AI In Oncology Market Projected To Reach USD 19.17 Billion By 2030

Posted by Neha Bora on May 2nd, 2024

San Francisco, 2 May 2024: The Report AI In Oncology Market Size, Share & Trends Analysis Report By Component Type (Software Solutions, Hardware), By Cancer Type (Breast Cancer, Lung Cancer), By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

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.

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.

Access Research Report of AI In Oncology Market @ https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-oncology-market-report

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

AI In Oncology Market Report Scope

List of Key Players in the AI In Oncology Market

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

Access Press Release of AI In Oncology Market @ https://www.grandviewresearch.com/press-release/global-artificial-intelligence-oncology-market