AI in Oncology Market Size is valued at 1.2 Bn in 2023 and is predicted to reach 4.5 Bn by the year 2031 at an 18.8% CAGR during the forecast period for 2024-2031.
The field of oncology is experiencing rapid advancements with the integration of artificial intelligence (AI), which employs advanced algorithms and machine learning techniques to enhance cancer diagnosis, treatment, and patient care. AI's significance in oncology lies in its capacity to sift through extensive medical data, discern intricate patterns, and deliver tailored treatment suggestions. This technological innovation holds promise in revolutionizing cancer management by enhancing diagnostic accuracy, treatment efficacy, and overall healthcare efficiency.
One of the primary driving factors in the AI in oncology market is the rising global incidence of cancer. According to the World Health Organization, nearly 20 million new cancer cases are documented worldwide annually, with projections indicating a steep rise in the future. The surge in demand for precise and prompt cancer detection, alongside the necessity for personalized treatment strategies, is fueling the uptake of AI in oncology. This transformative technology stands poised to streamline clinical processes, curtail healthcare expenditures, and elevate patient outcomes, thereby serving as a pivotal tool in combating cancer.
Competitive Landscape
Some of the Key Players in AI in Oncology Market:
- Berg
- AI
- Concert AI
- GE Healthcare
- IBM Watson Health
- iCAD
- JLK Inspection
- Median Technologies
- Path AI
- Roche Diagnostics
- Other Prominent Players
Market Segmentation:
The AI in the Oncology market is segmented based on type of cancer and by type of end users. By type of cancer the market is segmented into solid malignancies, breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, others. By type of end users market is categorized into hospitals, pharmaceutical companies, research institutes, others
Breast Cancer Is Expected To Drive The AI In Oncology Market In The Upcoming Years
The breast cancer segment stands at the forefront of driving the AI in oncology market, given its rank as the most diagnosed cancer among U.S. women and its substantial global incidence, with over 2.3 million new cases reported in 2020 alone. This high prevalence underscores the urgent need for accurate and timely diagnosis and treatment, a demand effectively met by AI technologies. Through leveraging AI algorithms for early detection, personalized treatment planning, and analysis of medical imaging data, the breast cancer segment serves as a key driver in propelling the growth and innovation within the AI in oncology market.
The Therapeutic Radiopharmaceuticals Segment Is Growing At The Highest Rate In The AI In Oncology Market
The hospital segment in India is witnessing substantial growth due to rising demand for medical services, particularly elective surgeries and specialized care. Hospitals are focusing on specialty areas like orthopedics and oncology, attracting patients seeking tailored treatment. Strategic expansions into Tier-II and Tier-III cities are enabling partnerships with smaller hospitals, providing wider access to advanced care. Despite price adjustments, smaller hospitals remain cost-effective options. Government initiatives to improve healthcare infrastructure further bolster this growth trajectory, making the hospital segment the primary driver of the healthcare industry in India.
Regionally, North America Led The AI In Oncology Market
North America's high incidence of cancer, notably in the United States, underscores the critical need for accurate diagnosis and treatment, a demand that AI technologies are well-equipped to address. Government support through reimbursement policies democratizes healthcare access, fostering the growth of the AI in oncology market. Leveraging a well-established digital infrastructure, particularly in the United States, enables seamless integration of AI solutions into clinical workflows, thereby enhancing patient care and outcomes in the region.
AI in Oncology Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 1.2 Bn |
|
Revenue Forecast In 2031 |
USD 4.5 Bn |
|
Growth Rate CAGR |
CAGR of 18.8 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type of Cancer, By Type of End Users and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Berg, CancerCenter.AI, Concert AI, GE Healthcare, IBM Watson Health, iCAD, JLK Inspection, Median Technologies, Path AI, Roche Diagnostics, Other Prominent Players |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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