Global Digital Pathology Market Expected To Grow At 11% CAGR To Reach $1.54 Bn By 2030
The Global Digital Pathology Market is estimated to reach $1.54 billion by 2030 growing with a CAGR of 11% from 2020-2030. In the field of pathology, digitalization and automation have the potential to significantly improve outcomes for patients, physicians, pathologists, and 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 a 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 to remote collaboration
Digital Pathology has been around for many years but the current Covid-19 pandemic has highlighted the advantages that digital pathology may provide for laboratories, 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 advantages, along with a favorable regulatory environment and reimbursement, are anticipated to fuel the digital pathology market expansion.
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Scanners, which are used to digitally scan the samples, dominate the digital pathology market at the moment. The digital pathology market is anticipated to expand more quickly in the coming years as a result of the usage of AI/ML technologies for image recognition, analysis, and diagnosis aid.
The scanner segment is dominated by companies like Philips, Hamamatsu, and Leica, while a number of well-funded start-ups are making headway in the software and AI-ML platforms. Among other well-known companies are Paige, Path AI, Ibex, Aiforia, Proscia, and Reveal Biosciences/CellCarta.
In a current 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.”
Scanners, software, AI/ML applications, and the key emerging players & technologies in each of the segments are all thoroughly examined in the study.
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
As a result of their extensive experience working in the field of digital pathology market, Medi-Tech Insights is well-versed in its intricacies and nuances and has successfully assisted many established players, and start-ups to grow revenues by 10x.
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