AI-based digital pathology uses computational algorithms and deep learning techniques to digitally scan and analyze whole slide images obtained from tissue samples. It helps pathologists in analysis, diagnosis, prognosis, and increasing workflow efficiency. The technology offers benefits such as automated image analysis, remote consultations, data archiving, and eliminates costs associated with glass slide storage.
The AI-Based Digital Pathology Market is estimated to be valued at US$ 1.1 Bn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the AI-based digital pathology are Aiforia Technologies, Akoya Biosciences, Ibex Medical Analytics, Indica Labs and PathAI.
The rising adoption of digital pathology solutions in cancer diagnosis and drug development is fueling market growth. AI-based digital pathology helps in increasing diagnostic accuracy and speed by automating routine tasks.
Advancements in deep learning and machine vision technologies are enabling the development of solutions with high-resolution whole slide imaging and automated image analysis capabilities. Companies are focusing on integrating AI into their product offerings to improve clinical decision making.
Market Trends
The growing popularity of computational pathology is a key trend in the market. It utilizes AI and machine learning techniques to analyze digital images and molecular data at a large scale. This helps in faster and more objective diagnosis compared to human examination. Another trend is the rise in adoption of cloud-based digital pathology solutions by healthcare facilities to improve collaboration, workflow efficiency and data management.
Market Opportunities
Increasing application of AI-based digital pathology in stem cell and tissue engineering research presents significant opportunity. It helps accelerate discovery of new treatments. Telepathology is another opportunity area as it enables remote collaboration and consultation for hard-to-access patient cases and rare disease diagnostics. Investments in AI by governments, hospitals and startups will further fuel advancements.
Impact Of COVID-19 On AI-Based Digital Pathology Market
The COVID-19 pandemic has significantly impacted the growth of AI-based digital pathology market globally. During the initial phase of pandemic, healthcare facilities were focused on treating COVID affected patients which diverted resources from routine screening and diagnosis procedures. This led to decline in new diagnostic cases being referred to pathology labs for examination under microscope. However, with restrictions on movement and social distancing norms, there was rise in demand for teleconsultations and digital pathology solutions enabled pathologists to remotely access and examine digital slides of patients. This ensured continuity of diagnostic services while avoiding physical visits to hospitals or labs.
As the pandemic progressed, many pathology labs adopted whole slide imaging and AI-based image analysis tools to address increased workload as well as tackle staffing challenges due to illness. AI solutions assisted in automated screening of digital slides, prioritization of caseload and reducing diagnostic turnaround times. This helped pathology departments to effectively cope with surge in sample volume during peak months. Meanwhile, several pharma companies and research organizations also utilized digital pathology coupled with AI for vaccine and drug development related to COVID.
Going forward, tackling future healthcare crises will require robust digital infrastructure. Post pandemic, there is expected to be higher investments in remote diagnostics, distributed workflow solutions, automation and artificial intelligence by pathology labs and hospitals. This will further fuel the adoption of AI-based digital pathology globally. Standardization of imaging formats, annotation data and regulatory approvals will also support continued growth.
North America leads the market in terms of revenue generation for AI-based digital pathology. This can be attributed to presence of advanced healthcare facilities, heavy investments in clinical research and openness towards adoption of latest technologies. Asia Pacific is expected to be the fastest growing regional market due to rising healthcare expenditure, increasing awareness about benefits of digital tools and efforts by governments in various countries to modernize their healthcare systems. In addition, growing geriatric population susceptible to chronic diseases will propel demand for ai-based precision diagnostics in Asia Pacific region over coming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
What Are The Key Data Covered In This AI-based Digital Pathology Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the AI-based Digital Pathology's growth between 2024 and 2031.
:- Accurate calculation of the size of the AI-based Digital Pathology and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- AI-based Digital Pathology Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of AI-based Digital Pathology vendors
FAQ’s
Q.1 What are the main factors influencing the AI-based Digital Pathology?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top AI-based Digital Pathology companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the AI-based Digital Pathology’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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