Artificial Intelligence In Cancer Diagnostics Market By Component (Software, Services, Hardware) , By Type (Breast cancer, Lung cancer, Prostate cancer, Others) By End user (Hospitals, Diagnostic centers, Others) : Global Opportunity Analysis and Industry

Artificial Intelligence In Cancer Diagnostics Market By Component (Software, Services, Hardware) , By Type (Breast cancer, Lung cancer, Prostate cancer, Others) By End user (Hospitals, Diagnostic centers, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033

The artificial intelligence in cancer diagnostics market was valued at $0.2 billion in 2023, and is projected to reach $1.7 billion by 2033, growing at a CAGR of 23.6% from 2024 to 2033.
Artificial intelligence is transforming cancer diagnostics by helping healthcare professionals to detect, analyze, and treat various types of cancer. By leveraging advanced algorithms and machine learning techniques, artificial intelligence enhances the accuracy, speed, and efficiency of diagnostic processes, offering significant benefits to both patients and medical practitioners. Artificial intelligence holds the potential to improve patient outcomes and advance the fight against cancer by enhancing the capabilities of medical professionals and streamlining diagnostic processes.
The growth of the global artificial intelligence in cancer diagnostics market is majorly driven by alarming increase in prevalence of various types of cancer worldwide, which necessitates advanced diagnostic tools to manage and treat the growing number of cases. According to the estimates of the World Health Organization, 20 million cancer cases and 9.7 million deaths were reported in 2022. Moreover, rise in need for early cancer detection and development of personalized treatment plans fosters the need for artificial intelligence to improve patient outcomes. In addition, multiple benefits associated with artificial intelligence in cancer diagnostics significantly contributes toward the market growth. For instance, artificial intelligence helps to alleviate the burden on healthcare systems by supporting radiologists and pathologists as well as artificial intelligence-driven diagnostics can reduce healthcare costs by streamlining processes and minimizing errors. Furthermore, growing awareness and acceptance of artificial intelligence in healthcare among the public and professionals is considerably propelling the market growth. However, high initial investment required for implementation of artificial intelligence, including technology acquisition, training, and maintenance acts as a key deterrent factor of the global market. Integrating artificial intelligence systems with existing healthcare infrastructure and electronic health records is complex and incurs additional cost, thereby restraining the growth of the market. Moreover, dearth of professionals with expertise in both artificial intelligence and healthcare limits the adoption and development of artificial intelligence solutions. On the contrary, incorporating artificial intelligence with telemedicine platforms to provide remote diagnostic services is expected to offer remunerative opportunities for the expansion of the global market during the forecast period. According to the National Cancer Institute, approximately 25,500 telehealth visits were conducted during the pandemic, among which over 11,600 were adult cancer patients who received virtual consultations from clinicians at the Moffitt Cancer Center, a National Cancer Institute-designated Comprehensive Cancer Center located in Florida. Thus, artificial intelligence in telehealth services will enable continuous monitoring of patients with chronic conditions. Furthermore, using artificial intelligence to analyze blood samples offers a non-invasive diagnostic option, which is anticipated to open new avenues for the growth of the market.
The global artificial intelligence in cancer diagnostics market is segmented into component, type, end user, and region. By component, the market is categorized into software, services, and hardware. On the basis of type, it is classified into breast cancer, lung cancer, prostate cancer, and others. Depending on end user, it is fragmented into hospitals, diagnostic centers, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

By component, the software segment dominated the artificial intelligence in cancer diagnostics market in 2023.
On the basis of type, the breast cancer segment is expected to lead the market by 2033.
Depending on end user, the hospital segment exhibited the highest growth in 2023.
Region wise, North America was the major revenue generator in 2023, and is likely to dominate the market during the forecast period.

Competition Analysis

Competitive analysis and profiles of the major players in the global artificial intelligence in cancer diagnostics market include Siemens Healthineers AG, Nanox Imaging LTD, Riverain Technologies, Vuno, Inc., Aidoc, Neural Analytics, Imagen Technologies, Digital Diagnostics, GE Healthcare, and AliveCor Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.

Key Market Segments

By Component

Software
Services
Hardware

By Type

Breast cancer
Lung cancer
Prostate cancer
Others

By End User

Hospitals
Diagnostic centers
Others

By Region

North America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market Players
Siemens Healthineers AG
Nanox Imaging LTD
Riverain Technologies
Vuno, Inc.
Aidoc
Neural Analytics
Imagen Technologies
Digital Diagnostics
GE Healthcare
AliveCor Inc.