Whole Slide Imaging (WSI) Market Analysis By Industry Size, Share, Revenue Growth, Development and Demand Forecast

In a recent published report, Kenneth Research has updated the Market report for Whole Slide Imaging (WSI) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Whole Slide Imaging (WSI) Market Products.

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Digital pathology continues to evolve, driven by advancements in technology, software and cloud storage solutions. Digital imaging has shifted from acquiring of static images to whole slide imaging (WSI), resulting in its increased use in pathology. WSI, which is referred to as virtual microscopy, is an emerging technology that involves the acquisition of high-resolution digital images representing entire tissue sections from glass slides on a computer monitor. WSI systems aid pathologists in primary diagnosis, consultation and remote interpretation of frozen sections. The global WSI market is expected to reach USD 995 Mn by 2023, expanding at a CAGR of 14.95% during 2018-2023.

According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

The global WSI market is categorized based on components, applications, and end users. Based on components, the market is segmented into hardware (slide scanners, communication devices, storage devices, and others) and software. Based on applications, the market is fragmented into diagnostics, education, and research purposes. Based on end users, the market is segmented into pharmaceutical and biotechnology companies, academic and research institutes, and hospitals and reference laboratories.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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Component segment insights:

Based on components, the hardware segment will experience a CAGR of 14% through the forecasted period of 2018-2023, and will occupy ~72% of the market by 2023. The software segment is expected to witness a CAGR of 17% through the forecasted period of 2018-2023, and account for the rest of the market by 2023. Rising demand for high-speed and high-resolution digital image in pathological laboratories, workflow efficiency, patient safety, and diagnostic accuracy, have propelled the demand for WSI systems.

Application segment insights:

The research segment held the largest market share of 73% in 2018, owing to the high demand for WSI in drug discoveries and oncology research. In 2016, around 1.7 Mn cases of cancer were diagnosed in the U.S. Thus, the need for improvement in cancer diagnosis is another important factor that is anticipated to further boost the demand for WSI systems across the globe.

End user segment insights:

Although the pharmaceutical and biotechnology companies segment held the largest market share of nearly 68% in 2018, the hospitals and reference laboratories segment is expected to witness the highest growth rate of 51% throughout the forecasted period. This tremendous growth is attributed to the Food and Drug Administration’s (FDA) approval for the first whole slide imaging (WSI) system (Philips IntelliSite Pathology Solution [PIPS]), which is to be marketed for primary diagnosis. This has provided an impetus to increased clinical use of whole slide imaging in the U.S.

Regional segment insights:

On the basis of regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America has the largest market share. In 2018, the region accounted for an approximately 44% share of the global market. Approval from the FDA and continuous support from the Digital Pathology Association (DPA) to increase focus on education, best practices and awareness, have boosted the adoption of WSI for various applications in North America.

Companies covered:

1. Ventana Medical Systems, Inc. (Roche)
2. Leica Biosystems
3. Philips Healthcare
4. Inspirata (GE Healthcare)
5. Olympus Corporation
6. Hamamatsu Photonics K.K.
7. 3DHISTECH
8. Huron Digital Pathology Inc
9. Omnyx LLC
10. Visiopharm A/S

Customizations available
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  •  Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

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