The AI-based Digital Pathology Market provides a novel platform to assist pathologists in disease diagnosis and prognosis through computational analysis of whole slide images. The use of digital pathology systems enables automated scanning of glass slides and conversion into high-resolution digital slides that can be examined, shared, analyzed and stored on computers. This novel solution provides advantages like improved throughput, reduced turnaround time, ease of remote consultation and greater consistency in diagnosis.
The AI-Based Digital Pathology Market is estimated to be valued at US$ 1.1 Billion 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 Market are Aiforia Technologies, Akoya Biosciences, Ibex Medical Analytics, Indica Labs and PathAI. These major players are investing significantly in R&D to develop AI algorithms that can augment pathologist capabilities and advance personalized medicine needs.
The growing demand for more accurate and rapid cancer diagnosis is a major driver for the adoption of AI-based digital pathology solutions across healthcare facilities globally. Automating the image analysis process helps pathologists handle the increasing workloads efficiently.
Several hospitals, diagnostic labs and research institutes are also embracing whole slide imaging systems to enable virtual consultations, remote tumor boards and global expert opinions. This is fueling the international expansion of key players in the AI-based digital pathology domain.
Market Key Trends
One of the key trends witnessed in the AI-based digital pathology market is the integration of machine learning and deep learning algorithms into image analysis workflows. Advanced analytical models empower systems to mimic pathologist interpretations and detect subtle visual patterns associated with tumor prognosis and treatment responses. This assimilation of AI into digital pathology solutions is becoming a mainstay for precision diagnostics. Automation of interpretation coupled with rapid reporting promises to alleviate pathologist burnout and accelerate clinical decision-making. As personalized medicine becomes the standard of care, AI-based digital pathology solutions are well positioned to transform disease management.
Porter’s Analysis
Threat of new entrants: Low barrier for new startups to enter but high investment required for R&D and technology.
Bargaining power of buyers: Healthcare providers and hospitals consolidate market and enjoy bargaining leverage over suppliers.
Bargaining power of suppliers: Major players enjoy high bargaining power due to intellectual property and technology expertise.
Threat of new substitutes: New AI-based solutions in digital pathology or digital pathology as a service can disrupt the market.
Competitive rivalry: Intense competition among major players to gain market share through new product launches and technological innovations.
Geographical Regions
North America holds the major share of the AI-based digital pathology market due to increasing volume of cancer diagnosis, rising healthcare spending and presence of key market players in the US.
Asia Pacific region is expected to witness highest growth rate over the forecast period owing to increasing incidence of cancer, growing healthcare expenditure, rising awareness about digital pathology and initiatives by governments in countries like China and India to modernize healthcare facilities.
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
About Author - Ravina Pandya
Ravina Pandya,a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile