Global AI in oncology Market By Type (Software Solutions, Hardware), By Application (Breast Cancer, Lung Cancer, Prostate Cancer), By Region, And Segment Forecasts, 2023 to 2032

The Global in AI in oncology Market was valued at USD 1.82 billion in 2023 and it is poised to grow beyond USD 10.31 billion by the end of 2030; registering a CAGR of 28.12% during the forecast period of 2024-2030. The Oncology is the branch of medicine that focuses on cancer prevention, diagnosis, and therapy. Tumor growth, diagnosis, treatment (including surgery, chemotherapy, radiation therapy, hormone therapy, immunotherapy, and targeted therapy), and palliative care are all included in this field of study. Artificial intelligence (AI) in oncology refers to the use of machine learning algorithms and other AI techniques to improve the prevention, diagnosis, and treatment of cancer. The growth of the global AI in oncology is primarily driven by rising prevalence of cancer. AI models might bound to incorrectly conclude forged correlation leads to misleading and bias. This might hamper the growth of the market.

Global AI in oncology Market Dynamics

Market Drivers

Rising prevalence of cancer;

-        The increasing prevalence of cancer is a significant global health challenge. With rapidly growing population coupled with increasing number of cancer cases, there is need to improved screening and diagnostic techniques of cancer treatments. Changes in lifestyle habits, such as smoking, unhealthy diets, lack of physical activity, and exposure to environmental carcinogens, contribute to the increasing incidence of cancer. Use of AI in cancer led to the detection of more cancer cases, including those that may have gone undetected in the past.

Surging development in healthcare infrastructure;

-    The surging development in healthcare infrastructure and the integration of artificial intelligence (AI) in oncology are closely related and growing the AI in oncology market. The development of healthcare infrastructure involves investments in medical technology and equipment, such as advanced imaging systems, and electronic medical record systems. These technologies generate plenty of data that helps AI algorithms to improve cancer diagnosis, treatment, and management.

Market Restraint

AI models might bound to incorrectly conclude forged correlation leads to misleading and bias;

-   AI algorithms rely on large amounts of high-quality data to make accurate predictions. However, healthcare data can be incomplete, inaccurate, or biased, which can affect the performance of AI algorithms. AI models can identify correlations in data, but these correlations may not always be meaningful. This might lead to different or false conclusion.

Market Opportunities

Partnerships and Collaborations;

-   The collaboration between AI companies, healthcare providers, research institutions, and pharmaceutical companies can accelerate innovation and drive the AI oncology market. Stakeholders can create and market novel AI-based solutions for oncology diagnosis, treatment, and research by combining complementary knowledge and resources. Overall, the future of AI in oncology is bright, with significant opportunities for growth and innovation.

AI in oncology Market by Cancer Type Insights:

Based on cancer type, the market is segmented into Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor and Others. In terms of revenue share in 2023, breast cancer is the most common type of cancer. The rising incidence of breast cancer in the general population is thought to be the reason for this segment's domination.

AI in Oncology Market by End-user Insights:

Based on end-user segment, the AI in oncology market is segmented into Hospitals, Surgical Centers & Medical Institutes, others. Pharmaceutical companies, Research institutes & training centers are different end-users comes under others. In 2023, the hospitals segment held the highest revenue share of 48%, leading the market based on end-use. The market is expected to increase significantly over the forecast period. The dominance is attributed to the growing adoption of AI-powered technology by hospitals.

Market By Region Insights

Based on the regional coverage, the global AI in oncology market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America currently dominates the AI in oncology market due to the early adoption of technology and heavy investment in healthcare industry in the region.

Competitive Scenario:

Major players operating in the global AI in oncology market include Arza AI., ConcertAI., Digital Diagnostics Inc., GE Healthcare Technologies Inc., International Business Machines Corporation, Intel Corporation Median Technologies SA, NVIDIA Corporation, PathAI, Inc., Siemens Healthineers AG.

Scope of Work – Global AI in oncology Market

Market Segmentation

·       

Based on Component Type

o   Software Solutions

o   Hardware

o   Services

·        Based on Cancer Type

o   Breast Cancer

o   Lung Cancer

o   Prostate Cancer

o   Colorectal Cancer

o   Brain Tumor

o   Others

·        Based on Application

o   Diagnostics (Pathology, Cancer Radiology)

o   Radiation Therapy (Radiotherapy)

o   Research & Development (Drug design, development process, etc.)

o   Chemotherapy

o   Immunotherapy

·        Based on End-user

o   Hospitals

o   Surgical Centers & Medical Institutes

o   Others (Pharmaceutical companies, Research institutes & training centers)

·        Based on region

o   North America (U.S., Canada)

o   Europe (Germany, France, Italy, Spain, UK, Rest of Europe)

o   Asia-Pacific (China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia-Pacific)

o   Latin America (Brazil, Argentina, Mexico, and Rest of LAMEA)

o   Middle East & Africa (Saudi Arabia, UAE, Qatar Bahrain, South Africa, Rest of MEA)

Frequently Asked Question

Q. What is the current market size of the Global AI in oncology Market?

Answer. The global AI in oncology market size was estimated at USD 1.82 billion in 2023 and is expected to grow beyond USD 10.31 billion in 2030, registering a CAGR of 28.12% during the forecast period of 2023-2030.

Q. What is the major growth driver of the Global AI in oncology Market?

Answer. The growth of the global AI in oncology market is mainly driven by rising prevalence of cancer.

Q. Which is the largest region during the forecast period in the Global AI in oncology Market?

Answer.  North America region accounted for largest market share in the global AI in oncology market in 2022.

Q. Which segment accounted for the largest market share in Global AI in oncology Market?

Answer. Based on end-user, hospital segment dominates the AI in oncology market.

Q. Who are the key market players in the Global AI in oncology Market?

Answer. Arza AI., ConcertAI., Digital Diagnostics Inc., GE Healthcare Technologies Inc., International Business Machines Corporation, Intel Corporation Median Technologies SA, NVIDIA Corporation, PathAI, Inc., Siemens Healthineers AG are the key players in this market that are shaping the growth trajectory of this market.