According to a recent report by Reports and Data, the global Veterinary Pathology Market is expected to reach USD 2,234.9 Million by 2030, growing at a CAGR of 13.2% during the forecast period. The increase in the prevalence of chronic and cardiovascular diseases is the primary driving factor behind the development of new diagnostic solutions.
As the frequency of these diseases rises, there is a need for Veterinary Pathology systems that can provide accurate diagnoses. Furthermore, the growing application of Veterinary Pathology in drug development and companion diagnostics is driving Veterinary Pathology market revenue growth.
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The field of Veterinary Pathology encompasses the digitization and handling of pathology data and images, including slides, within a digital framework. By utilizing scanning instruments, high-quality digital images can be generated from glass slides, which can then be accessed and analyzed on various devices, such as computers and mobile phones. The global Veterinary Pathology market is experiencing an upsurge in revenue growth due to the growing need for precise diagnoses and the increasing investment in cutting-edge Veterinary Pathology systems.
There is a significant shortage of pathologists worldwide, especially in Africa and the Asia Pacific, which has resulted in a supply-demand imbalance. Pathologists perform vital laboratory tests necessary for diagnosing illnesses. In such circumstances, Veterinary Pathology can play an important role in facilitating the secure and timely exchange of essential information between medical professionals and pathologists across geographical borders.
Moreover, the emergence of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) is helping pathologists to quickly and accurately identify diseases, thereby enhancing their effectiveness. Due to the critical shortage of pathologists, it is expected that Veterinary Pathology will be increasingly utilized for remote pathological consulting and services in regions such as Africa and APAC.
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The report also highlights some key highlights, such as the collaboration between Visiopharm and Agilent Technologies, Inc. to co-market Visiopharm's portfolio of AI-driven Precision Pathology software and Agilent's automated pathology staining solutions portfolio. The alliance aims to address the unmet requirements of pathology laboratories worldwide and develop technology, products, and services that improve pathology lab uniformity and speed up correct diagnosis.
The report segments the Veterinary Pathology market based on product, type, application, end-use, and region. The scanner segment accounted for the largest revenue share in 2021, driven by cloud-enabled Veterinary Pathology scanners that offer the most flexibility for storing, archiving, and managing digital pictures and metadata. The Veterinary Pathology segment accounted for the largest revenue share in 2021, driven by the more accurate analysis and faster access to previously linked instances. The drug discovery segment accounted for the largest revenue share in 2021, driven by Veterinary Pathology's ability to enhance therapy possibilities for a number of disorders. The hospital segment accounted for the largest revenue share in 2021 due to the huge number of medical procedures and operations performed in hospitals.
North America accounted for the largest revenue share in 2021, driven by the development and innovation in Veterinary Pathology products, the presence of several biotechnologies and medical product industries, as well as advanced healthcare facilities. The companies profiled in the report include Leica Biosystems Nussloch GmbH, Hamamatsu Photonics K.K., F. Hoffmann-La Roche Ltd., 3DHISTECH Ltd., Apollo Enterprise Imaging Corp., XIFIN, Inc., Huron Technologies International Inc., Visiopharm A/S, Aiforia Technologies, and Akoya Biosciences, Inc.
In conclusion, the global Veterinary Pathology market is expected to grow significantly over the forecast period, driven by the rise in the prevalence of chronic and cardiovascular diseases, the need for accurate diagnoses, and the increasing application of Veterinary Pathology in drug development and companion diagnostics. The use of emerging technologies such as Artificial Intelligence (AI) and Machine Learning (ML) can assist pathologists in identifying diseases more quickly and improving their effectiveness.
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