Artificial Intelligence (AI) in Oncology Market - Forecasts from 2024 to 2029

Artificial Intelligence (AI) in Oncology Market - Forecasts from 2024 to 2029

The AI in the oncology market is projected to witness a CAGR of 35.43% during the forecast period to reach a total market size of US$8.944 billion by 2029, up from US$1.963 billion in 2024.

The oncology discipline has seen tremendous breakthroughs with the help of artificial intelligence (AI). Multiple advantages offered by AI are driving its increased adoption in cancer studies, thereby propelling AI in the oncology market. Moreover, the growing prevalence of cancer cases coupled with an aging population and their higher risk of cancer is also expected to boost AI in the oncology market. Additionally, market players' research initiatives and funds for AI incorporation and product launches are further aiding AI in the oncology market.

AI in the Oncology Market Drivers
Advantages of AI in Oncology

The various advantages of incorporating AI in cancer studies are a major growth driver of AI in the oncology market. For example, mammograms, CT scans, and MRI images can be analyzed by AI algorithms to look for early indications of cancer. These algorithms often discover patterns and outliers that human radiologists miss, which can lead to earlier diagnoses and potentially better outcomes. For the oncologists themselves, AI can analyze everything from patient data and medical histories to clinical guidelines supporting treatment plan design. AI algorithms may recommend optimum treatment pathways by considering multiple factors such as tumor size, tumor site, and patient characteristics. AI models, if needed, can further analyze data from patient clinical records and treatment histories to predict the development of an illness, treatment response, and prognosis.

AI in the Oncology Market Geographical Outlook
The North American Market is Anticipated to Expand Substancially

The North American region is expected to hold a significant share of AI in the oncology market during the forecasted period. The launch of AI for oncology has reduced overall cancer treatment costs without affecting the quality of treatment, which is anticipated to positively impact North American AI in the Oncology market. Various factors attributed to this growth are rising cancer cases, an aging population, a strong healthcare presence, and the adoption of AI. For example, cancer is the second-most leading cause of death in the US, as per the American Cancer Society, with around 1.9 million cases in 2022 and 6,09,360 cancer deaths in the country. As per the same source, the fastest-growing age group in the US is adults over the age of 85. Moreover, major market players such as Azra AI, IBM, and Intel Corporation are further expected to propel AI in the oncology market through technological advancements.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
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AI in the Oncology Market is segmented and analyzed as follows:

By Component Type

Software Solutions
Hardware
Services

By Cancer Type

Breast Cancer
Lung Cancer
Prostate Cancer
Colorectal Cancer
Brain Tumor
Others

By Treatment Type

Chemotherapy
Radiotherapy
Immunotherapy
Others

By Geography

North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Thailand
Others