A study conducted by Reports and Data estimates the global digital pathology market size will reach over $2.2 billion and earn a revenue compound annual growth rate of 13.2 percent by 2030.
Reports and Data lists "prevalence of cancer; rise in demand for accurate diagnostics and development of new digital pathology systems by [a] large number of key companies" as the major factors behind the expected growth.
Digital pathology — the interpretation of pathological information seen from a digitized glass slide — has become a solution for medical practitioners to share diagnosis-related information globally, especially in areas lacking sufficient means of pathological counseling.
Advancements in digital pathology systems include digital photography, computerization, robotic light microscopy, fiber optic connectivity and artificial intelligence.
"A growing number of businesses are turning to these technologies to cut expenses, eliminate bottlenecks, automate operations, and effectively exchange material," according to the study. "Furthermore, technological advances such as microarray analysis and the adoption of a diverse variety of predictive models, such as hybrid models and [application programming interface] algorithms, are projected to drive demand for digital image analysis."