AI In Oncology Market Size, Share & Trends Analysis Report By Component Type (Software Solutions, Hardware), By Cancer Type (Breast Cancer, Lung Cancer), By Treatment Type, By Region, And Segment Forecasts, 2024 - 2030

AI In Oncology Market Size, Share & Trends Analysis Report By Component Type (Software Solutions, Hardware), By Cancer Type (Breast Cancer, Lung Cancer), By Treatment Type, By Region, And Segment Forecasts, 2024 - 2030

AI In Oncology Market Growth & Trends

The global AI in oncology market size is expected to reach USD 9.58 billion by 2030, registering a CAGR of 33.5% from 2024 to 2030, according to a new report by Grand View Research, Inc.The market is anticipated to witness exponential growth owing to increasing prevalence of cancer among the population which is further propelling the need for development of technologically advanced products for diagnosis, treatment, and analysis of cancer. For instance, according to the International Agency for Research on Cancer (IARC), over 20.7 million new cases are expected in 2023. Moreover, AI enables early detection, which is crucial for lowering mortality, especially through efficient screening programs.

AI is reshaping the current scenario of oncology by combining massive amounts of data generated by multi-omics analyses with recent advances in deep learning and high-performance computing strategies. Particularly, AI applications are expanding to include new approaches for detection, screening, diagnosis, and classification, with characterization of cancer genomics, analysis of tumor microenvironment, assessment of prognostic and predictive biomarkers, and strategies for follow-up and drug discovery. For instance, in October 2022, Model Medicines launched an oncology program, which focuses on the identification and development of therapeutics against two epigenetic and oncogenic targets with a major focus on applications for solid and hematological malignancies.

Rapid technological advancements in terms of accuracy, safety, and automation are anticipated to cater to market growth throughout the forecast period. AI is an emerging and informational technology that is helping significantly increase screening rates. Thus, 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.

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 entered into a collaboration 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 development 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.

AI In Oncology Market Report Highlights

• Based on component type, the software solutions segment held the largest revenue share in the market in 2023 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 brain tumor segment is anticipated to grow at the fastest growth rate over the forecast period in the market with rising prevalence of the condition among the population
• Based on treatment type, the chemotherapy segment accounted for the largest revenue share due to a higher number of patients undergoing chemotherapy to treat patients
• North America dominated the market due to the availability of favorable government initiatives and digital infrastructure to provide digital solutions to patients

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