Global Artificial Intelligence (AI) in Oncology Market 2023-2030

Global Artificial Intelligence (AI) in Oncology Market 2023-2030

Global Artificial Intelligence (AI) In Oncology Market Size, Share & Trends Analysis Report By Component (Software, Hardware, And Services), By Cancer Type (Breast, Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, And Others), By Treatment Type (Into Chemotherapy, Radiation Therapy, Immunotherapy, And Others), And By Application (Cancer Detection, Drug Discovery, Drug Development, And Others ), Forecast Period (2023-2030)

Global artificial intelligence (AI) in oncology market is anticipated to grow at a CAGR of 32.6% during the forecast period (2023-2030). The industry growth is attributed to increased demand for precise cancer diagnosis and early treatment across the global. AI algorithms can accurately assess medical images and data, lowering the possibility of human error in identifying and classifying diseases such as HER2 in breast cancer. Treatment choices can be implemented more successfully as a result of this increased accuracy. Continuous technological innovation by market players is flourishing market growth. For instance, in July 2023, PathAI launched AIM-HER2 breast cancer, an artificial intelligence-powered HER2 scoring algorithm for biopharma research and clinical labs. AIM-HER2 Breast Cancer's visualizations on AISight utilize the power of additive multiple instance learning (aMIL) heatmaps in addition to predicting slide-level HER2 scores to provide a more comprehensive image.

Segmental Outlook

The global artificial intelligence (AI) in the oncology market is segmented on the component, cancer type, treatment type, and application. Based on the component, the market is sub-segmented into software, hardware, and services. Based on the cancer type, the market is sub-segmented into breast, cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and others. Based on the treatment type, the market is sub-segmented into chemotherapy, radiation therapy, immunotherapy, and others. Furthermore, based on application, the market is sub-segmented into cancer detection, drug discovery, drug development, and others. The software subcategory is expected to capture a significant portion of the market share within the component segment. This is attributed to the new entrepreneurial startups that provide innovative solutions to cancer therapy and prediction backed by funding from key industry players. For instance, in September 2023, cancer detection technology startup Adela announced it secured $48 million in funding, bringing its total raise to $108 million. The funding will be used to advance the company's technology. Adela will also use the proceeds to commercialize its tissue-agnostic measurable residual disease (MRD) product and continue developing its multi-cancer early-detection product, both of which are based on its methylation enrichment platform.

The Breast Cancer Sub-Segment is Anticipated to Hold a Considerable Share of the Global Artificial intelligence (AI) in Oncology Market

Among the applications, the breast cancer sub-segment is expected to hold a considerable share of the global AI in oncology market. The segmental growth is attributed to the growing demand for personalized therapy. AI can be used to process genetic and molecular data to create tailored treatment plans for breast cancer patients. This can assist in selecting treatments that are most suited to the individual while minimizing potential side effects. According to Cancer.net, in February 2023, it was estimated that 2,261,419 new cases of breast cancer were diagnosed in women globally. In the US, more women are diagnosed with breast cancer than any other type of cancer besides skin cancer. It is estimated that in 2023, 297,790 women in the US diagnosed with invasive breast cancer, and 55,720 women will be diagnosed with non-invasive (in situ) breast cancer. Since the mid-2000s, the number of invasive breast cancer cases in women has increased by roughly half a percent each year. Additionally, an estimated 2,800 men in the US were diagnosed with invasive breast cancer in 2023. Breast cancer is the fifth leading cause of death globally and the second most common cause of death from cancer in women in the US after lung cancer. The number of breast cancer deaths has decreased significantly since 2020, owing to early detection, treatment improvements, and greater awareness of the disease, which has prevented more than 460,000 deaths. Black women are diagnosed less often with breast cancer than White women, however, they have a 40% higher death rate from the disease.

Regional Outlook

The global artificial intelligence (AI) in oncology market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to grow at a considerable CAGR owing to an increasing number of older individuals, and rising incidence of cancer cases in the region. For instance, according to the National Institute of Health (Gov.), in March 2023, GLOBOCAN predicted that cancer cases in India would increase to 2.08 million, accounting for a rise of 57.5% in 2040 from 2020.

The North America Region is Leading in the Global Artificial intelligence (AI) in Oncology Market

Among all regions, the North American region is contributing to the highest market share in 2022 attributed to the rising early diagnosis and detection across the region. To identify cancer at an earlier, more curable stage, AI is being used to assess medical pictures such as radiology and pathology slides. In addition to lowering the burden of cancer, this can considerably improve patient outcomes. According to the National Institute of Health (gov.), in June 2023, nowadays, cancer is a major global public health issue, with 19.3 million new cases and 10 million deaths reported each year. Lung cancer is the most common cause of cancer death, with an expected 1.8 million fatalities, followed by stomach, liver, colorectal, and breast cancer. In the US, cancer is the second leading cause of death after heart disease, with an estimated 1.9 million new cases and 609,820 deaths from cancer in 2023. The International Agency for Research on Cancer (IARC) has provided a poster listing known causes and preventive measures for cancer by organ site.

Market Players Outlook

The major companies serving AI in oncology market include Amazon Web Service, Inc., Google, LLC, IBM Corp., Intel Corp., Microsoft Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2023, Microsoft and healthcare technology company Paige launched a partnership to create the world’s largest image-based artificial intelligence (AI) models for digital pathology and oncology.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in global AI in oncology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.