AI In Oncology Market

Market Overview:

The global AI In oncology market size reached US$ 1,172.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 13,871.7 Million by 2032, exhibiting a growth rate (CAGR) of 31.59% during 2024-2032. The escalating prevalence of cancer, rising awareness among the masses regarding early diagnosis of cancer, and the introduction of AI-based clinical decision support system represent some of the key factors driving the market.

Artificial intelligence (AI) in oncology refers to the use of algorithms and technology in cancer research and treatment. It has revolutionized the field of oncology by facilitating early detection of cancer, developing precision medicine, enabling drug discovery, and designing personalized treatment plans. AI in oncology is widely used to treat breast, ovarian, lung, prostate, colorectal, skin, leukaemia, and brain cancers. It aids in analyzing large volumes of data quickly, identifying patterns, improving treatment accuracy, and reducing the risk of misdiagnosis and delayed detection. AI in oncology can also inspect results from mammograms, computed tomography (CT) scans, and pathology slides to identify potentially cancerous lesions and assist radiologists and pathologists in making accurate diagnoses. It also provides data-driven insights into electronic health records, genomics data, and clinical trials, which aids in discovering new biomarkers and improving the understanding of cancer biology.

AI In Oncology Market Trends:

The escalating prevalence of cancer across the globe due to genetics and unhealthy lifestyle is one of the primary factors propelling the market growth. AI in oncology is widely used in chemotherapy, radiotherapy, immunotherapy, and other treatments to predict outcomes, optimize parameters, select the most suitable therapy option, and assist healthcare professionals in making informed decisions. In addition to this, the widespread technology utilization to predict the likelihood of disease progression, recurrence, and overall survival rate of patients is acting as another growth-inducing factor. Furthermore, the rising awareness among the masses regarding early detection and diagnosis of cancer to enable quick intervention and prevent future complications is providing an impetus to the market growth. Additionally, the introduction of AI-based clinical decision support systems, which aids oncologists in analyzing patient-specific data, such as clinical records, imaging data, and molecular profiles, to select appropriate therapies, predict treatment outcomes, and manage potential side effects, is positively influencing the market growth. Moreover, the acute shortages of healthcare professionals in the field of oncology are facilitating the demand for AI-based solutions to provide accurate and efficient treatment and diagnosis. Apart from this, the implementation of supportive government policies to spread awareness regarding cancers and their treatments and provide access to high-quality healthcare facilities is contributing to the market growth. Other factors, including the growing healthcare expenditure, increasing investment by government and private organizations in cancer research, and the rising demand for precision medicine, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global AI In oncology market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on component, cancer type, treatment type, and application.

Component Insights:

• Software Solutions
• Hardware
• Services
   

The report has provided a detailed breakup and analysis of the AI In oncology market based on component. This includes software solutions, hardware, and services. According to the report, software solutions represented the largest segment.

Cancer Type Insights:

• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Colorectal Cancer
• Brain Tumor
• Others
   

A detailed breakup and analysis of the AI In oncology market based on the cancer type has also been provided in the report. This includes breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and others. According to the report, breast cancer accounted for the largest market share.

Treatment Type Insights:

• Chemotherapy
• Radiotherapy
• Immunotherapy
• Others
   

A detailed breakup and analysis of the AI In oncology market based on the treatment type has also been provided in the report. This includes chemotherapy, radiotherapy, immunotherapy, and others. According to the report, chemotherapy accounted for the largest market share.

Application Insights:

• Cancer Detection
• Drug Discovery
• Drug Development
• Others
   

A detailed breakup and analysis of the AI In oncology market based on the application has also been provided in the report. This includes cancer detection, drug discovery, drug development, and others.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for AI In oncology. Some of the factors driving the North America AI in oncology market included growing incidences of cancer, supportive government policies, and significant technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global AI In oncology market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Azra AI, ConcertAI (SymphonyAI LLC), Digital Diagnostics Inc., MEDIAN Technologies, Medtronic plc, PathAI Inc., Siemens Healthineers GmbH (Siemens AG), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

AI In Oncology Market Report Scope:

Key Questions Answered in This Report:

• How has the global AI In oncology market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global AI In oncology market?
• What is the impact of each driver, restraint, and opportunity on the global AI In oncology market?
• What are the key regional markets?
• Which countries represent the most attractive AI In oncology market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the AI In oncology market?
• What is the breakup of the market based on the cancer type?
• Which is the most attractive cancer type in the AI In oncology market?
• What is the breakup of the market based on treatment type?
• Which is the most attractive treatment type in the AI In oncology market?
• What is the breakup of the market based on application?
• Which is the most attractive application in the AI In oncology market?
• What is the competitive structure of the global AI In oncology market?
• Who are the key players/companies in the global AI In oncology market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the AI In oncology market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global AI In oncology market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the AI In oncology industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.