AI In Oncology Market Growth & Trends

The global AI in oncology market size is expected to reach USD 19.17 billion by 2030, registering a CAGR of 28.92% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is anticipated to witness significant growth owing to increasing prevalence of cancer among the global population, propelling the need to develop technologically advanced products to diagnose, treat, and analyze cancer. For instance, the International Agency for Research on Cancer (IARC) expects over 20.7 million new cases in 2023. Moreover, AI enables early detection, crucial for lowering mortality, especially through efficient screening programs.

Emerging markets are witnessing a rising prevalence of cancer due to various factors, including lifestyle changes & aging populations. The surge in cancer cases in these markets creates a demand for advanced technologies like AI in oncology to improve early detection, personalized treatment, and overall patient outcomes. For instance, in January 2024, India's first AI-Precision Oncology Centre (POC) was launched at Apollo Cancer Centre in Bengaluru. The POC will utilize the vast possibilities offered by AI to help oncologists, patients, and caregivers achieve the best possible results within a specified time frame.

Gather more insights about the market drivers, restrains and growth of the Global AI In Oncology Market

U.S. AI In Oncology Market size and growth rate, 2024 - 2030

AI is transforming the field of oncology by integrating vast datasets from multi-omics analyses with the latest developments in deep learning and high-performance computing techniques. AI applications are expanding to include new detection, screening, diagnosis, and classification approaches, cancer genomics characterization, tumor microenvironment analysis, prognostic and predictive biomarkers assessment, and strategies for follow-up and drug discovery. For instance, in October 2022, Model Medicines launched an oncology program focusing on identifying and developing therapeutics against two epigenetic and oncogenic targets, focusing on applications for solid and hematological malignancies.

The major players operating in the market are adopting strategies such as collaborations and partnerships with a major focus on development of newer products to aid in the early diagnosis of cancer, meet rising demand, and enhance research and development pipeline. For instance, in December 2022, AstraZeneca collaborated with Clinithink to launch an AI project for lung cancer. This project aims to detect lung cancer at an early stage to aid in the developing of effective treatment.

Furthermore, in November 2022, Google Health entered into a partnership with iCAD, Inc. for the improvement of breast cancer screening using the company’s artificial intelligence technology. Additionally, a number of public and private organizations are focusing on funding and investment for R&D in AI-based oncology screening products. For instance, in March 2023, Artera received funding of USD 90 million for the launch and distribution of the ArteraAI Prostate Test, the first developed test for predicting therapy in localized prostate cancer.

AI In Oncology Market Report Highlights

  • Based on component type, the software solutions segment is anticipated to grow at the fastest CAGR over the forecast period, owing to increasing adoption of software solutions for a wide number of applications due to the better outcomes offered by this component
  • Based on cancer type, the prostate cancer segment is anticipated to grow at the fastest CAGR over the forecast period in the market with rising prevalence amongst the population. Prostate cancer generally affects 13 out of every 100 men in the U.S., according to the data published by CDC
  • Based on application type, the research and development segment is expected to grow at the lucrative CAGR over the forecast period. This is attributable to the widespread adoption and amalgamation of advanced AI-enabled algorithms in pharmaceutical companies
  • Based on end-use, the hospitals dominated the market and registered the fastest growth owing to growing number of companies collaborating or introducing AI-powered cancer care solutions in hospitals
  • North America dominated the market due to the availability of favorable government initiatives and digital infrastructure to provide digital solutions to patients

Browse through Grand View Research's Healthcare IT Industry Research Reports.

AI In Oncology Market Segmentation

Grand View Research has segmented the global AI in oncology market based on component type, cancer type, application, end-use, and region:

AI In Oncology Component Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Software Solutions
  • Hardware
  • Services

AI In Oncology Cancer Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Breast Cancer
  • Lung Cancer
  • Prostate Cancer
  • Colorectal Cancer
  • Brain Tumor
  • Others

AI In Oncology Application Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Diagnostics (Pathology, Cancer Radiology)
  • Radiation Therapy (Radiotherapy)
  • Research & Development (Drug design, development process, etc.)
  • Chemotherapy
  • Immunotherapy

AI In Oncology End-use Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals
  • Surgical Centers & Medical Institutes
  • Others (Pharmaceutical Companies, Research Institutes & Training Centers)

AI In Oncology Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Denmark
    • Sweden
    • Norway
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Kuwait

Order a free sample PDF of the AI In Oncology Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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