Saudi Arabia Digital Pathology Market to Grow at 11.5 percent CAGR
Published | 30 June 2022
Saudi Arabia Digital Pathology Market is gaining significant traction owing to the rising developments in the healthcare industry along with the advancements in digital pathology lab systems to improve lab efficiency…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Digital Pathology Market is projected to grow at a CAGR of 11.5% by the end of 2028. The Saudi Arabia Digital Pathology Market is booming because of the expanding healthcare industry. Moreover, technological advancements and the incorporation of new services such as electronic medical records are fueling interest in digital pathology solutions. Additionally, the increased prevalence of cancer is driving up spending on digital pathology devices. Complications resulting from late cancer diagnosis, particularly in the case of blood cancer and lung cancer, necessitate large capital resources during treatment and diagnosis. Furthermore, Saudi Arabia Digital Pathology Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the factors like high cost of digital pathology systems and the lack of trained pathologists, in turn, may act as a huge restraining factor for the market growth.
Increasing Improvements in Lab Efficiency
Increasing the use of digital pathology to improve lab efficiency surges the demand for digital pathology. Digital pathology enhances lab efficiency by lowering costs, shortening turnaround times, and providing users with subject-matter expertise. Improvements in lab efficiency are critical because patients and physicians rely on lab results for diagnosis, and diagnostic tests must be completed and reported quickly and accurately. Furthermore, pathologists can access digital slides via web services, which eliminates shipping costs and travel time. The outbreak of the COVID-19 pandemic has resulted in lockdowns and social distancing measures. Such constraints have increased the demand for digital pathology solutions, which allow pathologists to view diagnostic results for primary diagnosis remotely. This results in offering lucrative opportunities for the Saudi Arabia Digital Pathology Market during the forecast period (2022-2028).
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Growing Need for Accurate Diagnosis
The Saudi Arabia Digital Pathology Market is expanding as cancer prevalence rises, demand for accurate diagnostics rises, and a large number of key players develop new digital pathology systems. Moreover, the growing geriatric population, as well as rapid technological advancements in digital pathology systems, are propelling the digital pathology market forward. Furthermore, the rising number of cancer cases can be attributed to the rapid increase in the geriatric population, which is more prone to cardiac disorders. This is expected to hasten market expansion. As a result, increased market growth has resulted from the development of new technologies in digital pathology systems. All these factors boost the Saudi Arabia Digital Pathology Market during the forecast period (2022-2028).
Challenge: Lack of qualified pathologists
To perform the necessary laboratory tests for illness diagnosis, trained pathologists are important. However, there is a shortage of skilled pathologists in some regions, particularly in rural areas. Moreover, medical professionals can securely and promptly share critical information with pathologists via digital pathology from a distance. In addition, cutting-edge technology like AI and machine learning assist pathologists in diagnosing diseases more quickly and effectively. As a result, it is anticipated that more pathologists would use digital pathology to provide remote pathological consultation and services due to the grave lack of pathologists.
Segmental Coverage
The Saudi Arabia Digital Pathology Market is divided into Pharmaceutical & Biotechnology Companies, Hospitals and Reference Laboratories, Academic & Research Institutes, and Other. The Pharmaceutical & Biotechnology Companies segment holds the largest market share in the Saudi Arabia Digital Pathology Market. This is due to the growing use of digital pathology for drug discovery studies and drug toxicology testing can be attributed to the large share of this segment. Digital pathology is also used by biotechnology companies for biobanking, biopharmaceutical studies, molecular assays, and the development of individualized medicine. All these factors boost the growth of the Saudi Arabia Digital Pathology Market during the forecast period (2022-2028).
Impact of COVID-19 on Saudi Arabia Automotive PCB Market
The COVID-19 pandemic-induced lockdown and economic crisis have affected several industries across the country. However, the pandemic had a largely positive impact on the market. The availability of rapid test kits for the covid-19 virus has significantly boosted sales. However, transportation, manufacturing, and technological developments are short-term concerns. In 2019-2020, sales of digital pathology scanners and storage devices fell due to a lack of interactions required for client device demonstrations and a decrease in the number of pathological tests performed in laboratories. However, investments in healthcare research are expected to rise for the foreseeable future, creating lucrative opportunities, particularly as AI and analytics improve over the next decade. During the projection period (2022-2028), the fastest recovery rates in some regions and increased health awareness as well as technological advancements, are likely to drive the growth of the Saudi Arabia Digital Pathology Market.
Competitive Landscape
The leading market players in the Saudi Arabia Digital Pathology Market are Nikon Corporation, Koninklijke Philips N.V., 3DHISTECH Ltd., Perkin Elmer, Inc., Danaher, F. Hoffmann-La Roche LTD., Sectora AB, and other prominent players. The India Brake Pad Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia Digital Pathology Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Digital Pathology Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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