Global Artificial Intelligence in Cancer Diagnostics Market 2023-2030

Global Artificial Intelligence in Cancer Diagnostics Market 2023-2030

Global Artificial Intelligence in Cancer Diagnostics Market Size, Share & Trends Analysis Report by Application (Screening & Diagnosis, Tumor Identification and Surveillance), by type (Breast Cancer, Prostate Cancer, Lung Cancer, Colorectal Cancer, and Others (Cervical Cancer, blood cancer, bone cancer and other)), and by End User (Hospitals, Diagnostic centers, Research Organization, Medical Institute and academics), Forecast Period (2023-2030)

The global artificial intelligence in cancer diagnostics market is anticipated to grow at a CAGR of 32.5% during the forecast period (2023-2030). Artificial Intelligence (AI) in cancer diagnostics is an automated software used for early cancer diagnostics with the help of cancer detection at early stages, proper treatment can be provided to the patients, resulting in low death rates. Several governments have increased their healthcare Information Technology (IT) expenditure, which in turn to improve healthcare infrastructure around the globe. For instance, the healthcare IT spending of the US federal government increased from $119.5 billion in 2020 to $176.5 billion in 2021. Increasing initiatives undertaken by the government to increase the adoption of AI-assisted technologies for cancer diagnosis is expected to boost the market growth.

Segmental Outlook

The global artificial intelligence in cancer diagnostics market is segmented on the application, type, and End user. Based on the application, the market is sub-segmented into screening & diagnosis, tumor identification and surveillance. Based on the type, the market is sub-segmented into breast cancer, prostate cancer, lung cancer, colorectal cancer, and others including cervical cancer, blood cancer, and bone cancer. Further, on the basis of end user, the market is sub-segmented into hospitals, diagnostic centers, research organization, medical institute and academics. Among the end user, the diagnostic centers sub-segment is anticipated to hold a considerable share of the market owing to the increasing government initiatives and funding in healthcare sector.

The Breast Cancer Sub-Segment is Anticipated to Hold a Considerable Share of the Global Artificial Intelligence in Cancer Diagnostics Market

Among the type, the breast cancer sub-segment is expected to hold a considerable share of the market. This growth is attributed to the growing cases of breast cancer globally. According to the World Health Organization (WHO), over 2.3 million new cases and 685,000 fatalities due to breast cancer were estimated in 2021. Additionally, around half of all breast cancers occur in women along with no specific risk factors. Thus, utilizing advanced technologies such as AI & ML in detecting breast cancer supports at early stages further contributing to the industry growth. With the detection of cancer at early stages, proper treatment can be provided to the patients, resulting in low death rates.

Regional Outlook

The global artificial intelligence in cancer diagnostics 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, North America is anticipated to hold a prominent share of the market across the globe, owing to the rising number of cancer cases around the globe. According to Canadian Cancer Statistics, 43% of women and 45% of men in Canada would have cancer in their lifetime. Nevertheless, to combat this problem, the country is actively adopting AI across the healthcare industry.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Artificial Intelligence in Cancer Diagnostics Market

The Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to an increasing adoption of AI and ML in health and several government initiatives in the region lead to an increase in investment by government as well as private organizations. Also increasing cases of cancer in the region is a driving factor for AI adoption in healthcare for early diagnostics. According to Indian Council of Medical Research-National Cancer Registry Programme (ICMR-NCRP), the government informed Parliament the number of cancer cases in the country is projected to go up from $17.7 million in 2022 to $19.0 million in 2025. For instance, NITI Aayog, the public policy think tank of the Indian Government, aims to build an Imaging Biobank in association with the Department of Biotechnology, wherein it will create a database of cancer-related pathology and radiology images of more than 20,000 profiles of patients.

Hence, there is considerable shift of the country towards the adoption of the Artificial Intelligence in Cancer Diagnostics market solutions. For instance, according to an article by the NCBI in April 2022, AI-assisted colonoscopy increased the adenoma detection rate to 29% as compared to conventional colonoscopy, which was about 20%. This is important as 1% increase in adenoma detection rate is associated with 3% decrease in colorectal cancer prevalence. AI allows the integration of a wide variety of streams such as genomics, EHR, radiographic images, pathology, and social networks to predict clinical decisions, which is expected to improve patient outcome.

Market Players Outlook

The major companies serving the artificial intelligence in cancer diagnostics market include IBM Corp, Intel Corp, Pfizer Inc., Microsoft Corp, Janssen Pharmaceuticals, 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 July 2021, PathAI completed the acquisition of Poplar Healthcare PLLC, an independent anatomic pathology laboratory services provider. Through this acquisition, the company would be able to integrate testing services into its existing artificial intelligence-powered pathology platform. Poplar offers specialized testing services in a range of areas, from oncology to women’s health to dermatology.

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 the global artificial intelligence in cancer diagnostics 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.