis, R&Ds, competition landscape, and digital pathology market trends. Moreover, it enlightens readers on the key digital pathology market segments and technological advancements in the market.
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Surge in Adoption of Next-gen Digital pathology Technologies Bolsters Market
The concept of digital pathology is gaining impetus across the globe owing to several advantages it offers including its ability to analyze different types of slides within minimum time with no diagnostic errors. These factors are leading to rise in the demand for digital pathology systems, which in turn, is fueling the market growth.
Due to changing lifestyles and hectic schedules of people from many developed and developing nations globally, there has been a surge in the prevalence of different diseases. This aside, the number of older people around the world is increasing. These factors are creating sizable business opportunities in the global digital pathology market. Moreover, the market is estimated to be propelled in the forthcoming years owing to increasing cases of caner around the world.
Digital pathology helps in storage of huge amount of drug data generated during different R&D projects. Moreover, this technology is being increasingly adopted as it assists in reducing the error rate. This aside, it assists in the incorporation of the data in electronic health records (EHRs) and analysis of the patient’s response to a specific drug. A rise in the adoption of this technology in R&D projects owing to above-mentioned advantages is leading to profitable opportunities in the global digital pathology market.
Increase in the number of R&Ds focused on drug discoveries and drug developments is creating profitable avenues in the global digital pathology market. Moreover, rise in the number of preclinical and clinical trials are fueling the sales growth in the market for digital pathology.
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Acquisitions and Collaborations: Key Strategies of Players to Lead in Market
Some of the leading players in the digital pathology market include OLYMPUS CORPORATION, Leica Biosystems Imaging, Inc, Mikroscan Technologies, Inc., F. Hoffmann-La Roche Ltd, Sectra AB and Inspirata, and Koninklijke Philips N.V.
The presence of many well-entrenched companies makes the competition landscape of the digital pathology market highly intense. Hence, digital pathology companies are using organic as well as inorganic strategies including acquisitions, collaborative agreements, regulatory approvals, technologically advanced products, new products launches in order to stay ahead of the competition. Such initiatives are helping in the overall market expansion.
North America: Profitable Region for Digital Pathology Service Providers
Europe, North America, Latin America, Asia Pacific, and Middle East & Africa are some of the key regions for the global digital pathology market. Among all, North America is leading market region that offers lucrative opportunities for players. The growth of the North America digital pathology market is ascribed to several factors including the presence of sturdy healthcare industry, early adoption of next-gen technology in the regional health industry, and rise in understanding on available advanced digital pathology solutions in the region.