The global digital pathology market is projected to be valued at USD 383.9 Million in 2016 and is expected to grow at a CAGR of 12.3% from 2017 to reach to USD 756.1 Million by 2022.
Growth in digital pathology market is mainly driven by factors such as the growing applications of digital pathology in drug development and companion diagnostics, ease of consultation, increasing adoption of digital pathology to enhance lab efficiency, rising prevalence of cancer, and increasing initiatives by governments and industry players. Base year considered for the report is 2016 and the forecast period is 2017–2022.
Market Dynamics
Drivers
1 Increasing Adoption of Digital Pathology to Enhance Lab Efficiency
2 Rising Prevalence of Cancer
3 Growing Applications of Digital Pathology in Drug Development and Companion Diagnostics
4 Ease of Consultation Enabled By Digital Pathology
5 Increasing Initiatives By Governments and Industry Players
Restraints
1 High Cost of Digital Pathology Systems
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Opportunities
1 Overcoming the Shortage of Pathologists Through Digital Pathology
2 Introduction of Affordable Scanners for Private Pathology Practices
3 Personalized Medicine
4 Integration of Laboratory Information Systems (LIS) and Digital Pathology Systems
In 2017, North America is expected to account for the largest share of the digital pathology market, followed by Europe. The large share of the North American region can be attributed to factors such as increasing initiatives by industry players and governments in diagnostics and the rising prevalence of chronic diseases.
