PUBLISHER: Orion Market Research | PRODUCT CODE: 1778457
PUBLISHER: Orion Market Research | PRODUCT CODE: 1778457
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 (2025-2035)
Artificial intelligence (AI) in oncology market was valued at $2.4 billion in 2024 and is projected to reach $42.8 billion by 2035, growing at a CAGR of 29.8% during the forecast period (2025-2035). The market is growing owing to the increasing demand for accurate cancer diagnosis and early treatment globally. AI algorithms can accurately analyze medical images and data, reducing the risk of human error in the detection and categorization of diseases such as HER2 in breast cancer. Treatment options can be implemented more effectively owing to this added accuracy. Sustained technological advancements by market players are driving market growth. For instance, in July 2023, PathAI introduced AIM-HER2 breast cancer, an artificial intelligence-based HER2 scoring algorithm for biopharma research and clinical laboratories. AIM-HER2 Breast Cancer visualizations on AISight leverage the strength of additive multiple instance learning (aMIL) heatmaps along with slide-level HER2 score prediction to present a more complete picture.
The global oncology market for artificial intelligence (AI) is categorized by component, cancer type, treatment type, and application. On the component, the market is divided into software, hardware, and services. On the cancer type, the market is divided into breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and others. Based on the type of treatment, the market is segmented into chemotherapy, radiation therapy, immunotherapy, and others. Additionally, based on application, the market is segmented into cancer detection, drug discovery, drug development, and others. The subcategory of software is anticipated to hold a major share of the market in the component segment. This can be credited to new entrepreneurial ventures that offer novel solutions to cancer therapy and prediction, supported by financing from leading industry players. For instance, in September 2023, cancer diagnosis technology startup Adela revealed it raised $48 million, taking its total raise to $108 million. The money will go towards developing the company's technology. Adela will also employ the proceeds towards commercializing its tissue-agnostic measurable residual disease (MRD) product and further building its multi-cancer early-detection product, both of which are developed 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 all the regions, the North American region, the US, is contributing the highest to the market. In 2022, demand for diagnosis and detection across the region was rising across the region. 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 (NIH), in June 2023, cancer is a major global public health issue, with 19.3 million new cases and 10 million deaths reported each year. The International Agency for Research on Cancer (IARC) has provided a poster listing known causes and preventive measures for cancer by organ site.
The Global AI in oncology market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Russia, 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 the rising incidence of cancer cases in the region. For instance, according to the National Institute of Health (NIH), 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 American region is Leading in the Global Artificial Intelligence (AI) in Oncology Market.
Among all the regions, North America is expected to grow at a significant CAGR during the forecasted period. In 2022, owing to the increase in early detection and diagnosis in the region. To detect cancer at an earlier, more treatable stage, AI is utilized to scan medical images such as radiology and pathology slides. Apart from decreasing the cancer burden, this can significantly enhance patient outcomes. According to the National Institute of Health (NIH), in June 2023, Lung cancer is the leading cause of cancer-related mortality, with approximately 1.8 million deaths expected, followed by cancer of the stomach, liver, colorectal, and breast. In the US, cancer is the second major cause of mortality following heart disease, with an estimated 1.9 million new cancers and 609,820 fatalities owing to cancer in 2023. The International Agency for Research on Cancer (IARC) has made available a poster of known causes and prevention strategies for cancer by organ site.
The major companies that are serving AI in the oncology market are Azra AI, Siemens Healthineers AG, GE HealthCare, NVIDIA Corp., and ConcertAI LLC., and others. The market players are significantly contributing to market growth by implementing various strategies such as mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to remain competitive in the market For instance, in September 2023, Microsoft and healthcare technology company Paige launched a partnership to create the largest image-based artificial intelligence (AI) models for digital pathology and oncology.
The Report Cover