The market size of the global artificial intelligence in cancer diagnosis and therapy market in the year 2021 is valued at 548.11 million and is predicted to reach 5.62 billion by the year 2030 at an 30.1% CAGR during the forecast period.The realm of health is just one of many areas of human life where artificial intelligence (AI) has made its way. Detecting cancer may provide the most complex and selfless task for AI in the field of medicine. AI would be beneficial in dealing with the tiresome, repetitive, and time-consuming task of lesion detection, eliminating the potential for human error, and reducing expenses and time. The significance of this would be enormous for cancer screening programmes. AI systems can identify information from digital images from radiology and pathology that is invisible to the human eye (radiomics and pathomics). A better knowledge of malignancies will result from the correlation of radiomics and patronymics with clinico-demographic-therapy-morbidity-mortality profiles. It has been discovered that particular imaging abnormalities are linked to particular gene-determined molecular pathways implicated in cancer aetiology (radiogenomics). All of these advancements would contribute to the personalization of oncologic care as well as the creation of new imaging biomarkers. Cancer screening (identification of lesions), classification and grading of tumours, clinical decision-making, and prognostication are the main uses of AI algorithms in oncoimaging and oncopathology. AI cannot, however, be a failsafe panacea or take the place of humans in all situations.
Market Segmentation:
The Artificial Intelligence in Cancer Diagnosis and Therapy market is segmented on the basis of surgery type, cancer type, and end-use. Based on surgery type, the market is segmented as Radiotherapy, Chemotherapy, Immunotherapy, Precision Therapy, Phototherapy, Gene Therapy, and Sonodynamic Therapy. By cancer type, the market is segmented into Breast Cancer, Lung Cancer, Melanoma Cancer, Colorectal Cancer, Prostate Cancer, and Others. By end-use, the market is segmented into Hospitals, Cancer Research Centre, and Diagnostic Labs.
Based on surgery type, the immunotherapy segment is accounted as a major contributor in the artificial intelligence in cancer diagnosis and therapy market.
In 2021, the immunotherapy market accounted for a sizeable portion of total revenue. A key development in the fight against cancer is immunotherapy. Additionally, the integration of AI improves the likelihood that cancer immunotherapy will be effective by forecasting therapeutic impact based on the development of immunotherapy prediction scores like Immunocore and immunophenoscore. In order to forecast how patients would react to Immune Checkpoint Blockade (ICB) medications, these two grading systems were created. For cancer subtypes that are indistinguishable, combining AI-based diagnostic algorithms with clinical interpretations may improve diagnostic precision. The accuracy of AI technology in identifying Major Histocompatibility Complex (MHC) patterns linked to immunotherapy response is 91.66 %. Importantly, AI may be used to standardize exams across institutions, as opposed to relying on doctors' frequently arbitrary interpretations.
Prostate Cancer segment witnessed growth at a rapid rate
In 2021, the prostate cancer market contributed a modest portion of total revenue. The most prevalent non-skin cancer in men and the second greatest cause of cancer-related death is prostate cancer. Additionally, it is projected that this illness will have a lifetime impact on one in six American boys. Healthcare-related AI and machine learning are two newly emerging research areas that have recently received a lot of attention. In addition, artificial neural networks, which employ statistical models partly based on and inspired by organic brain networks, are frequently used in AI. They have the capacity to simultaneously represent and understand nonlinear interactions between inputs and outputs. Overall, it has been demonstrated that the use of AI in prostate cancer has been beneficial in assisting standardized pathological grading in evaluating the classification and treatment of prostate cancer. Additionally, using image-based activities like histopathology, MRI, and biomarker identification, AI has the capacity to automate the characterization and severity evaluation of prostate cancer.
In the region, the North American artificial intelligence in the cancer diagnosis and therapy market holds a significant revenue share.
The market for AI in cancer diagnostics grew significantly in line with North America's growing preference for AI technology in the healthcare industry. The majority of newly established businesses in the same market have a respectable foothold in the area. Within minutes, a Microsoft system's Inner Eyes showed conclusive evidence of imaging and analyzing prostate cancer. In the market for cancer diagnostics as well, North America is anticipated to dominate. In Canada, 45 % of men and 43 % of women will develop cancer during their lifetimes, according to Canadian Cancer Statistics. However, the nation is actively implementing AI across the healthcare sector to fight this issue.
Competitive Landscape
The key players in the artificial intelligence in the cancer diagnosis and therapy market have shifted their focus toward bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolios and strengthen their market footprint across the globe. Some of the major key players in the Artificial Intelligence in Cancer Diagnosis and Therapy market are Roche Diagnostics, Pfizer Inc., IBM Watson Health, CancerCenter.AI, GE Healthcare, Concert AI, Berg, Path AI, Therapixel, iCAD, Sophia Genetics, Janssen Global Services, LLC, JLK Inspection, Median Technologies, Microsoft, Oracle, OhioHealth, Ancora Medical, and Other Prominent Players
By Cancer Type-
