InsightAce Analytic Pvt. ltd announces the release of a market assessment report on Global AI-Based Digital Pathology Solutions Market By Type of Neural Network (Artificial Neural Network, Convolutional Neural Network, Fully Convolutional Network, Recurrent Neural Network, and Other Neural Networks), Type by Assays ( ER assay, HER2 assay, Ki67 assay, PD-L1 assay, PR assay and other types of assays), target disease indication type (breast cancer, colon cancer, cervical cancer, gastrointestinal cancer, lung cancer, prostate cancer and other indications) Application (Diagnostic, Research and Other Applications), End-User Segment (Academic Institutions, Hospitals/Healthcare Institutions, Laboratory/Diagnostic Institutions, Research Institutes and Others) – Trends, Industry Competitive Analysis, Sales and Forecast to 2030.”
According to the latest research by InsightAce Analytic, the global market for AI-based digital pathology solutions is expected to grow at a CAGR of 7.67% during the forecast period 2022-2030. Prominent market players include PathAI, Paige.AI, Akoya Biosciences, Aiforia, aetherAI, CellCarta, Deep Bio Inc., DoMore Diagnostics, PROSCIA, Pramana, Inc., Visiopharm A/S, Roche Tissue Diagnostics, Indica Labs, Ibex Medical Analytics , LDPath, OracleBio Limited, Verily, Mindpeak GmbH, Proscia Inc., SamanTree Medical SA, Tempus AI, Techcyte, Inc., Tribun Health and other major companies.
Significant growth in the pathology market is expected due to the increasing disease prevalence, the importance of digital pathology (DP) for the pharmaceutical industry and the approval of the regulatory authorities to use digital pathology in primary diagnostics. New business models such as on-demand services will play a crucial role in gaining access to untapped markets and driving the widespread adoption of digital pathology during the forecast period. Because digital solutions are so expensive, solution providers are capitalizing on these concerns by establishing regional service centers that serve the needs of diagnostic laboratories in emerging markets by offering slide scanning and image analysis services, as well as image storage services.
With the advent of computational pathology, DP will create opportunities to develop AI-based diagnostic tools that enable more precise and reproducible diagnoses. Pattern recognition and perception generation are essential features of AI. Consequently, integrating AI into DP can provide additional morphological information and traits. Both DP and AI development are accelerating at increasing rates, resulting in increased interest in computational pathology. It has previously been reported that AI-based solutions have shown promising results in prostate cancer detection.
It is also expected that the introduction of new advanced devices by medical device companies will account for an increase in research into the capabilities of AI-based digital pathology as a diagnostic tool for cancer diagnosis, which in turn will lead to greater expansion of the market . During the forecast period, digital pathology solutions will continue to drive the market revenue growth due to the increasing adoption of digital pathology solutions in drug development and biomarker identification.
Still, the lack of computerized analytical tools and the high capital investments required for international expansion are two market constraints. Additionally, slow technological advancements may impede the growth of AI-based digital pathology solutions in the market. Due to the improvement in healthcare infrastructure, the increase in per capita income and the existence of advanced research institutes and laboratories, North America represents the largest share of the global market for artificial intelligence-based digital pathology solutions. The main reasons for the dominance of this regional market are the continued deployment of R&D investments, the implementation of digital imaging, supporting government initiatives and the presence of prominent companies based in the region. Another factor contributing to the growth of the market is that a digital pathology-focused AI-based invasive breast cancer and skin lesion detection tool has been approved for use by AI-based digital pathology-focused companies.