Global Digital Pathology market is projected to grow at a 11% CAGR to reach $1.54 bn by 2030
Medi-Tech Insights Key Research Findings in the 'latest research report on 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 of the industry:
- 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 key benefits are multi-fold and are as follows:
- 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.
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.
All Leading Companies such as 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. Other Notable companies include Paige, Path AI, Ibex, Aiforia, Proscia, Reveal Biosciences/CellCarta etc.
This research study delves into segment-wise analysis for Scanners, Software, AI/ML applications and the key emerging players & technologies in each of the segments of global Digital Pathology market.
Companies that aim to capture greater share in this high-growth market need to focus on the below points:
- 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 emerging 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.