AI In Oncology Market To Show Astonishing CAGR Of 28.92% Due To Increasing Prevalence Of Cancer

AI In Oncology Industry Overview

The global AI in oncology market size was estimated at USD 2.80 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 28.92% from 2024 to 2030. The growth of the market is attributed to increasing prevalence of cancer, technological advancement in cancer diagnostics & healthcare infrastructure, and an increasing demand for early and accurate diagnosis of cancer.

The growing initiatives undertaken by public and private organizations to invest in research and development (R&D) for introduction of novel technologies are further anticipated to fuel the market growth. For instance, in October 2022, Tempus, a company specializing in precision medicine and AI, recently announced a program called Tempus+. This proprietary program utilizes real-world data to power collaborative precision oncology research.

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A community of researchers, including Baylor College of Medicine, Allegheny Health Network, Stanford Cancer Center, Rush University Medical Center, TriHealth, and others, is already using the Tempus+ program to advance their research. Furthermore, increasing product approval of AI-associated medical devices is anticipated to boost market growth. In January 2024, the U.S. FDA approved the first AI medical device, DermaSensor, to detect skin cancer.

The future of AI applications in cancer care is poised for groundbreaking advancements, encompassing early detection, precision medicine, and personalized treatment plans. AI's ability to analyze vast datasets, identify subtle patterns, and provide real-time insights holds the potential to revolutionize cancer diagnosis and therapy, ushering in a new era of improved patient outcomes and more efficient healthcare delivery.

List of Key Players in the AI In Oncology Market

• Azra AI• iCAD, Inc.• Siemens Healthineers AG• Intel Corporation• GE HealthCare• NVIDIA Corporation• Digital Diagnostics Inc.• ConcertAI• Median Technologies• PathAI, Inc.

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• The global digital neuro biomarkers market size was estimated at USD 593.1 million in 2023 and is projected to grow at a CAGR of 25.3% from 2024 to 2030. The market is experiencing significant growth, driven by several key factors that reflect the increasing integration of technology in healthcare.

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AI In Oncology Market Segmentation

Grand View Research has segmented the global AI in oncology market based on component type, cancer type, application, end-use, and region:

AI In Oncology Component Type Outlook (Revenue, USD Million, 2018 - 2030)

• Software Solutions• Hardware• Services

AI In Oncology Cancer Type Outlook (Revenue, USD Million, 2018 - 2030)

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

AI In Oncology Application Type Outlook (Revenue, USD Million, 2018 - 2030)

• Diagnostics (Pathology, Cancer Radiology)• Radiation Therapy (Radiotherapy)• Research & Development (Drug design, development process, etc.)• Chemotherapy• Immunotherapy

AI In Oncology End-use Type Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals• Surgical Centers & Medical Institutes• Others (Pharmaceutical Companies, Research Institutes & Training Centers)

AI In Oncology Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North Americao U.S.o Canada• Europeo U.K.o Germanyo Franceo Italyo Spaino Denmarko Swedeno Norway• Asia Pacifico Japano Chinao Indiao South Koreao Australiao Thailand• Latin Americao Brazilo Mexicoo Argentina• Middle East & Africao South Africao Saudi Arabiao UAEo Kuwait

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Recent Developments

• In January 2024, NVIDIA Corporation partnered with Deepcell to accelerate the use of generative AI in single-cell research for stem cells, cancer, and cell therapies

• In January 2024, PathAI launched six more oncology indications for PathExplore, an AI-powered pathology panel used for spatial analysis of tumor microenvironment (TME)

• In December 2023, ConcertAI acquired CancerLinQ, previously a subsidiary of the American Society of Clinical Oncology (ASCO). Concurrently, ASCO has entered into a multiyear cooperation agreement with CancerLinQ. The new partnership seeks to build on CancerLinQ’s original mission, launched by ASCO in 2013, to improve cancer care and expedite clinical research. The venture will leverage real-world data, analytics, next-generation AI, and other advanced technologies to enhance and expand CancerLinQ’s capabilities

• In November 2023, GE Healthcare launched MyBreastAI suite, a platform that integrates three AI applications from software developed by iCAD to help with breast cancer detection and workflows

• In November 2022, Azra AI partnered with Massive Bio to improve cancer clinical care through early identification and targeted treatment options for patients