The AI-based digital pathology solutions market is expected to register a CAGR of 7.67% during 2022-2030
Artificial Intelligence (AI) has been proven to be a faster and more effective approach to identifying and assessing pathological characteristics in samples than previous techniques. The diagnosis process can be accelerated and strengthened by implementing AI. In addition, AI aids pathologists in making accurate diagnoses by using data to verify their findings. It can alert them when their conclusions are contrary to what is expected based on the algorithms. By combining AI with digital pathology as a validation tool, pathologists can now perform image analytics on a more significant number of slides in a shorter period. Pathologists can improve outcomes by focusing on specific regions and improving efficiency accordingly. Digital pathology is also enhancing patient engagement with the use of AI, with devices and apps providing access to electronic health records, radiology images, etc.
The global AI-based digital pathology solutions market is expected to grow at a compound annual growth rate (CAGR) of 7.67% during the forecast period 2022-30, driven by the increasing prevalence of diseases, significance of digital pathology for the pharmaceutical industry, and approval by regulatory agencies for the use of digital pathology in primary diagnosis. New business models, such as on-demand services, will play a pivotal role in gaining access to untapped markets and increasing the widespread adoption of digital pathology over the forecast period. Moreover, with digital solutions being highly expensive, solution providers are taking advantage of this problem by setting up regional service centers that will serve the needs of diagnostic labs in the emerging markets through provision of slide scanning and image analysis services and image storage services. These are the latest findings of InsightAce Analytic (Jersey City, NJ, USA), a market research and consulting firm.
With the advent of computational pathology, digital pathology will create opportunities for developing AI-based diagnostic tools that will make it possible to make more precise and reproducible diagnoses. Pattern recognition and generation of perception are essential features of AI. As a result, the integration of AI into digital pathology can provide additional morphological information and features. Digital pathology and AI development are both accelerating at a fast pace, leading to increased interest in computational pathology. AI-based solutions have already been reported to show promising results in detecting prostate cancer.
The launch of new advanced devices by medical device companies is also expected to be responsible for an increase in research into the abilities of AI-based digital pathology as a diagnostic tool for cancer, which in turn will lead to the market’s expansion. During the forecast period, digital pathology solutions will continue to drive the growth in market revenue due to their increasing use in drug development and biomarker identification. Nevertheless, the lack of computational analytical tools and high capital investment required to expand internationally will limit market growth. Additionally, the slow rate of technological advancement could hinder the growth of the AI-based digital pathology solutions market.
North America accounts for the largest share of the global market for AI-based digital pathology solutions due to an improvement in healthcare infrastructure, rise in per capita income, and the presence of advanced research institutes and laboratories in the region. The North American market is also being fuelled by the continued deployment of R&D investments, implementation of digital imaging, supportive government initiatives, and presence of prominent companies in the region. Another factor contributing to the growth of the North American market is the approval of a digital pathology-focused AI-based tool designed to detect invasive breast cancer and skin lesions for use by AI-based, digital pathology-focused companies.