According to Frost & Sullivan’s recent analysis, AI-Based Image Analysis Tools and Cloud-Based Deployment expand the Global Digital Pathology Market. The analysis estimates the market to hit $825.9 million by 2025 from $513.3 million in 2019 at a compound annual growth rate (CAGR) of 8.2%. The analysis highlights key growth metrics, market segment by product (hardware, software, and storage solutions), and region-specific market trends from North America, Europe and Asia-Pacific.
Deepak Jayakumar, Healthcare & Life Sciences Industry Analyst, Frost & Sullivan, said: “New business models such as on-demand services will be key to increasing access to untapped markets and significantly increasing digital pathology adoption over the forecast period. Additionally, as digital solutions’ high costs are a crucial concern for diagnostic labs, solution providers seize opportunities to establish regional service centers, which will be equipped to provide slide scanning, image analysis, and storage services in emerging markets.”
Jayakumar added: “With increased adoption expected over the forecast period and partly accelerated by the COVID-19 pandemic, data generation is expected to increase much fold. As a result, the storage solutions segment is likely to register the highest growth, followed by software and hardware segments. From a regional market perspective, North America, led by the United States, will significantly contribute to the overall digital pathology market due to rising cancer incidence rates, food and drug administration (FDA) approvals for using digital pathology solutions as primary diagnostic tools, and the pharmaceutical and contract research industries’ growth. Similarly, increasing research applications and rising investment in IT infrastructure and communications technology will aid the digital pathology market growth in the Asia-Pacific region.”
The analysis helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.