Kenneth Research has examined the statistical and analytical approach that is required for the growth of Whole Slide Imaging (WSI) Market for the period 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
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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According to the statistics by the World Bank, in the year 2017, a total of 9.896 % of GDP was observed around the world as current health expenditure.
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.
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.
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
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The Market report answers the following questions:
What is the aim of the report?
- The Whole Slide Imaging (WSI) Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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