Digital Pathology market set to grow at 11% CAGR to reach $ 1.54 billion by 2030; Companies deploying innovative, data-driven alogithms & business models to grow market
Scanner companies, AI/ML software companies for image recognition, analysis & aiding in diagnosis are differentiating through partnerships & unique business models to spur adoption in labs/hospitals.
BRUSSELS, Aug. 2, 2021 /PRNewswire-PRWeb/ -- Medi-Tech Insights Key Research Findings in the Digital Pathology market.
Pathology is an area where digitization and automation can bring about significant benefits to patients, physicians, pathologists & labs/hospitals. Consider the following startling facts:
- 97% of departments don't have enough histopathologists for the workload, and that workload is rising
- 19 hours/day are spent on physical slide logistics (reported in laboratory with 220 cases/day)
- An estimated 98% of pathologists are relying on manual workflows and microscopes for primary diagnosis, which can cause delays and inefficiencies, and create barriers for remote collaboration
Digital Pathology has been around for many years, but the current Covid-19 pandemic has underlined the benefits it can offer to labs, hospitals, clinicians and pathologists.
The benefits are multi-fold:
- Improves efficiency workflow
- Faster turnaround time leading to benefits for labs, patients & clinicians
- Pathologists can focus their time on reading of images
- Possibility to tap into wider expertise to improve accuracy of diagnosis
- Improves work satisfaction for pathologists
- With AI/ML, can aid in improving accuracy of diagnosis
These benefits, coupled with favourable regulatory environment and reimbursement, is expected to drive the market growth. The Global Digital Pathology Market is estimated to reach $ 1.54 billion by 2030 growing with a CAGR of 11% from 2020-2030.
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The current Digital Pathology market is dominated by Scanners which are used to digitally scan the samples. In the coming years, use of AI/ML technologies for image recognition, analysis and aiding in diagnosis are expected to accelerate the growth of the market.
Companies like Philips, Hamamatsu, Leica are largely present in the Scanner segment whereas a number of well-funded start-ups are making inroads in software, AI-ML platforms. Notable companies include Paige, Path AI, Ibex, Aiforia, Proscia, Reveal Biosciences/CellCarta amongst others.
In a recent article, Memorial Sloan Kettering Cancer Center highlighted the benefits of digital workflow in pathology and how it helped them immensely during the pandemic - "We were motivated by a real concern for our doctors," Dr. Matthew Hanna, Director of Pathology Informatics says. "Finding a way for them to work at home has eliminated a huge burden during the pandemic."
The study delves into segment-wise analysis for Scanners, Software, AI/ML applications and the key emerging players & technologies in each of the segments.
Companies that aim to capture greater share in this high-growth market need to focus on:
- Understanding key customer pain points and unmet needs with current scanners, software
- Keeping abreast of latest developments in AI/ML technologies that aim to revolutionize the way pathology diagnosis is done
- Be aware of the challenges including regulatory pathways, reimbursement and develop strategies to overcome these challenges
Through their work in Digital Pathology over the years, Medi-Tech Insights understands the intricacies & nuances of Digital Pathology and has successfully assisted many established players, start-ups to grow revenues by 10x.
Sources: Medi-Tech Insights analysis, Interviews, Company websites
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry leading CXO, VPs and key demand/supply side decision-makers.
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