Global Whole Slide Imaging Market to Expand at 14.95% till 2023
According to a new report released by Research on Global Markets, the global whole slide imaging market is expected to expand at a compound annual growth rate (CAGR) of 14.95% and reach a market size of USD 995 Mn by 2023.
According to the report, the global whole slide imaging market is poised for substantial growth in the upcoming years as whole slide imaging (WSI) is a new extra-ordinary digital imaging technology which is of great value to the pathological departments. The WSI performs a type of virtual microscopy which transfers high-resolution digital images representing entire tissue sections from glass slides, onto a digital device. The main features of the WSI system include illumination systems, microscopic optical components, and an in-built scanner that can be adjusted according to use. The system is equipped with specialized software for viewing and analyzing the digitally scanned images of the glass slide.
The WSI market is broadly segmented into two major product categories, namely, hardware and software. The hardware segment consists of products such as slide scanners, microscopes, cameras, the connected computers, and the robotics required to shift the glass slides around the light source and storage systems. It also includes storage capacities like hard disks, where the images are stored after scanning and processing. The software segment consists of image analysis software, digital slide viewers, and other software to analyze images.
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Immediate diagnosis can help determine the root cause of an ailment and start the process of treatment as soon as possible. Such health conditions may require immediate medical attention and early diagnosis can help save the patient’s life. On the other hand, incorrect diagnosis occurs due to misinterpretation of symptoms that leads to poor treatment which can possibly result in deterioration of the patient’s health.
There is an urgent demand for better and cost-effective digital pathology which is required to improve present patient diagnostic imaging procedures. This demand is addressed by the advent of WSI technology. According to market research, the demand for technologically advanced diagnostic techniques is expected to propel the global whole slide imaging market.
The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Among these regions, North America is leading the market as it accounted for approximately 44% share of the global market in 2018.
The high cost of purchasing and maintaining WSI systems is a crucial factor constraining the growth of the market. Lack of standardization of imaging formats is some of the barriers in the adoption of WSI systems.
Key highlights of this report:
- Market scope and segmentation
- Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography wise market revenue (USD bn), and key market observations
- Global market drivers and challenges
- Value chain analysis
- Porter's five forces analysis
- Regional market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market classification based on components of whole slide imaging (hardware [slide scanner, storage and other components] and software) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market classification based on applications of whole slide imaging (diagnostic, educational and research purpose) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market classification based on end user of whole slide imaging (pharmaceutical and biotechnology companies, academic and research institutes, and hospitals and reference laboratories) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations