AI in Oncology Market

AI in Oncology Market Size

AI in Oncology Market size was valued at around USD 1.9 billion in 2023 and is estimated to reach over USD 17.9 billion by 2032. Artificial intelligence (AI) in oncology refers to the utilization of machine learning algorithms and data analytics to assist in the diagnosis, treatment, and management of cancer by analyzing vast amounts of biomedical data including medical imaging, genomic sequencing, and patient records.

AI technologies can provide valuable insights to support clinical decision-making in oncology. The increasing prevalence of cancer is a significant driver for the market. For instance, according to World Health Organization (WHO) in 2020, reported that cancer emerged as a prominent contributor to global mortality, claiming approximately 10 million lives globally. Thus, the demand for effective oncological treatments, early detection technologies, and supportive care services are expected to rise.

Furthermore, market growth is attributed to multiple factors, including the rising need for early cancer detection and classification, expanding adoption of precision medicine, which estimated to reach 112.8 billion by 2027, and rapid advancements in healthcare infrastructure.

AI in Oncology Market Trends

The rising demand for early cancer detection and classification presents significant opportunities for growth in the oncology market. By leveraging artificial intelligence technologies, healthcare providers can enhance the accuracy and efficiency of cancer diagnosis, leading to timely interventions, and improved patient outcomes.

• AI algorithms analyze vast amounts of medical data including imaging scans, pathology reports, and genetic profiles with unprecedented speed and accuracy. This capability enables AI systems to detect subtle abnormalities and patterns indicative of cancer at its earliest stages.
  
• Further, AI systems can detect subtle abnormalities that may be overlooked by human observers, enhancing the sensitivity, and specificity of cancer diagnosis.
  
• Additionally, AI technologies have the potential to improve healthcare resource utilization by reducing unnecessary diagnostic procedures, minimizing delays in treatment initiation, and optimizing the allocation of healthcare personnel and equipment.
  

AI in Oncology Market Analysis

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Based on component, the market is bifurcated into software solutions, hardware, and services. The hardware segment held the market size of USD 600.4 million in 2023.

• Advanced hardware such as high-performance computing (HPC) systems, and graphics processing units (GPUs) can process large datasets and complex algorithms at accelerated speeds. This enables AI models to analyze medical images, genomic data, and clinical records rapidly, facilitating timely diagnosis, and treatment planning.
  
• Further, hardware accelerators such as tensor processing units (TPUs), and field-programmable gate arrays (FPGAs) expedite the training of AI models by reducing processing times and optimizing resource utilization.
  
• Moreover, advances in hardware technology including the development of energy-efficient processors, and cloud-based computing services have led to cost-effective solutions for AI deployment in oncology, thereby propelling the growth of the market.

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Based on cancer type, the AI in oncology market is segmented into breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and other cancer types. The breast cancer segment is expected to reach a market size of USD 5 billion by the end of 2032.

• AI is revolutionizing breast cancer care by meticulously analyzing mammograms and other imaging scans, ensuring exceptional accuracy in detecting potential abnormalities and signs of cancer. This transformative technology not only aids in early detection but also plays a pivotal role in guiding breast cancer therapeutics, thereby significantly improving patient outcomes.
  
• For instance, according to the World Health Organization (WHO) in 2020, breast cancer accounted for approximately 2.3 million cases and resulted in 685,000 deaths worldwide.
  
• Further, AI-driven predictive models analyze clinical and genomic data to predict individual patient outcomes and treatment responses. This enables oncologists to develop personalized treatment plans tailored to the specific characteristics of each patient's breast cancer, optimizing therapeutic efficacy, and minimizing adverse effects.
  

Based on application, the AI in oncology market is segmented into diagnostics, radiation therapy, research and development, chemotherapy, and immunotherapy. The diagnostics segment held a market size of USD 341.4 million in 2023.

• In AI oncology, diagnostics benefit significantly from advanced algorithms and technologies. AI systems can analyze complex medical data including imaging scans, genetic profiles, and patient records with remarkable accuracy and efficiency.
  
• Further, these excel at detecting tumors in their earliest stages by analyzing various medical imaging scans including mammograms, CT scanner, and MRI systems. Through this analysis, AI algorithms can identify even the smallest lesions or abnormalities that might signal cancer.
  
• Additionally, AI driven diagnostics facilitate large-scale analysis of medical data, accelerating research efforts, and innovation in oncology. By identifying new cancer biomarkers, therapeutic targets, and treatment modalities, AI technologies contribute to the development of novel cancer diagnostics and therapies.

Based on end-use, the AI in oncology market is segmented into hospitals, diagnostics centres, specialty clinics, and other end-users. The hospitals segment expected reach a market size of USD 7.6 billion by 2032.

• AI algorithms can analyse medical data including imaging scans, and pathology reports with remarkable precision. This leads to more accurate and reliable cancer diagnosis, reducing the likelihood of misdiagnosis, and ensuring patients receive appropriate treatment.
  
• Further, these tools can analyze medical data rapidly, enabling quicker interpretation of imaging scans, and test results. This accelerates the diagnostic process allowing healthcare providers to initiate treatment plans promptly and improve patient outcomes.
  
• Moreover, AI in oncology facilitates large-scale analysis of clinical data, accelerating research efforts, and driving innovation in cancer care. Thereby, escalating the growth of the market.

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North America AI in oncology market accounted for USD 758.1 million revenue in 2023 and is predicted to witness substantial market growth.

• The region boasts advanced healthcare infrastructure, including state-of-the-art hospitals, research institutions, and medical facilities. This infrastructure supports the adoption and implementation of AI technologies in oncology allowing for seamless integration into existing healthcare systems.
  
• The increasing incidence of cancer has emerged as a significant concern. As per the Centers for Disease Control and Prevention (CDC), in 2020, there were 1,603,844 cases of cancer, resulting in 602,347 deaths in U.S.
  
• Further, North America is a hub for technological innovation with numerous companies and research institutions at the forefront of AI development in healthcare. This culture of innovation fosters the rapid advancement and adoption of AI technologies in oncology.

AI In Oncology Market Share

The AI in oncology industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced products and services based on different technologies is among a key market strategy. Some of the leading industry players have a notable presence in the market.

AI In Oncology Market Companies

Some of the eminent market participants operating in the AI in oncology industry include:

• Azra AI.
• ConcertAI.
• Digital Diagnostics Inc.
• GE HealthCare Technologies Inc.
• International Business Machines Corporation
• Intel Corporation
• Median Technologies SA
• NVIDIA Corporation
• PathAI, Inc.
• Siemens Healthineers AG    
  

AI In Oncology Industry News

• In January 2024, NVIDIA collaborated with DeepCell to advance the cell morphology and utilize generative AI in cell biology across various fields including cancer, stem cell research, gene therapy, and cell therapy. This collaboration allowed the company to leverage innovative technology and benefited the company by expanding its capabilities in medical research and innovation.
  

• In January 2024, PathAI launched six additional oncology indications for PathExploreTM, the first structured, standardized, and scalable panel for characterizing the tumor microenvironment (TME) from hematoxylin and eosin (H&E)-stained whole-slide images (WSIs). This enhancement benefited the company by expanding its utility for researchers and clinicians, facilitating deeper insights into the tumor microenvironment across different cancer types.
  

AI in oncology market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 – 2032 for the following segments:

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Market, By Component

• Software solutions
• Hardware
• Services        

Market, By Cancer Type

• Breast cancer
• Lung cancer
• Prostate cancer
• Colorectal cancer
• Brain tumor
• Other cancer types

Market, By Application

• Diagnostics
• Radiation therapy
• Research and development
• Chemotherapy
• Immunotherapy

Market, By End-use

• Hospitals
• Diagnostics centers
• Specialty clinics
• Other end-users      

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa