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Albany, New York, May 07, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) estimates that the Digital Pathology Market stood at US$340 Mn in 2017. With growing integration of automation in healthcare, the market is predicted to grow at a healthy 12% CAGR during 2018 to 2026. As a result, the global digital pathology market will nearly become a US$ 900 million industry. By product type, the image analysis software segment is expected to hold maximum share in the global digital pathology market. Based on region, North America accounted for the leading share in the digital pathology market in 2017 and is estimated to be dominant by expanding at a CAGR of 12% by 2026-end.
Further, the analysts at TMR estimate the digital pathology market to be highly competitive due to strong presence of the large players in the market. In order to gain substantial share of the global revenue amid the competition, the key players are adopting the macroeconomic strategies such as product portfolio expansion through merger and acquisitions, new product launches, and competitive pricing.
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Advancement in Technology to Boost Digital Pathology Market
Rising patient-centric approach among healthcare providers coupled with rising prevalence of cancer and cardiovascular diseases, which require immediate attention and treatment, are driving growth of the digital pathology market. Additionally, rising paperwork and workload in pathology globally is boosting automation across the sector.
However, risk of sampling errors and concerns over data security and privacy coupled with stringent regulations are restraining growth of the global digital pathology market. Additionally, initial cost for setup is relatively high in the digital pathology devices, which limits its adoption to some extent in the price sensitive regions. Further, owing to rising awareness about health and availability of advanced diagnostic tests for early screening of life threating diseases is fuelling growth of the global digital pathology market.
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Nonetheless, the advancement in the technology, which offers the real time results and effective, zoom in and zoom out features in the device. Introduction of these devices is likely to offer robust opportunities for growth for the global digital pathology market in the coming years.
The global digital pathology market can be segmented based on product type, end-user, application, and region. In terms of product type, the market can be classified into image analysis software and scanners. The image analysis software segment held a major share of the market, in terms of revenue, in 2017. Technological advancements and rise in trend of automation are some factors that are expected to augment the segment during the forecast period.
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Based on end-user, the global digital pathology market can be categorized into diagnostic laboratories, academic & research centers, pharmaceutical companies, and others. The diagnostic laboratories segment held a prominent share of the market, in terms of revenue, in 2017, followed by the academic & research segment. Increase in workload of pathologist and larger patient base are likely to propel the diagnostic laboratories segment during the forecast period.
In terms of application, the global market can be segregated into diagnosis, consulting services, educational, and others. The diagnosis segment accounted for a major share of the market in 2017, in terms of revenue. Increase in prevalence of infectious diseases is an important factor driving the segment during the forecast period.
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Key players in the global market are adopting strategies such as mergers and acquisitions, technological developments, and geographic expansion in order to capture significant market position. Major players operating in the global digital pathology market include Leica Biosystems Imaging, Inc, OLYMPUS CORPORATION, F. Hoffmann-La Roche Ltd, GE Healthcare, Mikroscan Technologies, Inc., Koninklijke Philips N.V., Sectra AB, and Inspirata.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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