AI in Oncology Market Forecast: Future Prospects and Challenges

The global AI in oncology market is experiencing rapid growth, projected to reach a value of USD 2.80 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 28.92% from 2024 to 2030. This surge is primarily driven by the rising prevalence of cancer, ongoing advancements in cancer diagnostics and healthcare infrastructure, and the increasing demand for early and accurate cancer diagnosis.

The significant investments made by both public and private organizations in research and development (R&D) to introduce innovative technologies further fuel market growth. For instance, Tempus, a leader in precision medicine and AI, launched the Tempus+ program in October 2022. This proprietary program leverages real-world data to power collaborative precision oncology research, with a network of renowned institutions like Baylor College of Medicine and Stanford Cancer Center already utilizing it to advance their research. Additionally, the increasing approval of AI-associated medical devices, such as the FDA-approved DermaSensor for skin cancer detection in January 2024, is expected to significantly boost market growth.

The future of AI in cancer care is incredibly promising, with the potential to revolutionize early detection, precision medicine, and personalized treatment plans. AI's remarkable ability to analyze vast datasets, identify intricate patterns, and provide real-time insights has the power to transform cancer diagnosis and therapy, leading to improved patient outcomes and more efficient healthcare delivery. 

Gather more insights about the market drivers, restrains and growth of the AI in Oncology Market

Survey Segmentation Insights  

The survey participants were authors of research articles or reviews on the intersection of artificial intelligence (AI) and cancer. These articles were published between September 20, 2020, and September 20, 2022, and were indexed in the Web of Science Science Citation Index Expanded (WoS SCI-EXPANDED) database. Of the 25,000 researchers invited to participate, only 1,030 responded, yielding a response rate of 4.12%.

A significant portion of respondents (approximately one-third) identified cancer radiology as the primary beneficiary. Pathology followed closely, with 27.02% of respondents selecting it. Gynecology was deemed the least likely to benefit from AI, with only 1.46% of respondents choosing it. A small percentage of respondents (2.58%) indicated that other, unlisted fields would see the greatest impact from AI.

Pathology, characterized by extensive datasets encompassing diverse disease specimens, subtypes, and biomarkers, presents a complex and demanding landscape for human pathologists. The constant evolution of knowledge in this field can be overwhelming. A 2022 research article published in the National Center for Biotechnology Information (NCBI) highlighted the potential of AI to significantly improve the early detection of cancer in mammograms. AI-powered systems, capable of continuous operation and training on vast datasets, can efficiently analyze and interpret a multitude of specimens. By integrating AI with large-scale genomic and biomarker data, pathology can streamline the diagnostic process, enabling pathologists to deliver accurate and timely diagnoses.

Order a free sample PDF of the AI in Oncology Market Intelligence Study, published by Grand View Research.