AI in Cancer Diagnosis Market Analysis By Component (Software Solutions, Hardware, Services), By Cancer Type (Lung Cancer, Breast Cancer, Prostate Cancer, Brain Tumor, Colorectal Cancer, Other Cancers), By End-User (Hospital, Surgical Centers and Medical Institutes, Others), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: March 2024
- Report ID: 116456
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Report Overview
The Global AI in Cancer Diagnosis Market size is expected to be worth around USD 1943.6 Million by 2033, from USD 175.3 Million in 2023, growing at a CAGR of 27.2% during the forecast period from 2024 to 2033.
Cancer diagnosis has been very instrumental for patients to receive proper treatment. This stage is crucial AI has been incremental in the growth of the cancer diagnosis sector. The expansion of the healthcare IT budget worldwide, alongside a shortage of healthcare workers and a surging need for early disease detection and classification, is driving the growth of the healthcare sector.
Additionally, escalating government support, a rise in startup ventures and collaborations, and increased venture capital funding are further propelling this growth trajectory. Over the past decade, cancer diagnosis and treatment have seen remarkable advancements, largely due to the heightened adoption of cutting-edge solutions for early-stage cancer detection. This trend underscores the significant contribution to market expansion.
- According to a research published in the American Cancer Society Journals, cancer is one of the leading causes of premature death worldwide, with the disease being responsible for 3 out of 10 non-communicable disease mortalities.
- According to Global Cancer Observatory, over 19976000 new cases of cancer were reported in 2022, with lung cancer being most prevalent for males and breast cancer for females.
- A research paper published in the Cancers, a MDPI journal, demonstrates that artificial intelligence shows promise in detecting early-stage lung cancer, boasting a combined sensitivity and specificity of 0.87 each, suggesting considerable precision in identifying true positive and negative cases.
Key Takeaways
- The AI in Cancer Diagnostics market generated a revenue of 175.3 million with a CAGR of 27.2%, and is poised to reach USD 1943.6 million by 2033.
- Based on component, software solutions remained the highest contributor to the market in 2023, with a market share of 46.5%.
- Among cancer types, the other cancers segment generated the most revenue for the market.
- Hospitals remained the primary end-users of AI for cancer diagnosis by securing a market share of 61.0%.
- Region wise, North America maintained its stronghold on the market, with its revenue contribution amounting to USD 102.3 million.
Component Analysis
The market segmentation based on components includes software solutions, hardware, and services, with the software solutions segment leading the market at 46.5% in 2023 and projected to experience the most rapid growth, with a CAGR throughout the forecast period. The prominence of the software solutions segment is credited to the rising introduction of software solutions by both established market leaders and emerging startups, reflecting a burgeoning demand for advanced digital solutions in the healthcare sector.
Cancer Type Analysis
The market segmentation based on cancer type encompasses breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumors, and other types. In 2023, the “others” segment took the lead in market share, accounting for 35.4% of revenue. This segment’s growth is driven by the growing prevalence of unhealthy lifestyles, including increased tobacco and alcohol consumption, reduced physical activity, and sedentary habits.
End-User Analysis
The market segmentation based on end-users includes hospitals, surgical centers, medical institutes, and other entities. In 2023, hospitals emerged as the dominant segment, capturing 61.0% of the revenue share. This growth is primarily fueled by the increasing integration of AI algorithms and solutions within hospital workflows and platforms. The surge in demand for faster cancer diagnosis, coupled with shortages in healthcare staff, is further propelling market expansion.
Key Market Segments
Component
- Software Solutions
- Hardware
- Services
Cancer Type
- Lung Cancer
- Breast Cancer
- Prostate Cancer
- Brain Tumor
- Colorectal Cancer
- Other Cancers
End-User
- Hospital
- Surgical Centers and Medical Institutes
- Others
Market Drivers
The increasing demand for timely cancer detection methods accelerate market growth
The main drivers propelling the AI in cancer diagnosis market include the pressing need for more accurate and timely detection methods to improve patient outcomes and reduce mortality rates. Timely cancer diagnosis has considerable influence on effectiveness of cancer treatment and cancer survival. According to Cancer Research UK, 9 out of 10 patients survive bowel cancer for more than 5 years when the cancer is diagnosed early. AI technologies offer the potential to augment the capabilities of healthcare professionals by analyzing vast amounts of medical data, including imaging scans, genetic profiles, and clinical records, to identify subtle patterns and biomarkers indicative of cancer presence and progression.
Advancements in technology assist in revenue generation
Additionally, the increasing availability of large-scale datasets and advancements in computational power are facilitating the development of sophisticated machine learning models and deep learning algorithms capable of interpreting complex medical information with high precision and efficiency. Notably, researchers at the Mass General Cancer Centre and the Massachusetts Institute of Technology have developed Sybil, an AI tool capable of predicting the likelihood of developing cancer with 86% to 94% accuracy. As healthcare systems strive to address the growing burden of cancer worldwide, the integration of AI-driven diagnostic solutions is poised to play a pivotal role in enhancing early detection, treatment planning, and patient management across diverse clinical settings.
Market Restraints
Inaccessibility of high quality datasets hampers market growth
The primary restraints hindering the AI in cancer diagnosis market encompass challenges related to data quality, interoperability, and regulatory compliance. Limited access to high-quality annotated datasets poses a significant barrier to the development and validation of robust AI algorithms for cancer detection and classification.
Additionally, issues surrounding data privacy, security, and patient consent impede the seamless integration of AI technologies into clinical workflows. Moreover, the lack of standardized protocols for AI model validation and regulatory approval processes creates uncertainty and delays in the commercialization of AI-based diagnostic solutions. Addressing these challenges requires concerted efforts from stakeholders to establish data-sharing frameworks, enhance regulatory clarity, and promote collaboration across healthcare institutions and technology providers to realize the full potential of AI in cancer diagnosis.
Opportunities
The primary opportunities for AI in the cancer diagnosis market lie in its potential to significantly improve early detection rates, enhance diagnostic accuracy, and streamline treatment decision-making processes. AI algorithms have the capacity to analyze large volumes of medical data, including imaging scans, genetic profiles, and clinical records, to identify subtle patterns and biomarkers indicative of cancer presence and progression.
By leveraging these capabilities, AI can enable clinicians to detect cancer at earlier stages when treatment outcomes are often more favorable. Additionally, AI-driven diagnostic tools can facilitate personalized medicine approaches by integrating patient-specific data to tailor treatment strategies and predict individual responses to therapy. Moreover, AI technologies hold promise for enabling cost-effective and scalable cancer screening programs, particularly in resource-constrained settings, thereby expanding access to timely and quality diagnostic services for underserved populations.
Impact of Macroeconomic Factors
Medical inflation impacts the market negatively since it increases the cost of cancer diagnosis and treatment, potentially limiting access to AI-driven diagnostic solutions for patients. Healthcare providers may face financial constraints in adopting advanced AI technologies, hindering widespread implementation. Addressing medical inflation is crucial to ensure affordability and accessibility of AI-based cancer diagnosis solutions in the market.
Government policies and trade agreements can impact the AI in cancer diagnosis market by influencing regulatory frameworks, funding allocations for research, and international collaborations. Trade policies may affect access to essential resources and technologies, while government regulations shape the development, deployment, and reimbursement of AI-based diagnostic tools, shaping market dynamics and innovation.
Latest Trends
The latest trends in the AI-driven cancer diagnosis market suggest a significant surge in the adoption of machine learning and deep learning algorithms for accurate and early detection of various cancer types. A research paper published in the Journal of Multidisciplinary Healthcare reported 97% accuracy achieved by a machine learning algorithm in diagnosis of lung cancer by tissue sample analysis.
Advanced imaging techniques, such as digital pathology and radiology, are being increasingly integrated with AI algorithms to enhance diagnostic precision and efficiency. Furthermore, there is a growing emphasis on the development of multimodal AI systems capable of analyzing diverse data types, including imaging, genomic, and clinical data, to provide comprehensive insights into cancer biology and personalized treatment strategies.
Additionally, the rise of telemedicine and remote diagnostics is fueling the demand for AI-powered diagnostic tools that can facilitate timely and decentralized cancer diagnosis, particularly in underserved regions. As research and development efforts continue to expand, collaborations between healthcare institutions, technology firms, and regulatory bodies are crucial for driving innovation and ensuring the safe and effective integration of AI technologies into cancer diagnosis workflows.
Regional Analysis
North America is leading the AI In Cancer Diagnosis Market
North America emerged as the global market leader in 2023, commanding a significant revenue share of 58.4%. Factors such as the widespread adoption of healthcare IT solutions, the maturity of the healthcare sector, and ample funding opportunities for AI development contribute to the region’s market growth. Additionally, the presence of key industry players, rising cancer rates, heightened patient awareness, expanding digital infrastructure, and growing recognition of AI’s role in cancer diagnostics collectively drive the market’s expansion in North America.
The Asia Pacific region is expected to experience the highest CAGR during the forecast period
Asia Pacific is expected to experience notable growth, with an unmatched compound annual growth rate (CAGR) during the forecast period. The region’s growth trajectory is attributed to an uptick in government initiatives advocating for the adoption of AI-driven cancer diagnostic technologies among healthcare providers and organizations. Moreover, increased investments from private enterprises and nonprofit entities aimed at enhancing clinical outcomes are anticipated to be key drivers of growth in the region over the forecast period.
Key Regions and Countries
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Players Analysis
Major players in the market are implementing diverse strategies like acquisitions, partnerships, collaborations, expansions, and the introduction of new products to bolster their position in the global arena. Established players employ such strategies to secure a higher market share, the competition for which results in high degree of rivalry within the market.
Furthermore, collaborations between academic institutions, hospitals, and pharmaceutical companies further enrich the competitive ecosystem, fostering innovation and driving the development of cutting-edge AI technologies tailored to address the complexities of cancer diagnosis and management. Additionally, regulatory approvals and strategic partnerships play pivotal roles in shaping the competitive dynamics and market penetration of AI-based cancer diagnostic tools.
Top Key Players in AI in Cancer Diagnosis Market
- EarlySign
- Cancer Center.ai
- Microsoft
- Flatiron
- Path AI
- Therapixel
- Tempus
- Paige AI
- Kheiron Medical Technologies Limited
- SkinVision
- Other Key Players
Recent Developments
- In November 2023, Deep Bio, an AI healthcare firm based in South Korea, announced plans to collaborate with CancerX on a venture aimed at revolutionizing cancer diagnosis and therapy. CancerX is a White Housed backed initiative launched under the White House Cancer Moonshot Program by the POTUS and the First Lady.
- In January 2023, Paige, a digital pathology firm, unveiled an application utilizing artificial intelligence (AI) capable of identifying cancer across over 17 diverse tissue types, encompassing skin, lung, and the gastrointestinal tract, as well as various rare tumor types and metastatic deposits. The application was created by harnessing Paige’s Foundation Model, Virchow.
Report Scope
Report Features Description Market Value (2023) USD 175.3 million Forecast Revenue (2033) USD 1943.6 million CAGR (2024-2033) 27.2% Base Year for Estimation 2023 Historic Period 2018-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Component – Software Solutions, Hardware, Services; By Cancer Type – Lung Cancer, Breast Cancer, Prostate Cancer, Brain Tumor, Colorectal Cancer, Other Cancers; By End-User – Hospital, Surgical Centers and Medical Institutes, Others Regional Analysis North America – US, Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands, Rest of Europe; Asia Pacific – China, Japan, South Korea, India, New Zealand, Singapore, Thailand, Vietnam, Rest of APAC; Latin America – Brazil, Mexico, Rest of Latin America; Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of MEA Competitive Landscape EarlySign, Cancer Center.ai, Microsoft, Flatiron, Path AI, Therapixel, Tempus, Paige AI, Kheiron Medical Technologies Limited, SkinVision, Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) AI in Cancer Diagnosis MarketPublished date: March 2024add_shopping_cartBuy Now get_appDownload Sample - EarlySign
- Cancer Center.ai
- Microsoft Corporation Company Profile
- Flatiron
- Path AI
- Therapixel
- Tempus
- Paige AI
- Kheiron Medical Technologies Limited
- SkinVision
- Other Key Players
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