PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1596803
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1596803
The global AI in Pathology market is expected to reach USD 169.8 million by 2029 from USD 82.8 million in 2024 at a high CAGR of 15.4% during the forecast period. AI in pathology refers to the healthcare industry's sector which comprises of development, deployment, and utilization of Artificial Intelligence (AI) designed for pathology applications specifically. Clinical data, genomic information, and disease progression can be analysed by using these AI models. These AI models assist in personalized treatment planning, identifying high-risk patients, and optimizing healthcare resource allocation. The AI helps and assists pathologists in extracting relevant information and analyzing images with the use of advanced AI algorithms, computer vision, and machine learning.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Million/Billion (USD) |
Segments | By Offering, Neural Networks, Functions, Use Case, End User |
Regions covered | North America, Europe, Asia Pacific, Latin America, and Middle East and Africa |
"The drug discovery segment accounted for the largest share in 2023, by use case."
In 2023, the drug discovery segment held the largest share of the AI in pathology market. The major factor behind this is the high demand for efficient and cost-effective drugs, as AI in pathology helps in accelerating the drug discovery process by automating the data analytics and identifying potential drug faster. In addition, the advancements in high throughput screenings imaging technologies and utilization of AI in toxicology testing for illicit drugs also act as a driving force for this market. Furthermore, the reduced time and costs play a very vital role as traditional methods are very time consuming and expensive as well, the introduction of AI in pathology helps in streamlining the process by enabling faster insights and decision making. Which in tun makes the process more efficient and cost effective, these all factors combined act as a catalyst for the growth of this market.
"Pharmaceutical and biopharmaceutical companies is the fastest growing end-user segment in the AI in pathology market."
The pharmaceutical and biopharmaceutical companies segment is projected to witness the highest growth rate during the forecast period. The growing collaboration between pharmaceutical companies and AI providers fuels rapid adoption of AI, also the companies are heavily investing in AI tools to stay competitive in drug development and innovation. As AI helps in fast tracking and streamlining the processes for drug discovery by analysing large datasets, identifying patterns in tissue samples, and predicting treatment responses, which reduces the time consumption and makes it cost effective, leading to faster innovations. The biopharmaceutical companies rely on AI-based digital pathology for majorly development of individualized medicine, as AI powered pathology aids the development of personalised medicine by providing detailed insights into individual portfolio.
"North America accounted for the largest share in 2023, in AI in pathology market."
In 2023, the North American region held the largest market share in the AI in pathology market due to several factors. The first and foremost being the high adoption of AI technology and strong investment in research and development driving the market growth. For instance, companies like Koninklijke Philips N.V. in 2023, invested nearly USD 895 million in R&D for diagnosis and treatment. On the other hand, the advanced healthcare infrastructre plays a very vital role in this market as there's a need of high tech machinery such as advanced microscopes and scanners. Morover, the large patient pool and data availability contributes in creating a large database, which can be further used to train the AI for greater accuracy and efficiency. This increasing focus on technoology, patient safety, and quality improvement, combined with technological advancements in medical devices, continues to drive the adoption of AI in pathology market in North America.
Key Players in the AI in pathology Market
The key players functioning in the AI in pathology market include Koninklijke Philips N.V. (Netherlands), F. Hoffmann-La Roche Ltd (Switzerland), Hologic, Inc. (US), Akoya Biosciences, Inc. (US), Aiforia Technologies Plc (Finland), Indica Labs Inc. (US), OptraScan (US), Ibex Medical Analytics Ltd. (Israel), Mindpeak GmbH (Germany), Tribun Health (France), Techcyte, Inc. (US), Deep Bio Inc. (Korea), Lumea Inc. (US), Visiopharm (Denmark), aetherAI (Taiwan), Aiosyn (Netherlands), Paige AI, Inc. (US), Proscia Inc. (US), PathAI, Inc. (US), Tempus Labs, Inc. (US), Konfoong Biotech International Co., Ltd. (China), DoMore Diagnostics AS (Norway), Verily Life Sciences, LLC (US), deepPath (US), and 4D Path Inc (US).
The report analyses the AI in pathology market. It aims to estimate the market size and future growth potential of various market segments based on by offerings, neural networks, use-case, end-user, by functions and region. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
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This report will enrich established firms and new entrants/smaller firms to gauge the market's pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.