Portland, Oregon (PRWEB UK) 22 May 2014 -- According to a new report by Allied Market Research titled "Digital Pathology Market - Global Industry Analysis, Size, Growth Trends, Share, Opportunities and Forecast 2012 - 2020," the global digital pathology market was valued at $2.2 billion in 2013, is estimated to reach $5.7 billion by 2020 at a CAGR of 14.3% during 2013-2020. North America led the overall digital pathology market, closely followed by Europe. The two regions accounted for about 79% of total revenue in 2013. However, their collective share will be reduced to 2/3rd of the total revenue generated in 2020, largely due to the growing dominance of Asia Pacific region.
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Digital pathology is an emerging technology in the pathology field, where the glass slides are converted into digital images for easy viewing, analysis, storage and management of the data collected. The development and recent technological findings in the digital pathology market would push the conventional pathology to more advanced and strategic levels. Due to the advancement in the technology, concerns such as lack of qualified pathologists would be addressed more effectively. "The decentralization approach in the digital pathology market will make huge difference in the field of pathology. The major factors influencing the market growth are cost efficient diagnosis, efficiency in mundane workflow and analysis," according to Allied Market Research analysts Debbie Shields and Rohini Patil. "These factors are impacting the outcome of the overall diagnosis process. The efficient technology impacts time, productivity and the level of patient care. However, the factors restraining the market growth are the lack of reimbursement policies by the governments, inefficient infrastructure and delayed approvals," explained the analysts.
The digital pathology market is segmented based on components, namely whole slide imaging (WSI), image analysis - informatics & storage, and communication & integrated platforms. The WSI segment is largest contributor to the overall global digital pathology market revenue in 2013. Though the segment will partially lose market share over the next seven years, it will continue to be the largest digital pathology product segment throughout the forecast period. This is largely due to its capability to convert and share glass slides digitally with ease, safety and at lower cost. The image analysis-informatics market is expected to have the highest potential during 2013-2020, when compared to the other components. The gradual refinement of analysis software to provide higher accuracy in the analysis of digital slides will enable the faster growth of the segment.
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The end users segment of the digital pathology market is segmented into pharmaceutical research, clinical organizations and educational institutes. The pharmaceutical research accounted for the largest revenue in 2013 and will continue to dominate the global pathology market throughout the analysis period at highest CAGR of 16.9% during 2013 - 2020. The rise in revenue is due to the increase in the use of digital pathology systems (DPS) for drug development and discovery.
The report segments the global digital pathology market into four major regions namely North America, Europe, Asia and Row. North America is the largest segment due to the higher adoption of DPS in most of the labs across the region. The Asian market is expected to have the highest CAGR compared to the other regions during the analysis period. The rise in the Asian market is due to the demand for better infrastructure and need for skilled pathologists.
The key strategies that are implemented by the manufactures to increase the adoption, development and sales of the DPS are product launches, agreements and partnerships. Most of the product launches target product up-gradation with new and improved benefits, example- 3DHISTECH, in 2013, launched Pannoramic 250 Flash - a next generation slide scanner, which has high speed and faster scanning capacity.
The key companies profiled in the report are Definiens AG, Digipath, Inc., Leica Microsystems Gmbh, Ventana medical systems, Inc., Nikon Corporation, Visiopharm, Philips healthcare, Indica Labs, Inc, Omnyx LLC and 3DHISTECH, Ltd.
Key market segments covered in the report:
Whole slide imaging (WSI)
Image analysis- informatics
Storage, and communication and integrated platforms
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