PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575025
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575025
AI in Cancer Diagnostics Market size was valued at USD 901.98 Million in 2023, expanding at a CAGR of 9.40% from 2024 to 2032.
Combination therapy drug treatment refers to the use of two or more medications simultaneously to treat a disease or medical condition. This approach is commonly used in various fields of medicine to enhance treatment efficacy, reduce the risk of resistance, and target multiple aspects of a disease or condition. The drugs used in combination therapies can act through different mechanisms or at different stages of disease progression, providing a synergistic effect that single-drug treatments may not achieve.
AI in Cancer Diagnostics Market- Market Dynamics
Increasing development of new drug combinations and rising demand for targeted & immunotherapies is expected to propel market demand
Artificial Intelligence (AI) has emerged as a transformative force in the field of cancer diagnostics, significantly enhancing the ability to detect and classify various types of cancer, boosting market growth. AI can analyze imaging patterns to determine the type and stage of cancer, as well as other characteristics that may influence treatment options. It also evaluates tissue samples, identifying abnormal cells and quantifying tumor characteristics, which is essential for diagnoses. AI algorithms can process large datasets of genomic information to identify mutations associated with specific cancers, aiding in personalized medicine. Thus, growing demand for genomic data is contributing to high adoption of AI in cancer diagnostics.
Further, AI powered Clinical Decision Support System (CDSS) helps integrate patient data and clinical guidelines to suggest the most effective and up-to-date treatment plans. NLP tools can aid clinicians by providing relevant literature or previous case summaries to inform treatment decisions. Thus, AI is revolutionizing the landscape of cancer diagnostics, enabling earlier detection, more accurate diagnoses, and personalized treatment strategies. As technology and methodologies continue to advance, collaboration among oncologists, researchers, and data scientists will be crucial for harnessing the full potential of AI in oncology.
AI in Cancer Diagnostics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.40% over the forecast period (2024-2032)
Based on Disease Type segmentation, the others segment was predicted to show maximum market share in the year 2023, owing to high consumption of alcohol & tobacco inviting cancer diseases.
Based on Component segmentation, software segment was the leading Component segment in 2023, due to the rapid adoption of software solution in medical sector.
Based on End User segmentation, hospitals segment was the leading End User segment in 2023, due to increasing prevalence of cancer.
On the basis of region, North America was the leading revenue generator in 2023, due to the adoption of AI technologies in healthcare industry.
Global AI in Cancer Diagnostics Market is segmented on the basis of Disease Type, Component, End User, and Region.
The market is divided into five categories based on Disease Type: breast cancer, lung cancer, prostate cancer, brain tumor, and others. The others segment dominates the market. The increasing consumption of tobacco & alcohol is mainly boosting segment growth.
The market is divided into three categories based on Component: software, hardware, and services. The software segment dominates the market. The increasing adoption of cloud systems and IoT enabled AI services are boosting segment demand.
The market is divided into three categories based on End User: hospitals, surgical centers, and others. The hospital segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising utilization of AI powered solutions into the workflows & platforms of hospital is supplementing market growth.
AI in Cancer Diagnostics Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is the largest regional market due to advanced healthcare infrastructure, strong research and development capabilities. Asia-Pacific is anticipated to experience the highest compound annual growth rate (CAGR) over the forecast period due to a large cancer-affected population base and growing healthcare investments. Europe is another significant market, driven by the adoption of advanced AI technologies, a strong focus on research, and a high prevalence of cancer.
The competitive landscape of Artificial Intelligence (AI) in the cancer diagnostics market is shaped by several prominent companies and the rapid pace of technological advancements and strategic partnerships. Key players in the market include well-established healthcare technology companies as well as innovative startups focusing on specialized AI solutions. Market players are emphasizing developing AI solutions that can detect cancer at an early stage with high precision. This includes advancements in imaging modalities like MRI, CT scans, and digital pathology.
In 2023, NVIDIA and Medtronic collaborated to integrate AI technology in Medtronic's GI Genius intelligent endoscopy module, enhancing early detection of colorectal polyps that could develop into cancer.
In 2023, Mayo Clinic and Numares Health expanded their collaboration to develop AI-based diagnostic tests for chronic diseases, which can also enhance cancer diagnostic capabilities.
In March 2022, Microsoft acquired Nuance Communications, a leader in ambient intelligence and conversational AI.