Artificial Intelligence in Pathology Market to Hit USD 169.8 Million by 2029 with 15.4% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Nov. 4, 2024 /PRNewswire/ -- The global AI in pathology market is projected 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. A major recent advancement in the AI in pathology market is the development of AI-powered digital pathology platforms capable of real-time analysis of pathology slides. One significant innovation was the use of deep learning algorithms to aid in the detection and diagnosis of diseases, such as cancer, from histopathological images. These Al machines can identify even minute patterns and abnormalities on a tissue sample with speed and accuracy only like those of the human pathologist, thus reducing the time required for diagnostics. For instance, in April 2024, PathAI and Google Cloud partnered with anatomic pathology labs and biopharma firms to speed up the adoption of digital pathology and AI.
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By neural networks, the AI in pathology market is segmented into generative adversarial networks (GAN), convolutional neural networks (CNN), recurrent neural networks (RNN), and others. The convolutional neural network segment accounted for the largest share of AI in pathology market in 2023. The CNNs are well-suited to the digital pathology areas where, as patterns in tissue, they help in identifying disease biomarkers. They assist in the diagnosis of complex diseases such as cancer. This is how their architecture allows them to perform automated feature extraction from high-resolution pathology images, thus permitting rapid and highly accurate diagnostic assessments. CNNs are indispensable for building AI-driven tools that help pathologists minimize the occurrence of diagnostic errors and optimize workflow. Along with digital pathology gaining wider acceptance, use of CNNs is expanding and has emerged as a dominant force in the AI pathology landscape.
Based on end users, the Al in pathology market is segmented into pharmaceutical & biopharmaceutical companies, hospitals & reference laboratories, and academic & research institutes. Pharmaceutical & biopharmaceutical companies are projected to register highest growth over the forecast period. Such firms rely more on Al-enabled pathology tools to make it easier to discover and develop drugs. Algorithms of the Al technologies accelerate very fast the biomarkers of diseases and the knowledge about the tissue samples analysis that guarantees the competent preclinical and clinical trials with increased accuracies. Al in pathology can smoothly handle gigantic data collections, which analyses multiple studies, thereby streamlining decision-making as well as reducing time to market for innovative drugs. With the pharmaceutical companies moving forward to specialize in personalized medicine and precision oncology, it has experienced tremendous growth, thereby, making Al-driven pathology solutions a necessity to upgrade the productivity of R&D in this segment.
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Prominent players in the AI in pathology market include Koninklijke Philips N.V. (Netherlands), F. www 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), and Tribun Health (France). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, product approvals, investments, and acquisitions to strengthen their market presence in the AI in pathology market.
F. Hoffmann-La Roche Ltd. is one of the prominent players in the AI in Pathology market. Roche diagnostics has been investing significant amounts of money in the research and development activities to improve the existing portfolio, as it has a strong product portfolio for the growing AI in pathology market. The company achieves its target of rapid growth by developing and launching new and advanced products in the market to foster more and more partnerships and collaborations. For instance, in September 2024, Roche launched advanced artificial intelligence (AI) algorithms software, that provides valuable insights in pathology benefiting the cancer patients by supporting precision medicine and enabling targeted treatments.
Koninklijke Philips N.V. is a significant operating company in the Al in pathology market. This company has wide regional reach as well as a broad worldwide sales and distribution network. Philips uses strategic organic growth approaches like expansions, collaborations, and partnerships to grow its market share in this market. Philips makes significant investments in R&D activities to technologically add to its product portfolio. For example, in 2024, Philips collaborated with Amazon Web Services (AWS) (US) to Koninklijke Philips N.V. expanded collaboration with Amazon Web Services (AWS) to meet the increasing demand for secure, scalable digital pathology solutions in the cloud.
Hologic, Inc. which is one of the prominent players in the Al in pathology market provides software solutions to hospitals and healthcare systems, that promote Al in pathology solutions for better patient care. These include cytology systems such as Genius Digital Diagnostics System. Organic strategies such as product approval have been used by the company to increase both its geographic presence and its solutions for pathology, including Al. For example, Hologic, Inc. reported in February 2024 that the U.S. Food and Drug Administration has cleared its new Genius Digital Diagnostics System, which includes the GeniusTM Cervical Al algorithm.
Akoya Biosciences, Inc. is a life sciences technology company that delivers spatial biology solutions focused on transforming clinical research and discovery. The company offers a diverse product portfolio that provide single-cell imaging solutions that allow researchers to phenotype cells with spatial context and visualize how they organize and interact to influence disease progression and treatment response. To serve the diverse requirements of researchers across discovery, translational, and clinical research Akoya provides three different solutions namely, the PhenoCycler Phenolmager, and inform. The company also does a significant investment towards R&D to improve its product portfolio by making it more technologically advanced and up to date.
Aiforia technologies PLC develops strong deep learning and cloud-based technologies to advance image analysis tasks and workflows at preclinical and clinical labs. The platform that is provide by the company can analyse lung lesions, hyaline membranes, and inflammatory cell infiltrate, among other aspects, by using image management, visual analysis, and collaboration tools. The company has a global presence in more than 50+ countries. In June 2021, the company raised funding of USD 15.37 million, which would
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