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

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

The Artificial Intelligence (AI) in oncology market is expected to grow at a CAGR of 35.43%, reaching a market size of US$8.944 billion in 2029 from US$1.963 billion in 2024.

The oncology discipline has seen tremendous breakthroughs with the help of artificial intelligence (AI). Multiple advantages of 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 this market. Additionally, market players' research initiatives and funds for AI incorporation and product launches are further aiding AI in the oncology market.

Additionally, growing product approval of medical devices linked to AI is projected to accelerate market expansion. For instance, the U.S. FDA-approved DermaSensor is the first AI medical device to detect skin cancer as of January 2024.

Future applications of AI in cancer care would hold revolutionary promise and include precision medicine, early detection, and individually designed treatment regimens. This can completely change cancer diagnosis and treatment, as AI can spot minute patterns when viewing complex dataset moats and giving real-time insights. With such a new epoch, better patient outcomes and healthcare delivery would emerge.

Artificial intelligence (AI) in oncology market drivers
Advantages of AI in Oncology is contributing to its market growth

A major growth driver of AI in the oncology market is the many benefits of including AI in cancer studies. For instance, AI algorithms can scan mammograms, CT scans, or MRI images for early symptoms of cancer. This area is where algorithms frequently identify patterns and outliers that human radiologists may not see or even miss, thus leading to earlier diagnosis and possibly better outcomes. For oncologists, AI would peruse everything, from patient data and medical history to clinical guidelines, in support of the design of a treatment plan.

Based on factors such as the size, site, and character of patients, AI-based algorithms would be capable of recommending optimum pathways in treatment. 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.

Artificial intelligence (AI) in oncology market geographical outlook
North America is witnessing exponential growth during the forecast period

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 the North American 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 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
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The artificial intelligence (AI) in 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