SOURCE: BCC Research LLC

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February 24, 2016 07:38 ET

Digital Pathology Revolutionizing Healthcare Delivery Systems, Reports BCC Research

WELLESLEY, MA--(Marketwired - February 24, 2016) - Digital pathology offers tremendous potential for improving workflow and interpretive accuracy. BCC Research reveals in its new report that the rising prevalence of cancer, increasing trends in drug development, companion diagnostics and ease of consultation are some of the major drivers slated to propel this vibrant market. But this rapidly evolving technology faces substantial challenges.

The pathological process involves looking at ways and means of achieving workflow efficiency and cutting costs. Digital pathology pertains to the creation, viewing, analysis, management, sharing and interpretation of digital images on glass slides and includes workflow considerations specific to a digital imaging environment. Digital pathology is gaining significant momentum, providing ready access to high-quality slide images, enabling better and faster diagnosis, and offering a means of preserving these digital slides for future reference.

The global digital pathology market is expected to grow at a five-year (2015-2020) compound annual growth rate (CAGR) of 15%, reaching about $6.5 billion in 2020 from nearly $3.2 billion in 2015. Among the regions, North America dominated the market with about 40% market share in 2014. Various government initiatives in the region for digitization of healthcare data are major drivers for the region. However, Asia should register the highest five-year CAGR (21.8%) during the forecast period. Rapidly increasing patient data from rising medical tourism in Asian countries such as India and Thailand is driving this market. Growing awareness among Asian consumers for digitized healthcare systems is driving demand, as well.

The need for transformation in healthcare delivery models and growing demand for greater value care is driving the adoption of cloud-based healthcare models. These emerging trends are expected to bring immense opportunities in the digital pathology market. Improvements in operational efficiency, reductions in laboratory expenses, novel treatment options and better patient care are key factors driving growth of the digital pathology market. Other growth factors include newer trends in drug development, the rising prevalence of cancer, growth of companion diagnostics and easier access to physician consultation.

However, a few key concerns may hinder market growth. These include FDA regulations in some regions, technological problems, prohibitive cost of digital pathology systems (DPS) and the continued conservative outlook of pathologists.

"The digital pathology market shows great potential, but there are still major challenges to be dealt with in the path of its adoption by pathologists and laboratories in both the U.S. and Europe," says BCC Research analyst Bhavna Joshi. "In the U.S., the lack of FDA clearance for use of most digital pathology systems for primary diagnosis is one factor that is slowing the adoption rate. In Europe, true interoperability and standardization of digital pathology technology have been difficult to achieve due to the varied image formats and complexity of workflows."

Digital Pathology: Technologies and Global Markets (HLC161B) examines the market by sub segments and geography, and analyzes trends and opportunities in major regions, including North America, Europe, Asia and the rest of the world (ROW). Data from 2014, estimates for 2015, and projections of CAGRs through 2020 also are provided.

About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information@bccresearch.com.

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