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(Medical-NewsWire.com, July 22, 2020 ) The global digital pathology market is projected to reach USD 1,139 million by 2025 from USD 613 million in 2020, at a CAGR of 13.2% during the forecast period. The growth in this market is driven by the increasing adoption of digital pathology to enhance lab efficiency, rising prevalence of cancer, growing application of digital pathology in drug development & companion diagnostics, and increasing initiatives by the industry players. However, the high cost of digital pathology systems is expected to restrict market growth to a certain extent. Lack of trained pathologists may also challenge market growth in the coming years.
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The digital pathology market is well established owing to the dominance of prominent market players, such as Leica Biosystems (US), Koninklijke Philips N.V. (Netherlands), and Hamamatsu Photonics K.K. (Japan). Other prominent players in this market include Roche (Switzerland), 3DHISTECH (Hungary), Apollo Enterprise Imaging (US), XIFIN (US), Huron Digital Pathology (Canada), Visiopharm A/S (Denmark), Corista (US), Indica Labs (US), Objective Pathology Services (Canada), Sectra AB (Sweden), OptraSCAN (India), Glencoe Software (US), KONFOONG BIOTECH INTERNATIONAL CO., LTD (China), Inspirata Inc. (US), Mikroscan Technologies (US), Proscia Inc. (US), and Kanteron Systems (Spain).
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Leica Biosystems (US) was the largest player in the digital pathology market in 2019. The company offers an extensive range of digital pathology solutions, such as scanners, software, image analysis software, and various other services. Leica Biosystems aims to be an end-to-end solution provider by providing researchers and laboratories with products that will aid in the pathology process.
The company focuses on organic and inorganic growth strategies to maintain its position in the market and expand its global presence. The company focuses on product launches in order to create a strong foothold in the market. In 2019, Leica Biosystems launched the Aperio GT 450, a next-generation digital pathology scanner. Similarly, in 2018, the company received approval for its scanner, the Aperio LV1 IVD, to be sold in Europe, Canada, Australia, and New Zealand.
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Koninklijke Philips N.V. (Netherlands) is the second-leading player in the global digital pathology market. The company has a strong geographical presence in Europe, North America, the Asia Pacific, and Africa. The company offers scanners, software, communication systems, and storage systems for digital pathology. Philips strategically focuses on collaborating and partnering with other market players to launch technologically advanced products, and to expand its presence globally. In line with this, the company collaborated with Paige (US) to deliver AI to clinical pathology diagnostics in 2019. This collaboration is expected to deliver clinical-grade AI applications to pathology laboratories. Similarly, in 2017, the company partnered with PathAI (US) in order to jointly develop solutions to improve the precision and accuracy of the routine diagnosis of cancer and other diseases. Moreover, this partnership enables Philips to apply AI to massive pathology data sets for informed diagnostic and treatment decisions.
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