Increase in Adoption of Digital Pathology Boosts Whole Slide Imaging Market Growth - COVID-19 Impact and Global Analysis
Pune, India, Feb. 26, 2021 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on the Whole Slide Imaging Market was valued at US$ 419.52 million in 2019 and is projected to reach US$ 1,582.12 million by 2027; it is expected to grow at a CAGR of 18.1% during 2020–2027. Increase in adoption of digital pathology is driving the whole slide imaging market growth. However, high cost associated with installation and maintenance of whole slide imaging hamper the market growth.
In 2019, North America dominated the whole slide imaging market, with more than one-third of the market share. The government investment in healthcare infrastructure, increasing awareness regarding the digital pathology, and strategic activities by the manufacturers are among the prominent factors propelling the region's market growth. In terms of application, telepathology accounted for more than 40% of the global whole slide imaging market in 2019. however, the immunohistochemistry segment is estimated to register the highest CAGR in the market during the forecast period.
“Whole Slide Imaging Market to 2027 – Global Analysis and Forecast – by Type, Application, and End User,”
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Whole slide imaging technology deals with the addition of high-speed, high-resolution slide images for diagnostics workflow. The technology is also called virtual pathology and plays a significant role in digital pathology. Whole slide imaging is capable of image archiving and sharing. Pathologists can also utilize these images for diagnosis by generating digital workflow. Technological advancements in whole slide imaging and increasing digital pathology adoption are anticipated to drive the whole slide imaging market's growth during the forecast period.
Increasing emphasis on achieving better diagnostic outcomes is extensively driving the demand for digital pathology. This growing demand for digital pathology solutions is expected to increase the adoption of whole slide imaging, eventually driving the market during the forecast period. The whole slide imaging technology provides long-term tissue study, 3D image reconstruction, detailed cell counting and analysis, and stereological analysis. For instance, in October 2020, OptraSCAN launched OS-Ultra, a high-speed whole slide scanner for digital pathology. The device is capable of high-speed and high-quality image scanning to streamline the workflow and reduce errors. Such benefits of whole slide imaging for digital pathology are estimated to impact the market growth positively.
Whole Slide Imaging Market: Segmental Overview
On the basis of type, the whole slide imaging market is segmented into hardware, software, and services. The hardware segment is anticipated to register the highest CAGR in the market during 2020–2027. Increasing adoption of digital pathologies and rising demand for digital pathology infrastructure. A growing number of product introductions and approvals are also estimated to offer a lucrative market growth opportunity.
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On the basis of application, the whole slide imaging market is segmented into telepathology, cytopathology, immunohistochemistry, and hematopathology. The telepathology segment held the largest share of the market in 2019; however, the immunohistochemistry segment is estimated to register the highest CAGR during the forecast period.
On the basis of end user, the whole slide imaging market is segmented into hospitals, pharmaceutical, and biopharmaceutical companies, laboratories, and academic research institutions. The academic research institutes segment accounted for more than 35% share in the global whole slide imaging market in 2019. The academic & research institutes provide information regarding working with various biotechnological research, such as registering and storing chemical and liquid samples. Whole slide imaging technology can play an extensive role in investigating the samples. However, the pharmaceutical and biopharmaceutical companies segment is estimated to register the highest CAGR in the market during the forecast period.
Whole Slide Imaging Market: Competition Landscape and Key Developments
3DHISTECH Ltd., Indica Labs, Inspirata, Inc., Nikon, Koninklijke Philips N.V., Hamamatsu Photonics K.K., Olympus, Danaher (Leica Biosystems), Mikroscan Technologies, Inc., Visiopharm AS, and Akoya Biosciences, Inc. are among key companies operating in the whole slide imaging market. The major market players are continuously focusing on the expansion and diversification of their market presence, acquiring a new customer base, and tapping prevailing business opportunities.
In October 2020, Indica Labs launched an enterprise-wide, cloud-based deployment of Indica Labs’ software within the National Cancer Institute (NCI), including HALO, HALO AI, HALO Link, and HALO AP. Accessible to hundreds of users within the NCI, managing millions of digital images, and facilitating the analysis of thousands of images daily.
In December 2019, Akoya Biosciences, Inc. announced the full commercial release of new products that together form the complete solution for high-parameter tissue imaging. These include the CODEX System and Phenoptics 2.0.
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