Drug Discovery Applications Surging Demand in Digital Pathology Market
Posted by niharika on July 10th, 2019
Digital Pathology market was valued at a range of 0m - 0m in 2018, and it is projected to grow with a CAGR of about 7.7%-8.5% during the forecast period 2019-2025. The information comes from a new market research report of IndustryARC titled: Digital Pathology Market: By Product (Scanner, Software, Communication Systems & others); By Type (Human, Animal); By End-User (Pharma & Biotech Co., Hospital & Reference Laboratories); By Application (Teleconsultation & others) & By Region - Forecast(2018 - 2023).
Digital Pathology Market Product Analysis:
According to the World Health Organization, cancer was responsible for 9.6 million deaths in 2018 all over the world. National Cancer Institute states that expenditures for cancer care in the U.S. for the year 2017 were 7.3 billion. Digital Pathology coupled with artificial intelligence technology is a promising choice for pathologists and scientists to provide precision medicine for cancer. It plays a prominent role in scientific research as well as deals with 70% of medical decisions. Digital pathology is more efficient in handling medical challenges and acts as the future of pathological diagnosis.
Today, players in the digital pathology marketplace offer products that involve scanning, sharing, management, and examination of pathology information in a digital environment. Increasing the adoption of digital pathology in pathology departments provides a better overview of their work for a pathologist, thus it is transforming medicine in a digital world. It offers transparent diagnostic process/techniques to notice deviations at a quick rate within accurate digital image results. Advanced traditional microscope glass slides, “virtual microscopy” and developments in machine learning are boosting the growth of the digital pathology market. Machine learning applications are widely used in fetching patterns from a large database to deliver a faster diagnosis. Digitization has become more advantageous in affording great opportunities for both education and supervision as well as to enhance patient safety
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Technological advancements such as digital imaging, robotic light microscopy, and multiple fiber optic communication are driving the growth of the digital pathology market. Hematology, histopathology, microbiology, and cytopathology are the most essential types of digital pathology imaging considered in research analysis. Emerging whole slide scanners, workflow management solutions, and image analysis platforms are attributing the growth of digital pathology systems. These systems support improvement in service quality. A growing number of cancer cases and increasing research activities at the same time are influencing the growth of human pathology in the digital pathology market
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Digital Pathology Market Competitive Landscape:
Omynx LLC, 3DHistech, Inc., Olympus Corporation, GE Healthcare, Leica Biosystems, Philips Healthcare, Ventana Medical Systems, Inc., Objective Pathology Services, Hamamatsu Photonics, Inc., Corista are some of the key players operating in the digital pathology market.
In 2018, Inspirata acquired Omnyx LLC from GE Healthcare. Inspirata uses a unique “solution-as-a-service” delivery model in pathology workflows. Omnyx LLC is an innovator of Brilliant Software to pathology departments worldwide. Through this acquisition, Inspirata achieved an end-to-end integrated pathology solution with a scanner-agnostic whole slide image viewer and image management system. It has enabled its geographical footprint expansion across Europe and Canada through the use of Digital IVD devices for primary digital diagnosis. Inspirata received an award of million from the National Cancer Institute (NCI) to advance digital pathology in 2018. Previously, it also received an amount of .4 million as apart of developing digital pathology-based tests for breast and lung cancers.
3DHistech, Inc provides whole slide scanners named as Panoramic DESK II, MIDI II, SCAN II, and 250 FLASH III. Among them, Panoramic 250 FLASH III is an optimal solution for digital pathology research and storage, with increased speed and efficacy that is about 60 slides per hour. It also deals with software applications such as QuantCenter, CaseCenter, and CaseVieweer that incorporate effective pathology workflow.
In early 2019, Olympus digital solutions provider in medical technologies announced a partnership with The University of Southern California to invent a precision medicine through advancing multiscale research which is helpful in cancer prevention, diagnosis, and treatment.
Digital Pathology Market Segment Analysis:
Drug discovery application is leading with a major share in the digital pathology market, which is estimated to grow at a CAGR of 4.2%-4.8% during the forecast period 2019 - 2025. The growing preference by pathologists and scientists in research and accurate medicine delivery are fuelling the growth of drug discovery applications in the digital pathology market.
On the basis of geographical analysis, North America holds a major share that is about 38%-40% among other regions in the global market.
Digital pathology is proving as a standard technology to be used in healthcare management as it increases operational efficiency and optimizes patient care. Evolving drug discovery applications are estimated to stroke the incessant demand in the digital pathology market during the forecast period 2018-2023.
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