DUBAI, UAE / ACCESSWIRE / May 20, 2020 / The global COVID-19 pandemic is projected to generate highly lucrative opportunities for digital pathology platforms, as shelter-in place orders are pushing conventional anatomic pathologists to review digital images of patients from the safety of their homes, while maintaining accuracy in diagnostics. The digital pathology market is generating attractive opportunities in terms of research for cancer treatments and personalized medicine. The pandemic is providing impetus to the market growth with clinics, hospitals, and CROs pushing for greater adoption.
According to a recent report by Future Market Insights (FMI), the revenues from digital pathology is expected to surpass a value pool of US$ 6 Bn by the end of 2021, following a significant boost in 2020 from the coronavirus pandemic. The current outbreak is likely to result in a number of permanent changes in how the healthcare sector is organized, and the role digital pathology devices and platforms will play as a solution to the shortage of anatomical pathologists.
Key market players are increasingly focusing on data sharing challenges through the integration of cloud technologies. The high costs associated with digital pathology devices are expected to hinder accessibility. However, regulatory bodies such as the FDA have been pushing for these platforms for remote healthcare operations.
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Clinical Pathology Equipment Favored; Services to Gain Traction amid Outbreak
Conventional digital pathology equipment continues to witness greater investments and demand in comparison to associated services, and software. Tools such as slide scanners and tissue microarrays are anticipated to gain traction for screening applications. However, with the COVID-19 outbreak, market players are now investing their efforts in bettering service offerings, particularly in consulting applications with innovations in diagnostic software and automated diagnostics through artificial intelligence.
"The COVID-19 pandemic has revealed major shortcomings in the healthcare sector. Long delivery times for test results and in-person interactions risk patients and healthcare providers. This trend is particularly true for healthcare personnel in outbreak hotspots, with overwhelmed infrastructure, while professionals in low-impact regions are left without being called into action, creating opportunities for implementing digital pathology for remote diagnostic operations," says the FMI analyst.
Developed Regions Remain at the Forefront
North America and Europe are making major strides in the adoption and development of digital pathology. With leading players concentrated in these regions, the industry is also witnessing collaborations with government regulatory bodies such as the FDA and CDC, for availing waivers to enable pathologies for waivers to work remotely through the duration of the pandemic. Further, the epicenter of coronavirus outbreak has moved from China to the United States, increasing the scope of application for digital pathology in the region.
The Asia Pacific region will also display a high growth rate owing to the growing popularity of digital imaging tools and services in emerging economies, investments into modernization of healthcare, and the demand for reduction in laboratory expenses, even as COVID-19 tests continue to remain below par.
The FMI report offers near and long-term growth outlook of the digital pathology market. Gain access to FMI's exclusive COVID-19 tracker here.
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SOURCE: Future Market Insights