Pathology AI (Artificial Intelligence) Market, by Component (Software, Services), Neural network (CNN, GAN, RNN), Application (Drug Discovery, Diagnosis, Prognosis, Workflow, Education), End User (Pharma, Biotech, Hospital Labs, Research) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Pathology AI (Artificial Intelligence) Market Overview
The global Pathology AI (Artificial Intelligence) market size was estimated at USD 23.4 million in 2023 and is projected to reach USD 66.53 billion in 2030 at a CAGR of 16.1% during the forecast period 2023-2030.
The AI Pathology Market can be defined as the integration of AI-based algorithms and machine learning techniques in the world of pathology. Pathology, a critical discipline in medicine, involves the study of tissues and cells to diagnose diseases, understand their progression, and guide treatment decisions. With the advent of artificial intelligence, this traditional practice is undergoing a profound transformation, supported by advanced computing capabilities that provide pathologists and healthcare providers with unprecedented insights.
Increasing government initiatives to encourage healthcare providers and other healthcare organizations to adopt AI-based diagnostic technologies, as well as investments by non-profits and private companies for better data sharing, improved clinical outcomes and cost reduction are some of the expected key drivers. to boost the growth of the artificial intelligence pathology market during the forecast period. Additionally, high demand for e-diagnosis services in healthcare due to increasing government healthcare expenditure is fueling the market growth. In addition, the growing need to reduce diagnostic costs, improve patient care and reduce machine downtime is one of the factors accelerating the use of artificial intelligence in pathology and diagnostics.
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The COVID-19 pandemic has highlighted the shortcomings of the current healthcare system and accelerated the adoption of digital technologies such as artificial intelligence to accurately analyze complex data sets, thereby reducing the administrative and operational burden on doctors. The growth of the market has been accelerated by the birth of start-up companies and the growing recognition of financing and investments. Healthcare startups have rapidly adopted AI-based systems and are gaining recognition in the form of favourable government support and funding from private investors and venture capitalists.
Delvens Industry Expert's Standpoint
The AI Pathology Market is anticipated to grow as AI technologies continue to evolve, becoming more capable of analyzing and interpreting complex pathological data. The integration of AI into pathology workflows has the potential to revolutionize diagnostic practices, reduce errors, enhance patient outcomes, and pave the way for personalized medicine. It represents a dynamic intersection of cutting-edge technology and the field of medicine, poised to revolutionize the way diseases are diagnosed, characterized, and treated. It has witnessed significant growth in recent years, driven by advancements in artificial intelligence technology, increasing adoption of digital pathology infrastructure, and a growing need for accurate and efficient diagnostic solutions.
Key Findings
- The component segment is further fragmented into Managed Software and Services. The software segment is expected to account for a larger market size during the forecast period. This significant share is due to the widespread acceptance and use of Al-based software by pathologists. The software segment offers several advantages such as high adaptability, interoperability and automation of various pathological tasks such as image analysis, data extraction and report generation. These factors drive the adoption and further development of Al software in pathology, which offers significant potential for disease detection, diagnosis and treatment planning.
- The Neural network segment is further bifurcated into generative adversarial network (GAN), convolutional neural network (CNN), recurrent neural network (RNN). The convolutional neural network (CNN) is the largest market during the forecast period. The significant growth rate of this segment is due to its exceptional ability to analyze complex visual data such as pathological images, extract relevant features and provide accurate diagnoses. In addition, CNN facilitates the localization and segmentation of regions of interest in images, allowing it to continuously learn and improve its performance over time using new data and feedback from pathologists.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period owing to the growing investments and reforms to modernize the pathology infrastructure in the region and the increasing adoption of digital pathology solutions.
Pathology AI (Artificial Intelligence) Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period. In North America, there is growing investments and reforms to modernize the pathology infrastructure in the region and the increasing adoption of digital pathology solutions.
- Moreover, the expansion of healthcare infrastructure and growing market availability of advanced AI technologies.
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Pathology AI (Artificial Intelligence) Market Competitive Landscape
- General Electric Co. (GE Healthcare)
- Koninklijke Philips N.V
- F. Hoffmann-La Roche Ltd
- Hologic, Inc
- Akoya Biosciences, Inc
- Aiforia
- Indica Labs Inc
- OptraScan
- Ibex Medical Analytics Ltd.
- Mindpeak GmbH
- Tribun Health
- Siemens Healthineers
- Zebra Medical Vision, Inc.
- Riverain Technologies
- IDx Technologies Inc.
- NovaSignal Corporation
- Vuno, Inc.
- Aidoc
- Neural Analytics
- Imagen Technologies
- Digital Diagnostics, Inc.
- GE Healthcare
- AliveCor Inc.
- Proscia Inc
- PathAl, Inc.
- Tempus Labs, Inc.
Pathology AI (Artificial Intelligence) Market Recent Developments
- In April 2023, Indica Labs Inc. signed an agreement with Lunit Inc. The agreement helped to provide a fully interoperable solution between Indica Labs’ HALO AP image management software platform and Lunit’s suite of AI pathology products.
- In March 2022, Ibex Medical Analytics Ltd. Had partnered with Dedalus Group. Through this partnership, the company aimed to bring the power of artificial intelligence to digital pathology.
Reasons to Acquire in the Pathology AI (Artificial Intelligence) Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Pathology AI (Artificial Intelligence) Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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