F. Hoffmann-La Roche Ltd (Switzerland), Hologic, Inc. (US) are Leading Pleayers in the AI in Pathology Market
The global AI in pathology market is projected to reach USD 49 million by 2028 from USD 24 million in 2023, at a high CAGR of 15.6% during the forecast period. Gradual shift in trends in the healthcare industry have resulted in predictable outcomes and care quality has supported the higher implementation of various IT systems in healthcare organizations. For instance, initially, a pathology department would rely on microscopes to view the glass slides for analysis, but now, digital scanners are used to convert glass slides into high-resolution digital images, allowing for easy analysis using AI algorithms. Other factors driving market growth include the increasing adoption of AI in pathology to enhance lab efficiency, growing digitization of pathology, augmenting telepathology with AI advancements, rise in cases of misdiagnoses, and technology advancements in deep learning enabling a synergy with artificial intelligence (AI) in pathology space. However high cost of digital pathology systems, lack of skilled AI workforce and ambiguous regulatory guidelines for medical software are expected to restrain the growth of this market.
Prominent players 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), depth (US), and 4D Path Inc (US). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the AI in pathology market.
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F. Hoffmann-La Roche Ltd. is one of the leading players in AI in pathology market. Roche Diagnostics invests a significant amount of its revenue in R&D activities to improve its existing product portfolio, as it has a strong pipeline of products for the growing AI in pathology market. Roche Diagnostics extensively invests in R&D. The company achieves its target of rapid growth by developing and launching new products and strengthening its product offerings with collaborations. For instance, in 2021, Roche Diagnostics launched uPath Ki-67 (30-9), uPath ER (SP1) and uPath PR (1E2) image analysis software for pathologists to evaluate breast cancer markers such as Ki-67, ER, and PR easily.
Koninklijke Philips N.V. is one of the major players operating in the AI in pathology market. The company has an established geographic presence and a strong sales & distribution network worldwide. Philips strategically focuses on organic growth strategies such as expansions and product launches to increase its share in this market. It invests in R&D activities to add technologically innovative solutions to its portfolio, which helps it strengthen its presence in the market. Along with investing in R&D and product launches, the company collaborates and partners with other market players to expand its presence globally and enhance its product portfolio. For example, in 2020, Philips collaborated with Proscia (US) to integrate Philips’ iSyntax image format with Proscia’s Concentric digital pathology platform and a suite of AI modules. This collaboration is expected to help pathologists improve the speed and accuracy of diagnostics, ultimately leading to better patient care with AI-based assessment tools.
Hologic, Inc. provides software solutions to hospitals and healthcare systems that promote AI in pathology solutions for better patient care. These include cytology systems like Genius Digital Diagnostics System. The company has adopted organic strategies such as product approval to enhance its geographic presence and increase the adoption of its AI in pathology solutions. For instance, in November 2020, Hologic received a CE mark in Europe for its Genius Digital Diagnostics System. Genius Digital Diagnostics is one of the first digital cytology platforms to combine a new artificial intelligence (AI) algorithm with advanced digital imaging to help cytotechnologists and pathologists identify pre-cancerous lesions and cancer cells in women.
Related Reports:
AI in Pathology Market by Component (Software, Scanners), Neural Network (CNN, GAN, RNN), Application (Drug Discovery, Diagnosis, Prognosis, Workflow, Education), End User (Pharma, Biotech, Hospital Labs, Research), & Region - Global Forecast to 2028
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