New York, Feb. 16, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “North America Digital Pathology Market Size, Share & Trends Analysis Report By Product, By Application, By End Use, By Region And Segment Forecasts, 2021 – 2028” – https://www.reportlinker.com/p06022154/?utm_source=GNW
North America Digital Pathology Market Growth & Trends
The North America digital pathology market size is expected to reach USD 593.9 million by 2028. The market is expected to expand at a CAGR of 6.5% from 2021 to 2028. The market is predominantly driven by the growing prevalence of chronic diseases such as cancer. As a consequence of the high prevalence of cancer, pathologists require data that facilitate personalizing therapy for patients. Hence, digital pathology is progressively being selected by pathologists as it has various benefits including accelerated diagnosis rate, diagnostic accuracy, and offers therapeutic recommendations to improve patient outcomes.
The growing number of collaborative agreements to develop as well as expedite the adoption of digital pathology in cancer diagnostics serves as a key growth factor contributing to the market.The use of artificial intelligence in digital pathology has gained momentum in the past years.
The increasing need for lowering healthcare costs, increasing importance of big data in healthcare, rising adoption of precision medicine, and declining hardware costs are some factors driving the growth. In addition, increasing usage of artificial intelligence-based analytical tools in healthcare and high capital investments in this field are further propelling the market growth.
During the coronavirus outbreak, the exponential need for home-based workstations and safe clinical informatics systems allowing healthcare professionals to read images remotely and enabling virtual collaboration between their multi-disciplinary care teams has increased.Various histopathology departments in the region faced a reducing workforce and increasing workload during the pandemic.
Digital pathology considered being the potential solution for some of the challenges faced by the pathologist, there is an increase in the adoption of digital diagnosis of disease during coronavirus outbreak.
In April 2020, Philips announced that the FDA granted a waiver for home use of consumer monitors with the company’s IntelliSite Pathology Solution during the emergency.The temporary exemption of restrictions on remote use of the digital pathology helps pathologists to access whole slide images from home and fasten the diagnosis of histology cases.
Some pathology labs that have adopted DP in their workflows across different sites pre-COVID-19, reported improved collaboration, and an average productivity gain of 21.0% with operation efficiency increased by 13.0%. These types of initiatives are anticipated to fuel market growth.
North America Digital Pathology Market Report Highlights
• The software segment is anticipated to witness a lucrative growth rate of 6.8% in the coming years. The segment is inclusive of pathology workflow management solution and LIMS software
• This software is simple to install and use, easy to obtain specific patient information, and efficiently and quickly sends reports digitally to pathologists and clinicians. Owing to these associated advantages the software segment is expected to witness lucrative growth over the forecast period
• The practice of sharing digital imagery across labs helps in accelerating drug discovery and development processes by enabling pathologists to effectively analyze records and communicate and collaborate on crucial result findings in tissue-based efficacy studies
• The disease diagnosis segment is projected to witness a significant CAGR of 7.0% in the coming years as the FDA approved the practice of sharing digital imagery across labs for primary diagnosis applications such as cancer cell detection
• Diagnostic laboratories are expected to witness lucrative growth of 7.1% over the forecast period owing to the rising incidence of cancer in this region. Moreover, the implementation of digital pathology solutions and devices is likely to help improve laboratory workflow efficiency, accuracy, and quality of disease diagnosis using computational pathology
• Competitive rivalry in the market is expected to remain high over the forecast period. The market is dominated by few players such as Philips and Leica Biosystems that hold a majority of the revenue
• The strategies implemented by these players are product differentiation, new product launch, collaboration, merger, and acquisition to gain a larger share of the market
Read the full report: https://www.reportlinker.com/p06022154/?utm_source=GNW
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