AI in Oncology Market to Grow with a CAGR of 14.02% through 2028
Increasing awareness of the importance of early
cancer detection is expected to drive the Global AI in Oncology Market growth
in the forecast period, 2024-2028.
According to
TechSci Research report, “AI in Oncology Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global AI in Oncology Market stood at USD 701.08 Million in 2022 and is
anticipated to grow with a CAGR of 14.02% in the forecast period, 2024-2028. The
growth of the AI in oncology market is attributed to the increasing prevalence
of cancer, technological advancement in cancer diagnostics and healthcare
infrastructure, and increasing demand for early and accurate diagnosis of
cancer. Furthermore, the rising initiatives undertaken by public and private
organizations to invest in R&D for the introduction of novel technologies
are further anticipated to fuel the growth of the market. For instance, in
October 2022, Var raised funding of USD 4.4 million for the introduction of
artificial intelligence-enabled breast cancer screening platform for millions
of women.
Moreover,
COVID-19 pandemic had a positive impact on the market as it significantly drove
the demand for the utilization of AI in oncology as restrictions over movement
were imposed globally in hospitals and homecare settings. Due to lockdown and
travel restrictions, patients’ diagnosis, care, and treatment were some of the
major challenges as a result of which the need to develop products that can
help in providing solutions in remote locations and at an early stage
significantly increased. Furthermore, due to a shortage of medical
professionals, the use of AI has grown even more in order to provide better
results to patients.
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"Global AI in Oncology Market”
One of the key
factors responsible for the exponential growth of the overall market is the
increasing prevalence of cancer globally. According to WHO, cancer is the
leading cause of death worldwide that accounts for the death of nearly one in
every six individuals accounting for 10 million of the population globally. The
majority of cancer deaths occur due to lung cancer which accounted for 2.21
million cases and 1.80 million deathsin 2020. The rising prevalence of cancer
and the shortages of healthcare professionals is propelling the adoption of AI
to meet the rising demand for novel solutions to provide efficient and accurate
diagnosis and treatment. Technological
advancements and the incorporation of AI in applications such as
classification, detection, segmentation, characterization, and monitoring are
additionally fueling the growth of the market. Government and private
investment in the field of oncology for the adoption of artificial intelligence
is enhancing the diagnostic and therapeutic scenario of providing efficient
oncological solutions. For instance, in March 2023, Qritive launched QAi
Prostate, a novel tool powered with AI for diagnosis of prostate cancer. The
product helps in the accurate identification of prostatic adenocarcinoma
regions as well as to classify benign and malignant tumors in biopsy tissue
samples.
Furthermore,
various growth strategies are implemented by market players to strengthen their
business revenues further facilitating global AI in oncology market. For
instance, in November 2022, Exscientia entered into collaboration with The
University of Texas MD Anderson Cancer Center for the advancement of novel
small-molecule oncology therapies. Such collaborations and product launches are
further driving the market growth.
The Global AI in
Oncology Market is segmented into component, cancer type, treatment type, regional distribution, and company
Based on Component
Type, the software solutions segment has emerged as the predominant market
leader, the segment will continue to grow at a significant rate during the
forecast period owing to the increasing use of software solutions for the
development of optimized oncological products and better outcomes associated
with the use of these solutions. Key players operating in the market are also
focusing on developing novel solutions to make the products accessible to the
majority of the population. For instance, in March 2023, Illumina Inc. launched
Connected Insights, a new software for enabling tertiary analysis to be used
for oncology applications further expanding to rare diseases.
Based on Treatment
Type, chemotherapy segment is expected to grow during the forecast period. Chemotherapy
is a commonly used cancer treatment procedure, according to the American Cancer
Society an estimated 60% of patients with Stage 4 bladder cancer receive
chemotherapy. AI integration in chemotherapy treatment aids healthcare
professionals in developing a personalized digital profile of patients,
allowing their dose to be tailored during treatment. Increased research
activities for incorporating AI into chemotherapy accelerate segment growth.
Moreover, the incorporation of AI to provide tailored chemotherapy with reduced
dosage and fewer side effects enhances the adoption of chemotherapy.
Major companies
operating in Global AI in Oncology Market are:
- Azra AI.
- IBM
- Siemens Healthcare
GmbH.
- Intel Corporation.
- GE HealthCare.
- NVIDIA Corporation.
- Digital Diagnostics
Inc.
- ConcertAI.
- Median
Technologies.
- PathAI.
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“The advancement
of technology and the use of AI in cancer diagnostics drive the expansion of
the healthcare industry. The artificial tools require low-cost diagnostic
processes and quick detection data reporting. The demand for technological
advancements in the healthcare field for cancer detection and screening is also
expected to boost industry growth. Furthermore, government spending on
healthcare technology drives the expansion of the healthcare fields in emerging
nations. The increasing awareness of the
importance of early cancer detection drives the advancement of Artificial
intelligence and machine learning in cancer diagnostics. The increase in the
number of government programs encourages healthcare organizations and providers
to integrate AI tools in their hospitals for the betterment and advancement of
patient therapy.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“AI in Oncology Market By Component
(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
Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global AI in Oncology Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global AI in Oncology Market.
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