AI In Oncology Market To witness Huge Expansion By 2030
AI In Oncology Industry
The global AI in oncology market size was estimated at USD 2.80 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 28.92% from 2024 to 2030. The growth of the market is attributed to increasing prevalence of cancer, technological advancement in cancer diagnostics & healthcare infrastructure, and an increasing demand for early and accurate diagnosis of cancer.
The growing initiatives undertaken by public and private organizations to invest in research and development (R&D) for introduction of novel technologies are further anticipated to fuel the market growth. For instance, in October 2022, Tempus, a company specializing in precision medicine and AI, recently announced a program called Tempus+. This proprietary program utilizes real-world data to power collaborative precision oncology research. A community of researchers, including Baylor College of Medicine, Allegheny Health Network, Stanford Cancer Center, Rush University Medical Center, TriHealth, and others, is already using the Tempus+ program to advance their research. Furthermore, increasing product approval of AI-associated medical devices is anticipated to boost market growth. In January 2024, the U.S. FDA approved the first AI medical device, DermaSensor, to detect skin cancer.
The future of AI applications in cancer care is poised for groundbreaking advancements, encompassing early detection, precision medicine, and personalized treatment plans. AI's ability to analyze vast datasets, identify subtle patterns, and provide real-time insights holds the potential to revolutionize cancer diagnosis and therapy, ushering in a new era of improved patient outcomes and more efficient healthcare delivery.
Gather more insights about the market drivers, restrains and growth of the Global AI In Oncology market
AI In Oncology Market Segments 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
AI In Oncology Market Report 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
- US
- Canada
- Europe
- UK
- 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
Key AI In Oncology Company Insights
Key players are adopting new product development, partnership, and merger & acquisition strategies to increase their market share. Market players such as Azra AI; IBM; Siemens Healthcare GmbH; Intel Corporation; and others dominated the market. These key players have been developing novel technologies to cater to different end-use applications. For instance, in January 2023, Massive Bio announced the plans to adopt AI use in oncology with development and launch of drug matching product in 2023. Furthermore, key participants in the industry are embracing the strategy of introducing new products to sustain a competitive advantage within the market. For instance, in January 2020, ConcertAI launched eurekaHealth 3.0, combining use-case-aligned RWD and AI technologies to develop real-world evidence services and insights for oncology clinical development.
Key AI In Oncology Company Insights
- Azra AI
- iCAD, Inc.
- Siemens Healthineers AG
- Intel Corporation
- GE HealthCare
- NVIDIA Corporation
- Digital Diagnostics Inc.
- ConcertAI
- Median Technologies
- PathAI, Inc.
Recent Developments
- In January 2024, NVIDIA Corporation partnered with Deepcell to accelerate the use of generative AI in single-cell research for stem cells, cancer, and cell therapies
- In January 2024, PathAI launched six more oncology indications for PathExplore, an AI-powered pathology panel used for spatial analysis of tumor microenvironment (TME)
- In December 2023, ConcertAI acquired CancerLinQ, previously a subsidiary of the American Society of Clinical Oncology (ASCO). Concurrently, ASCO has entered into a multiyear cooperation agreement with CancerLinQ. The new partnership seeks to build on CancerLinQ’s original mission, launched by ASCO in 2013, to improve cancer care and expedite clinical research. The venture will leverage real-world data, analytics, next-generation AI, and other advanced technologies to enhance and expand CancerLinQ’s capabilities
Order a free sample PDF of the AI In Oncology Market Intelligence Study, published by Grand View Research.
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