AI in Pathology Market Size Will Grow Over USD 89.71 Million By 2032, at 15.3% CAGR Growth: Polaris Market Research

NEW YORK, Dec. 11, 2023 /PRNewswire/ -- A latest research report [110+] pages with 360-Degree visibility, titled "AI in Pathology Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Scanners); By Neural Network; By Application; By End User; By Region; Segment Forecast, 2023- 2032" published by Polaris Market Research in its research repository.

The global AI in pathology market size and share is predicted to grow from USD 21.73 Million in 2022 to USD 89.71 Million in 2032. It is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 15.3% from 2023 to 2032, according to the latest report by Polaris Market Research. 

How Does AI in Pathology Work? How Big is AI in Pathology Market Size and Share?

• Overview

Pathology is known as the analysis of ailments, and it lies at the intersection of science and medicine. It is a part of medicine that mainly studies the origins, nature, and causes of illnesses. Additionally, pathology is a crucial part of the diagnostic pathways that have been set up for a variety of disease indications, most notably the identification of cancer.

Also, the need for effective healthcare facilities and labs to deliver high-quality patient care is being driven by the growing global population. Lower healthcare staff is promoting the use of AI in pathology. The AI in pathology market demand is icreasing as pathologists are becoming more aware of the advantages of technology due to the growing body of research on its application, particularly in the areas of artificial intelligence and machine learning.

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Who are the Major Market Players of AI in Pathology?

• 4D Path
• Aiforia Technologies
• Aiosyn
• Akoya Biosciences
• deepPath
• Deep Bio
• DoMore Diagnostics AS
• F. Hoffmann-La Roche
• Hologic
• Ibex Medical Analytics
• Indica Labs
• Konfoong Biotech International
• Koninklijke Philips N.V.
• Lumea
• Mindpeak

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Important Highlights from the Report

• The increasing use of digital pathology to improve lab efficiency, its expanding applications in drug discovery and companion diagnostics, and the growing awareness of early cancer diagnosis in emerging economies are the primary drivers of the market's growth.
• The spread of infections globally is propelling the use of artificial intelligence.
• The AI in pathology market segmentation is mainly based on components, applications, neural networks, regions, and end users.
• Asia Pacific witnesses the largest share of the market.

AI in Pathology Market Details

Market's Prime Determinants of Growth, Trends, and Opportunities

Growth Drivers

Technological Advancements: Diseases and viruses are spreading daily, but pathology research and pharmaceutical development will protect human health from illness. Artificial intelligence and machine learning are being used more and more in the research of diseases as a result of rapid digitalization. Pathologists working alone can detect micro-metastases with a sensitivity of 83.3%, while pathologists working with a computer algorithm can detect them with a sensitivity of 92.2%. The AI in pathology market size is expected to grow significantly as more research is conducted on the application of technology in this field.

Trends and Opportunities

• Higher Accuracy: The adoption of AI algorithms in pathology labs is being driven by their capacity to analyze increasing amounts of data with more accuracy in less time. This helps the labs swiftly evaluate the patient's condition and recommend a reliable medicine. Moreover, the pandemic increased the need for remote medical examinations, which, in a sense, drove the growth of telepathology services—a field in which artificial intelligence plays a critical role.

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Segmental Analysis

• Software Sector Witnesses the Highest Growth

The software sector is expected to expand at the fastest rate over the forecast period as a result of pathologists using artificial intelligence software more and more to reduce turnaround times, improve accuracy, and expedite diagnosis and treatment planning. This has led to a rapid understanding of patients' conditions and the expeditious planning of recovery medications. AI also makes it possible to save patient health data and retrieve reports quickly, which reduces the requirement for pathology software during the research period, expanding the AI in pathology market growth.

• Drug Discovery Sector Holds the Significant Revenue Share

Artificial intelligence (AI) systems have the capacity to examine vast amounts of population data, spot patterns, and trends, and help determine how beneficial new medications will be for certain patients. In addition, scientists are beginning to use AI to pinpoint the source of vitamins, proteins, and illnesses. Drug demand is increased during the trial period as a result of this process, which increases the safety and efficacy of pharmaceuticals for end users.

• Hospitals and Reference Laboratories Sector Holds Significant Growth

Hospitals and reference laboratories will likely see an increase in pathology-related cases on a daily basis. AI will become more and more necessary as the burden for pathology activities grows, mostly because of its ability to produce reliable results and save time through software. AI also helps hospitals reduce the number of pathologists required to handle an increase in cases. In the upcoming years, this will further open up new potential prospects for the AI in pathology market.

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Regional Insights

Asia Pacific: The AI in pathology market in Asia Pacific is expanding as a result of the expanding application of AI in healthcare sectors in developing nations like as China and India. The healthcare AI industry in India is anticipated to expand at a 40% CAGR by 2025, according to NASSCOM. This shows how artificial intelligence is becoming more and more popular in the healthcare sector. Because AI can do repetitive jobs rapidly and save pathologists time, this could lead to even more applications of AI in pathology.

North America: Because telemedicine is becoming more and more popular, the North American region is anticipated to develop at the fastest rate throughout the forecast period, with a solid CAGR. Because of COVID-19's strict lockdown requirements, telemedicine has become more popular than in-person sessions. The US Department of Health and Human Services reports that Medicare enrollees have used telemedicine more frequently in the US since the outbreak.

Browse the Detail Report "AI in Pathology Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Scanners); By Neural Network; By Application; By End User; By Region; Segment Forecast, 2023- 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/ai-in-pathology-market           

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Key Questions Answered in the Report

• What is the current AI in pathology market size?
• What are the key factors driving the growth of the industry?
• At what CAGR is the market anticipated to grow over the forecast period?
• What are the major trends that can have a favorable impact on the market?
• Who are the key players in the market?
• Which are the top segments propelling the AI in pathology market share forward?
• What are the challenges and opportunities in the industry?

Polaris Market Research has segmented the AI in pathology market report based on component, neural network, application, end user and region:

AI in Pathology, Component Outlook (Revenue - USD Million, 2019 - 2032)

• Software
• Scanners

AI in Pathology, Neural Network Outlook (Revenue - USD Million, 2019 - 2032)

• Generative adversarial networks (GANS)
• Convolutional neural networks (CNNs)
• Recurrent neural networks (RNNs)
• Others

AI in Pathology, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Drug Discovery
• Disease Diagnosis & Prognosis
• Clinical Workflow
• Training & Education

AI in Pathology, End User Outlook (Revenue - USD Million, 2019 - 2032)

• Pharmaceutical & Biotechnology Companies
• Hospitals & Reference Laboratories
• Academic & Research Institutes

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SOURCE Polaris Market Research