We have an updated report [Version - 2024] available. Kindly sign up to get the sample of the report.
all report title image

GLOBAL ARTIFICIAL INTELLIGENCE IN ONCOLOGY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global Artificial Intelligence in Oncology Market, By Component (Software/Platform, Hardware, Services), By Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Others), By Treatment Type (Chemotherapy, Radiotherapy, Immunotherapy, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Biopharmaceutical Companies, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)

  • Published In : Dec 2023
  • Code : CMI6509
  • Pages :180
  • Formats :
      Excel and PDF
  • Industry : Healthcare IT

The global artificial intelligence in oncology market size is expected to reach US$ 9,164.2 Mn by 2030, from US$ 1,200 Mn in 2023, at a CAGR of 33.7% during the forecast period.

Artificial intelligence (AI) is playing an increasingly important role in oncology. There are various types of AI products that are helping in cancer screening, diagnosis, treatment, and drug development. One of the major products is an AI-assisted cancer screening tool. These tools use deep learning algorithms that have been trained on huge databases of medical images.

Global Artificial Intelligence in Oncology Market Regional Insights:

  • North America has established itself as the dominant region in the artificial intelligence in oncology market. This can be attributed to factors such as the strong foothold of key market players and their focus on developing advanced AI solutions for cancer diagnosis and treatment in the region. The region is home to various leading technology companies that are investing heavily in AI research and its implementation in the healthcare sector. Moreover, the presence of top cancer institutes and hospitals and their active collaboration with AI firms have ensured North America stays at the forefront of deploying and testing latest AI tools. Government initiatives to integrate cutting-edge digital health technologies into the existing healthcare infrastructure have made North America an attractive market for AI vendors. The availability of a skilled workforce and a larger patient pool have encouraged local and global businesses to launch new AI-powered cancer screening, prognosis, and monitoring solutions.
  • Europe region is expected to be the second largest market for the global artificial intelligence in oncology market during the forecast period. Increasing healthcare expenditures have boosted market opportunities. The increasing prevalence of diseases such as cancer, growing funding for AI in cancer research, the high diagnostic accuracy of AI systems over humans, and others are key factors propelling market growth in Europe.
  • The Asia Pacific market is expected to hold the third-largest market share for the global artificial intelligence in oncology market during the forecast period. Rapid digitization of the healthcare systems and rising acceptance of precision medicine approaches in major countries such as China, Japan, and India are driving the Asia Pacific market. Asia Pacific presents lucrative opportunities owing to the rise in cancer incidence rates due to lifestyle changes and the growing geriatric population. At the same time, the focus on containing healthcare costs and the need to improve access and outcomes have prompted governments to invest in AI-driven cancer applications. This has provided the much-needed impetus.

Figure 1. Global Artificial Intelligence in Oncology Market Share (%), by Region, 2023

GLOBAL ARTIFICIAL INTELLIGENCE IN ONCOLOGY MARKET

To learn more about this report, Request sample copy

Global Artificial Intelligence in Oncology Market- Analyst View:

The artificial intelligence in oncology market has strong growth potential over the forecast period. Drivers such as the growing need for precise cancer diagnoses and personalized treatment recommendations are fueling AI adoption. Additionally, the ability of AI to analyze large, complex datasets and medical images assists oncologists in detecting tumors and predicting patient outcomes more accurately. However, data privacy and security concerns may restrain the market to a certain extent. Medical facilities face challenges in securely aggregating and sharing patient data needed to train complex AI models. Obtaining patient consent and addressing regulatory barriers around data usage could hamper market growth.

North America dominates the market due to sizable investments by pharma and biotech companies and the presence of leading AI companies. However, Asia Pacific is expected to emerge as the fastest-growing regional market. This is because of rising healthcare expenditures, a growing cancer patient population, and government support for digital health and precision medicine initiatives in countries like China and India.

Global Artificial Intelligence in Oncology Market Drivers:

  • Advancement in AI and Machine Learning technologies: With the substantial advancement in technologies such as artificial intelligence, machine learning, deep learning, and computer vision, it has opened up new possibilities for their application in the field of oncology as well. Advanced algorithms that can learn from huge volumes of cancer treatment-related data are being developed, which can help in performing precision diagnosis, predicting disease progression, and giving an accurate prognosis. These algorithms have the potential to outperform human experts by identifying subtle patterns and correlations in medical imaging, genetic data, and other types of patient information.
  • Support for Clinical Decision Making: Another key driver for the adoption of AI in oncology is its potential to empower clinicians to make well-informed treatment decisions. AI-based clinical decision support systems that can recommend optimized therapy regimens by learning from the outcomes of a large number of past cancer patients are becoming more common. These systems mine databases containing records of thousands of patients treated historically and use statistical modeling to suggest personalized treatment plans for new patients. The recommendations generated take into account individual patient attributes, genomic profile of the tumor, responses to previous lines of therapy and several other factors. Such decision-support tools are helping oncologists choose right drugs, drug combinations, and sequencing of therapies.

Global Artificial Intelligence in Oncology Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 1,200 Mn
Historical Data for: 2018 to 2021 Forecast Period: 2023 - 2030
Forecast Period 2023 to 2030 CAGR: 33.7% 2030 Value Projection: US$ 9,164.2 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Component: Software/Platform, Hardware, Services
  • By Cancer Type: Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Others
  • By Treatment Type: Chemotherapy, Radiotherapy, Immunotherapy, Others
  • By End User: Hospitals & Clinics, Diagnostic Centers, Biopharmaceutical Companies, Others
Companies covered:

Azra AI, IBM Corporation, Siemens Healthineers AG, Intel Corporation, GE HealthCare, NVIDIA Corporation, Digital Diagnostics Inc., ConcertAI, Median Technologies, PathAI, Microsoft, Zebra Medical Vision, and Babylon

Growth Drivers:
  • Advancement in AI and Machine Learning technologies
  • Support for Clinical Decision Making
Restraints & Challenges:
  • Lack of awareness of AI applications in healthcare
  • Shortage of trained healthcare professionals

Uncover macros and micros vetted on 75+ parameters: Get instant access to report

Global Artificial Intelligence in Oncology Market Opportunities:

  • The increasing prevalence of cancer: The increasing prevalence of cancer around the world poses opportunities for advancing patient care through innovative technologies. This projected surge in cancer burden challenges the capabilities and resources of existing healthcare infrastructures. At the same time, this serves as a strong driver for the development of advanced tools that can help in the prevention, early detection, and effective treatment of cancer. Artificial intelligence is emerging as one of the most promising technologies that can massively help in oncology. AI systems have the potential to analyze huge volumes of complex patient data, like genomic information, medical images, and clinical records, far better than humans. This enables more precise cancer screening and diagnostics, individualized treatment selection, and critical research discoveries. For example, AI algorithms are being trained on large databases of medical scans to identify subtle clues that human experts may miss, helping detect tumors at earlier stages. For instance, according to the World Health Organization (WHO), in February 2022, cancer was a leading cause of death worldwide, accounting for nearly 10 million deaths globally in 2020.
  • The increasing healthcare expenditure: Increasing healthcare expenditure is expected to create opportunities for the global artificial intelligence in oncology market. As countries around the world allocate more resources to their healthcare systems, this financial influx helps to improve healthcare infrastructure, expand the availability of medical services, and increase access to advanced medical technologies, including AI. This is expected to create future growth opportunity for the market

Global Artificial Intelligence in Oncology Market Trends:

  • Rise of precision medicine and personalized cancer care: The rise of precision medicine and personalized cancer care is having a significant impact on the artificial intelligence in oncology market. With precision medicine, treatments are tailored to the patient's individual genetic makeup and biomarkers. By identifying specific genomic alterations and mutations, clinicians can develop tailored treatment plans targeting the molecular pathways that are driving a patient's cancer. This approach relies heavily on analyzing large volumes of genomic and biomarker data from individual patients. Artificial intelligence is uniquely suited to supporting precision oncology by helping clinicians analyze these huge datasets and identify patterns that can guide treatment decisions. AI solutions that leverage techniques like machine learning, deep learning, and natural language processing are being developed and deployed to assist in areas like genomic pattern recognition, treatment recommendation engines, clinical trial matching, and more.
  • High diagnostic accuracy of AI systems over humans: The high diagnostic accuracy of AI systems compared to humans is having a significant impact on the artificial intelligence in oncology market. AI and machine learning algorithms that are being used for medical imaging analysis and precision medicine have been shown to diagnose diseases like cancer faster and more accurately than humans alone. This increased accuracy of AI is leading to greater adoption of these systems by hospitals and oncology clinics.

Global Artificial Intelligence in Oncology Market Restraints:

  • Lack of awareness of AI applications in healthcare: The most significant hurdle to deep learning techniques is the management of massive datasets and databases, as well as the training and knowledge of AI systems as well as machine learning. However, the use of AI may result in data infringements because it may provide critical individual data like genomic sequences.
  • Shortage of trained healthcare professionals: The shortage of trained healthcare professionals is significantly restraining the growth of artificial intelligence in oncology market. Oncology is a specialized field that requires extensive medical training to properly diagnose and treat cancer patients. However, there is a growing shortage of oncologists and other cancer care providers across the globe to meet the rising patient demand. This shortage of trained oncology staff impacts the development and adoption of AI technologies in cancer care. For AI solutions to be effectively utilized, domain experts are needed to develop advanced algorithms by providing large annotated medical imaging and genetic datasets. Healthcare providers also need to have a certain level of technical expertise to integrate and leverage AI tools in clinical decision making. But the existing crunch in oncology workforce restricts the resources and manpower available to support these AI-related initiatives.

Recent Developments:

  • In March 2023, Qritive, a Singapore-based AI startup involved in providing AI-based solutions for cancer diagnostics, announced that it had launched QAi Prostate, a new AI-based tool for the diagnosis of prostate cancer
  • In December 2022, MedCognetics, Inc., a U.S.-based cloud-based software provider, announced that it had received U.S. Food and Drug Administration (FDA) 510(k) clearance for its artificial intelligence (AI)-enabled software for breast cancer screening, QmTRIAGE.

Figure 2. Global Artificial Intelligence in Oncology Market Share (%), by Component, 2023

GLOBAL ARTIFICIAL INTELLIGENCE IN ONCOLOGY MARKET

To learn more about this report, Request sample copy

Top companies in Artificial Intelligence in Oncology Market:

  • Azra AI
  • IBm Corporation
  • Siemens Healthineers AG
  • Intel Corporation
  • GE HealthCare
  • NVIDIA Corporation
  • Digital Diagnostics Inc.
  • ConcertAI
  • Median Technologies
  • PathAI
  • Microsoft
  • Zebra Medical Vision
  • Babylon

Definition: Artificial intelligence (AI) in oncology refers to the application of AI technologies, such as machine learning, deep learning, natural language processing, and computer vision, to various aspects of cancer care and research. AI is utilized within the field of oncology to enhance and refine the prevention, diagnosis, treatment, and management of cancer by analyzing complex medical data.

Share

About Author

Komal Dighe is a Management Consultant with over 8 years of experience in market research and consulting. She excels in managing and delivering high-quality insights and solutions in Health-tech Consulting reports. Her expertise encompasses conducting both primary and secondary research, effectively addressing client requirements, and excelling in market estimation and forecast. Her comprehensive approach ensures that clients receive thorough and accurate analyses, enabling them to make informed decisions and capitalize on market opportunities.

Missing comfort of reading report in your local language? Find your preferred language :

Frequently Asked Questions

The global Global Artificial Intelligence in Oncology Market size was valued at USD 1,200 million in 2023 and is expected to reach USD 9,164.2 million in 2030.

Lack of awareness of AI applications in healthcare and a shortage of trained healthcare professionals are some factors that can hamper the growth of global artificial intelligence in oncology market.

Advancement in AI and machine learning technologies and support for clinical decision-making are some factors driving the growth for global artificial intelligence in oncology market over the forecast period.

Software/platform segment accounted for the largest share of the global artificial intelligence in oncology market.

Azra AI, IBM Corporation, Siemens Healthineers AG, Intel Corporation, GE HealthCare, NVIDIA Corporation, Digital Diagnostics Inc., ConcertAI, Median Technologies, PathAI, Microsoft, Zebra Medical Vision, and Babylon are some of the major key players operating in global artificial intelligence in oncology market

North America is expected to account for the largest share of the artificial intelligence in oncology market.

The global artificial intelligence in oncology market is expected to grow at a CAGR of 33.7% from 2023 to 2030.
Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Select a License Type





Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo
© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.