Artificial Intelligence in the Cancer Market

Artificial Intelligence in the Cancer Market

Introduction

Artificial intelligence, also known as AI, is the “theory and development of computer systems able to perform tasks that usually require human intelligence.” - This technology has been around since the 1950s, but it has seen an increase in recent years due to significant advancements in computing power. There are currently examples of AI all around us every day, from voice-enabled assistants like Siri or Alexa to recommendation engines on e-commerce sites to Netflix’s autopay feature. As computers have evolved, so has AI to adapt to their needs. There are many different types of artificial intelligence (AI), but all fall into three broad categories: strong AI, weak AI, and narrow AI. Artificial intelligence has been a growing field since the 1960s and it is now being utilized in medical research. Artificial intelligence is currently having an increased presence in medical research because of the advantages that it offers over human researchers. With artificial intelligence's ability to learn and remember, it can process and analyse data much faster than a human can. These computers can then diagnose and treat diseases and conditions that would take a human years to figure out. The medical industry has always relied on innovative technology to improve patient healthcare. Artificial intelligence, or AI for short, is one of the newest innovations that doctors are using to find cures for cancer. New advances in machine learning and algorithm-based systems have allowed medical professionals to better understand how cancer ticks and act accordingly.

The application of artificial intelligence to develop cancer treatment has enormous potential. AI powered algorithms can be used to predict the best treatments for individuals, based on their genetic code and other variables. These algorithms can also monitor treatment progression and adjust the course of care accordingly. As one example, IBM developed a system using Watson AI called Oncology Expert Advisor (OEA). OEA was trained on 30 million pages of medical data. Global Artificial Intelligence in the Cancer market is segmented into surgery type, cancer type, end user, and region. By surgery type further sub-segmented into radiotherapy, chemotherapy, immunotherapy, targeted therapy, phototherapy, gene therapy, and sonodynamic therapy. Immunotherapy is said to account for highest market share of 26.6%. By cancer type the market is further sub-segmented into breast cancer, lung cancer, melanoma cancer, colorectal cancer, prostate cancer, and others. Further by end-user segment is sub-segmented into diagnosis, therapy, prognosis, health management and research. The diagnosis segment is said to account for highest revenue market share in 2021, owing to increased awareness regarding cancer types in emerging countries. By region the market is sub-segmented into North America, Europe, Asia-pacific, South America and the middle-east. North America is slated to acquire highest revenue share of 43.1% in 2021 owing to presence of key players and increasing prevalence of cancer and other genetic disorders among its populations.

Global Artificial Intelligence in the Cancer Market Detailed Segmentation is as below:

By Surgery Type

• Radiotherapy
• Chemotherapy
• Immunotherapy
• Targeted Therapy
• Phototherapy
• Gene Therapy
• Sonodynamic Therapy

Cancer Type

• Breast cancer
• Lung cancer
• Melanoma cancer
• Colorectal cancer
• Prostate cancer
• Others

End-User

• Diagnosis
• Therapy
• Prognosis
• Health Management
• Research

Region

• North America
• Europe
• APAC
• Latin America
• Middle East & Africa

1.3 Drivers for Artificial Intelligence in the Cancer Market

• Artificial Intelligence (AI) has the potential to vastly improve cancer treatments by helping physicians prescribe the best treatment for each patient. Access to AI is already improving the quality of care across all sectors of healthcare. The new generation of Artificial Intelligence is driving the next wave of developments in cancer care. The advent of AI has led to rapid innovation in diagnosis, treatment, and prevention of cancer. AI can significantly improve the quality, accessibility, and affordability of cancer care for millions worldwide. These factors are expected to boost the revenue growth of Artificial Intelligence in the Cancer market in years to come.
• Artificial Intelligence is exhibiting tremendous potential in the world of medicine. AI can help medical professionals provide more accurate diagnosis, better treatment plans, and the veritable promise of narrowing down patient lists. Artificial intelligence is being used to help locate tumours, identify which type of tumour it is, and even forecast how aggressive it may be. These benefits associated with the use of AI may lead to high adoption rates over the forecast period. These factors are slated to boost the economic growth trajectory of this target market.
• Increasing prevalence of different cancer is also a factor expected to augment the revenue growth of Artificial Intelligence in the Cancer market.o For instance, the American Cancer Society states that in 2022 there will be 1.9 million new cancer cases diagnosed in the Unites States According to World Health Organisation (WHO), there were 1.80 million deaths by lung cancer, 935,000 deaths by colon & rectum cancer, 685,000 deaths by breast cancer in 2020

1.4 Restraints for Artificial Intelligence in the Cancer Market

• The use of artificial intelligence to identify cancer cells and speed up research process is a great breakthrough. However, the market for artificial intelligence in cancer has some restraints such as lack of awareness, lack of data for training algorithms, costs associated with development and implementation, and issues related to regulatory approvals for using AI methods on human subjects.
• AI requires exceptional skills to develop and handle complex algorithms. Lack of skilled professionals especially in emerging countries is a restraining factor in this market. Additionally, the COVID-19 played its part a well in hampering overall trade activities in the globe. The pandemic affected each and every industry and healthcare industry were the worst affected. This was due to various lockdowns imposed by respective governments in both developed as well as developing countries in order to curb the spread of virus. However, with increased vaccination and lifting up of lockdown things are set to be back to its pre-COVID state and healthcare industry is also set to recover slowly.

1.5 Opportunities for Artificial Intelligence in the Cancer Market

• AI is being used in screening of cancer, and constant R&Ds are taking place in order to develop best algorithms for detection, as well as for aiding the genomic characterization of tumours. This factor is expected to create lucrative opportunities for players in this market to increase their product portfolio and geographic presence. For instance, NCI-funded researchers at New York University used deep learning (DL) to analyse pathology images of lung tumours obtained from The Cancer Genome Atlas. Not only could the DL method accurately distinguish between two of the most common lung cancer subtypes, adenocarcinoma and squamous cell carcinoma, it could predict commonly mutated genes from the images. (Source: cancer.gov)

1.6 Trends for Artificial Intelligence in the Cancer Market

• Recently, many start-ups have raised funding’s and existing players are strengthening their position in the market by strategic acquisitions/mergers/partnerships. This is seen as a trend in this target market.
• In August 2020, Digital Diagnostics Inc., announced that is has acquired 3Derm Systems Inc., which is intended to expand its 3DermTriage's dermatological telemedicine capabilities and prepare its autonomous AI skin cancer diagnosis device, 3DermSpot, for FDA approval.
• In May 2021, Epigeneres Biotech announced its early detection cancer test which the start up claims can even detect cancer in stage zero (i.e., before tumour formation), and has raised $6 MN in a Series B funding round.