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Santa Clara, CA, United States, 2021/04/05 - Frost & Sullivan’s recent analysis, AI-Based Image Analysis Tools and Cloud-Based Deployment to Expand the Global Digital Pathology Market, finds that this market is estimated to hit $825.9 million by 2025 from $513.3 million in 2019 at a compound annual.
Storage solutions segment to register the highest growth, followed by software solutions and hardware solutions, finds Frost & Sullivan
Frost & Sullivan’s recent analysis, AI-Based Image Analysis Tools and Cloud-Based Deployment to Expand the Global Digital Pathology Market, finds that this market is estimated to hit $825.9 million by 2025 from $513.3 million in 2019 at a compound annual growth rate (CAGR) of 8.2%. Increasing pathology test volumes due to disease prevalence, digital pathology’s importance to the pharmaceutical industry, and regulatory approvals for using digital pathology in the primary diagnosis will boost the market. 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.
“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,” said Deepak Jayakumar, Healthcare & Life Sciences Industry Analyst at Frost & Sullivan. “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 many 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.”
To tap into the growth prospects exposed by the digital pathology market, vendors need to focus on the following:
• Demonstrate better productivity for end-users through collaborations.
• Understand that automated image analysis is the biggest driver for digital pathology workflow and solution adoption in clinical and research settings because it can significantly reduce the turnaround time and increase resource efficiency.
• Adapt to open architecture integration as clients are expected to increasingly switch from end-to-end solutions to a best-of-breed approach for digital pathology.
• Focus on cloud-based solutions that can be quickly deployed and easily integrated into laboratory information system (LIS)/laboratory information management system (LIMS).
• Ensure their whole slide imaging (WSI) and software can smoothly integrate into the hospital’s existing anatomical pathology (AP)-LIS for the workflow to have the desired impact.
AI-Based Image Analysis Tools and Cloud-Based Deployment to Expand the Global Digital Pathology Market is the latest addition to Frost & Sullivan’s Healthcare & Life Sciences research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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AI-Based Image Analysis Tools and Cloud-Based Deployment to Expand the Global Digital Pathology Market / MFE6