Digital Pathology Market to Grow Exponentially in China
By LabMedica International staff writers Posted on 05 May 2014 |
An extensive Frost & Sullivan (San Antonio, TX, USA) analysis identifies factors that propel exponential growth of the medical digital pathology market in China.
The new Frost & Sullivan analysis – Analysis of the Digital Pathology Market in China – finds that the market earned revenues of USD 259 million in 2013 and estimates this to rocket up to USD 1,914.8 million in 2019. A burgeoning elderly population cohort the number of people over 60 years is projected to increase 8 million annually and reach 243 million by 2020 has heightened the need for pathological diagnosis. The situation is further aggravated by a rising incidence of cancer.
The advent of digital pathology is expected to help revolutionize healthcare in China and overcome challenges in clinical practices, research, and medical education. Favorable government healthcare reforms, such as initiatives on nationwide telepathology consultation and quality control programs, as well as the growing need for integration of healthcare delivery, will usher in a wave of digital pathology adoption. “Leveraging advancements in information technology and big data analytics will shift future healthcare deliveries towards personalized, evidence-based treatments,” said Raymond Chong, Frost & Sullivan Healthcare Research Analyst; “Healthcare will revolve around collaboration among medical institutions with emphasis on predictive and preventive medicine, widening the potential of the Chinese digital pathology market.”
Unfortunately, high investment and maintenance costs, low sample volume, and limited returns are hurdles to the use of digital pathology, particularly in rural regions. With barely 20% of medical resources allocated to rural areas, healthcare institutions remain reluctant to purchase these solutions. Vendors should identify and understand targeted end-user segments and deliver cost-effective, customized solutions to sustain business viability. Implementing unique pricing strategies in which products and services are priced in line with customer budgets and expectations will enable manufacturers to retain market share.
“Digital pathology system vendors should seek partnerships with various participants along the value chain, including software vendors and device manufacturers,” advised Chong; “Aligning investment plans with government and stakeholders’ agenda to build long-term partnerships will further bolster their position.”
Related Links:
Frost & Sullivan
Frost & Sullivan Connected Health Growth Partnership Service
The new Frost & Sullivan analysis – Analysis of the Digital Pathology Market in China – finds that the market earned revenues of USD 259 million in 2013 and estimates this to rocket up to USD 1,914.8 million in 2019. A burgeoning elderly population cohort the number of people over 60 years is projected to increase 8 million annually and reach 243 million by 2020 has heightened the need for pathological diagnosis. The situation is further aggravated by a rising incidence of cancer.
The advent of digital pathology is expected to help revolutionize healthcare in China and overcome challenges in clinical practices, research, and medical education. Favorable government healthcare reforms, such as initiatives on nationwide telepathology consultation and quality control programs, as well as the growing need for integration of healthcare delivery, will usher in a wave of digital pathology adoption. “Leveraging advancements in information technology and big data analytics will shift future healthcare deliveries towards personalized, evidence-based treatments,” said Raymond Chong, Frost & Sullivan Healthcare Research Analyst; “Healthcare will revolve around collaboration among medical institutions with emphasis on predictive and preventive medicine, widening the potential of the Chinese digital pathology market.”
Unfortunately, high investment and maintenance costs, low sample volume, and limited returns are hurdles to the use of digital pathology, particularly in rural regions. With barely 20% of medical resources allocated to rural areas, healthcare institutions remain reluctant to purchase these solutions. Vendors should identify and understand targeted end-user segments and deliver cost-effective, customized solutions to sustain business viability. Implementing unique pricing strategies in which products and services are priced in line with customer budgets and expectations will enable manufacturers to retain market share.
“Digital pathology system vendors should seek partnerships with various participants along the value chain, including software vendors and device manufacturers,” advised Chong; “Aligning investment plans with government and stakeholders’ agenda to build long-term partnerships will further bolster their position.”
Related Links:
Frost & Sullivan
Frost & Sullivan Connected Health Growth Partnership Service
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