The ASX companies bringing a new lens to medical imaging and pathology

ASX-listed healthcare companies are leveraging AI and advanced imaging technology to transform medical imaging and pathology, with University of Queensland Professor Markus Barth noting that scans are becoming quantitative datasets that enable earlier disease detection and more personalised treatment. AUScelerate CEO Stuart Dignam highlighted Australia's strong medtech expertise, citing companies like Cochlear (ASX:COH), ResMed (ASX:RMD), Optiscan (ASX:OIL), and 4DMedical (ASX:4DX) as examples of local innovation. Pro Medicus (ASX:PME), founded in 1983, remains a leading ASX health imaging stock, evolving from practice management to advanced image viewing and workflow streamlining.

The ASX companies bringing a new lens to medical imaging and pathology ASX healthcare companies are working to transform medical imaging and pathology University of Queensland Professor Markus Barth says advances in technology and AI are turning scans into quantitative datasets, providing insights beyond visual interpretation Optiscan’s confocal imaging technology generates high-resolution digital microscopic images directly from tissue Australia has emerged as a leader in medical imaging and digital pathology, with a growing group of ASX-listed companies tackling different parts of the journey. AUScelerate formerly MTPConnect CEO Stuart Dignam said Australia’s medtech sector was built on a strong history of expertise. “Australian researchers were key players in the development of medical ultrasound,” he said. “Medtech companies like Cochlear ASX:COH https://stockhead.com.au/company/cochlear-coh/ and while not imaging companies, are built on expertise in physics and signal processing. https://stockhead.com.au/company/resmed-rmd/ ResMed ASX:RMD “Together, this history means we have built a substantial amount of technical expertise in the scientific areas relevant to medical imaging. “These sorts of early wins create a positive feedback loop in terms of feeding the innovation skills of the ecosystem.” AUScelerate is an independent, not-for-profit organisation established in 2015 and focused on supporting and commercialising Australian life sciences, including ASX digital pathology play Optiscan ASX:OIL https://stockhead.com.au/company/optiscan-oil/ and lung imaging company . https://stockhead.com.au/company/4d-medical-4dx/ 4DMedical ASX:4DX “We’re also a country that has had to innovate due to geographic necessity so culturally we approach problem solving head on,” Dignam said. Advances in AI and tech transforming medical imaging University of Queensland Professor of Biomedical Engineering Markus Barth is focused on medical imaging and MR physics research. He said advances in imaging technology, combined with deep learning and AI-based image reconstruction and analytics, were transforming scans into quantitative datasets that provide insights extending well beyond traditional visual interpretation. “Medical imaging is evolving from primarily depicting anatomy and structure to quantifying physiology and function, enabling the extraction of disease-specific biological information and supporting more personalised clinical decision-making,” he said. “I see significant opportunities in extracting more clinically meaningful information from existing imaging datasets, enabling earlier disease detection and more precise treatment monitoring. “This is being accelerated by the rapid development of deep learning tools for image processing and analysis.” Barth said imaging equipment was also becoming increasingly portable and accessible. “Combined with AI-driven image enhancement and reconstruction, these systems have the potential to deliver substantially improved image quality and broaden access to advanced diagnostic imaging.” Pro Medicus shows what’s possible Founded in Melbourne by general practitioner Sam Hupert and his technologist friend Anthony Hall in 1983, Pro Medicus ASX:PME https://stockhead.com.au/company/promedicus-pme/ is one of the best-known and largest ASX health imaging stocks. Initially, Pro Medicus focused on practice management systems for doctors. Its products have since evolved to cover the viewing and archiving of medical images, as well as streamlining radiologists’ workflows. However, there are also other ASX success stories developing technologies that could change how clinicians see, interpret and act on disease. READ: Dr Boreham’s Crucible: Homegrown imaging hero Pro Medicus eyes a big slice of the American pie https://stockhead.com.au/health/dr-borehams-crucible-homegrown-imaging-hero-pro-medicus-eyes-a-big-slice-of-the-american-pie/ ALSO READ: Health Check: Biotech’s Big Three are out of the dog box and on the path to redemption https://stockhead.com.au/health/health-check-biotechs-big-three-are-out-of-the-dog-box-and-on-the-path-to-redemption/ Transforming pathology from analogue to digital in real-time While radiology has already undergone a digital transformation, pathology remains heavily reliant on glass slides and laboratory workflows developed in the early 20th century. But Optiscan is looking to transform pathology with its confocal imaging technology, which generates high-resolution digital microscopic images directly from tissue, without the need for conventional slide preparation and analysis. Its precision surgery device InVue enables surgeons to examine tissue at microscopic resolution during an operation, without waiting for conventional tissue processing. It can assess whether cancerous cells are left in tissue and whether surgical margins are clear of tumour. Optiscan’s digital pathology device InForm takes the same underlying real-time confocal imaging technology into the pathology workflow, generating high-resolution images on fresh or fixed tissue without traditional processing of mounted glass slides. The company has also developed a device specifically for the veterinary market, InSpecta, which is its first to market after recently launching in the US. https://stockhead.com.au/health/optiscan-launches-inspecta-device-in-us-veterinary-market/ Trials of InVue and InForm in breast and head and neck cancers in Australia are underway with early positive results. Optiscan is also advancing preparations for US studies in the same indications at the Mayo Clinic in the US, along with an observational imaging study in gastrointestinal tissue at the University Medical Centre Mainz in Germany. “Australia has developed considerable expertise in medical diagnostic imaging,” CEO Dr Camile Farah told Stockhead. “We believe there is now a similar opportunity to rethink how microscopic imaging and pathology information are generated, digitised and accessed.” The digitisation of pathology is about more than converting glass slides into digital files. “The bigger opportunity is to reconsider how microscopic information is captured, when it becomes available, and how it can be shared and interpreted.” Making X-ray machines more portable More than a century after X-rays were discovered, Adelaide-headquartered Micro-X ASX:MX1 https://stockhead.com.au/company/micro-x-mx1/ is replacing the bulky technology behind conventional X-ray systems with its proprietary carbon nanotube cold cathode technology, eliminating the need for heavy high-voltage components. The result is lighter, more portable X-ray systems designed for use across emergency medicine, defence and remote healthcare. Its Rover portable X-ray system is the first product to be commercialised and has been used in various clinical settings including field hospitals in war-torn Ukraine. The company’s head CT imaging technology for stroke detection has begun first-in-human imaging at the Royal Melbourne Hospital. A full-body CT is also in development, funded through a partnership with the US Government’s Advanced Research Projects Agency for Health ARPA-H . Bringing connectivity and 3D to medical imaging Singular Health Group Ltd ASX:SHG https://stockhead.com.au/company/singular-health-group-shg/ has developed its proprietary 3DICOM platform, which addresses how medical images are accessed, visualised and shared across healthcare systems, reducing the need for unnecessary repeat scans. The platform turns medical scans into interactive 3D images, letting doctors view, share and collaborate on CT, MRI, PET, X-ray and ultrasound files across fragmented healthcare systems. The company estimates the total addressable market for reducing duplicate imaging in the US alone at US$16.5 billion. The desktop version of 3DICOM MD received its first FDA 510 k clearance in October 2022. In January 2026, a second clearance followed for 3DICOM MD Cloud, a browser-based version that removes the need for complex hardware and IT installations, with the FDA completing its review in just 40 days, well under the typical 90-day timeframe. Its primary commercial vehicle is a partnership with PNS, a US-based healthcare services organisation that manages care for about 4.2 million covered lives. Turning CT scans into detailed lung-function insights 4DMedical ASX:4DX https://stockhead.com.au/company/4d-medical-4dx/ is transforming how lung disease is detected and managed, with CT VQ at the centre of its portfolio. It is a non-contrast, computed tomography CT -based, ventilation-perfusion VQ imaging software. A VQ scan evaluates both airflow ventilation and blood flow perfusion in the lungs, with CT VQ approved by the FDA in September 2025. The imaging software gained approval from the Therapeutic Goods Administration TGA in June and has clearance in the EU, UK, Canada and New Zealand. 4DMedical has also been advancing its AI capabilities with the 2023 acquisition of Imbio and 2026 acquisition of contextflow, as it looks to redefine how respiratory disease is understood and treated worldwide. Pro Medicus has also shown its support for the company, investing $10 million last year in a hybrid debt and equity arrangement. Working to ensure rapid diagnosis of stroke EMvision Medical Devices ASX:EMV https://stockhead.com.au/company/emvision-medical-devices-emv/ is developing portable brain imaging technology designed to bring rapid medical imaging closer to the patient, potentially transforming how time-critical neurological conditions are assessed. Unlike conventional CT or MRI scanners, which are typically confined to hospitals, EMVision’s technology is lightweight and portable, allowing clinicians to scan patients at the bedside or in the field where every minute can influence outcomes. EMVision’s first indication is in stroke care, with a planned second indication in traumatic brain injury TBI assessment. The company’s lead product, the emu point-of-care POC bedside brain scanner, is designed to help clinicians make earlier triage, transfer and treatment decisions. Its second, ultra-lightweight First Responder device is being developed for use in ambulances, remote communities and other pre-hospital settings where conventional imaging is unavailable. Both devices are progressing through clinical trials, with the emu currently being evaluated in a pivotal study across major stroke centres in Australia and the US. The trial is intended to support US Food and Drug Administration FDA de novo clearance by demonstrating the device can detect brain haemorrhages with sensitivity and specificity above 80%. EMVision has also expanded the trial to include an acute ischaemic stroke detection endpoint, potentially validating the device’s ability to detect both major stroke types in a single study and broadening its commercial opportunity. EMVision’s ambitions have also attracted support from New York-listed technology giant Keysight Technologies, which has invested close to $17 million for a roughly 9% stake in the company while also providing technical expertise. Cyclopharm focused on functional lung imaging Cyclopharm ASX:CYC https://stockhead.com.au/company/cyclopharm-cyc/ is focused on functional lung imaging, with its flagship product, Technegas, a radiopharmaceutical used in nuclear medicine to show how air moves through the lungs. It is used alongside other imaging to help doctors identify conditions such as pulmonary embolism, or blood clots in the lungs. Technegas is already commercialised, with regulatory approval in 67 countries. Cyclopharm is focused on expanding its presence in the world’s largest healthcare market, the US, where it is building a network of hospital installations. Technegas has traditionally been used to diagnose pulmonary embolism, but Cyclopharm is also working to expand its clinical applications into areas including chronic obstructive pulmonary disease COPD , asthma, pulmonary hypertension, surgery planning for lung cancer and other respiratory diseases. In July, Cyclopharm announced Technegas had been named the preferred ventilation agent in a new international standard for lung imaging, the first update to US guidance in 14 years. “We expect these guidelines to drive accelerated clinical demand in the US,” CEO James McBrayer said in an ASX announcement. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03115143-2A1686369&v=undefined This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decision. At Stockhead we tell it like it is. 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