VALLEY COTTAGE, N.Y., March 21, 2016 (GLOBE NEWSWIRE) -- Future Market Insights (FMI) recently announced the release of its report titled “Digital Pathology Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2025.” According to the report, the global digital pathology market, estimated to be valued at US$ 326.7 Mn in 2015-end, is expected to expand at over 11% CAGR to total US$ 954.4 Mn by 2025.
According to FMI’s report, growing need for real-time access to pathology outcomes is a key factor fuelling widespread adoption of digital pathology services. Increasing initiatives by pharmaceutical companies to develop novel medicines for cancer treatment has also contributed to increase the scope of digital pathology systems.
Adoption of digital pathology services and solutions is anticipated to witness robust growth in the regions of North America and Western Europe, owing to favourable regulations and affordability. Although the use of digital pathology in primary diagnosis is restricted in the U.S., robust adoption across research centres has provided an impetus to the market in the country.
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According to FMI’s report, Asian countries are facing challenges in adopting digital pathology solutions owing to high cost structure, complexity in practical implementation of cloud-based digital pathology systems, and a general lack of awareness about digital pathology systems.
FMI’s report has segmented the digital pathology market on the basis of components, screening services, and end-users. The report also offers region-wise forecast and analysis on the key companies operating in the digital pathology landscape.
On the basis of components, the digital pathology market is broadly segmented into hardware, software and services.
The hardware segment includes scanner and other platform technologies, which currently accounts for major share of the global market. The software segment comprises on-premises software and cloud-based software. The on-premises software solution sub-segment has been estimated to account for largest share in the overall digital pathology software market in 2015.
On the basis of screening services, the histopathology screening segment has been estimated to account for 81% share of the overall digital pathology market in 2015. This is attributed to increasing usage of digital pathology systems in cancer research for histopathology screening of test samples.
On the basis on end user, the research centre segment is estimated to remain dominant in the global digital pathology market over the forecast period, owing to higher adoption among drug discovery and development industry, which includes, research centres, contract research organisation and others. This segment has been estimated to account for 63% share of the overall digital pathology market revenue in 2015.
Key trends identified in the digital pathology market include use of digital pathology as second-opinion collaboration technology in cancer treatment, increasing research activities in personalized medicines, and integration of LIS, LIMS and EMR solution with digital pathology.
Implementation of image lifecycle management, disaster recovery solutions, tiered storage management plans in data management in on-premises as well as cloud-based solution are driving the adoption of digital pathology in the healthcare sector globally.
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Leading Companies in Digital Pathology Market
Key market players covered in the report include Perkin Elmer, Inc., MedImmune, LLC (AstraZeneca), Sectra AB, Koninklijke Philips N.V, GE Healthcare, Inspirata Co., Ventana Medical Systems, Inc., Leica Biosystems, 3D-Histech Ltd, Hamamatsu Photonics, K.K., Digipath Co., ZEISS, Olympus Corporation, and Yokogawa Electronic Corporation.
These leading players are bolstering their position through product launches and acquisitions as a key development strategy in order to sustain their position in the competitive market. The Tier 1 companies are focusing on a collaborative approach with cloud service providers to provide overall service to end-users.
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Source: Future Market Insights