Global AI In Cancer Market Size By Component (Software Solutions, Hardware and Services), By Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, and Other Cancer Types), By Treatment Type (Chemotherapy, Radiotherapy, Immunotherapy, and Other Treatment Type), By End User (Hospitals, Diagnostic Centers, Pharmaceutical Companies, Research Institutes and Other Segments), By Region and Companies-Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Global AI In Cancer Market size is expected to be worth around USD 19,815 Million by 2033, from USD 985.5 Million in 2023, growing at a CAGR of 35% during the forecast period from 2024 to 2033.

Artificial Intelligence (AI) plays a pivotal role in enhancing the accuracy and speed of cancer diagnosis. The integration of AI into cancer treatment screening has led to reduced mortality rates for several common cancers. This technology facilitates quicker and more accurate cancer diagnoses, resulting in better patient outcomes.

AI also helps minimize diagnostic and treatment errors typically seen in human clinical practice, thereby lowering treatment costs. For example, over the past five years, around USD 6 billion has been invested in companies developing AI-based oncology software solutions.

The market is experiencing robust growth due to advancements in healthcare infrastructure and an increase in FDA approvals for AI and machine learning-based medical devices for breast cancer diagnosis. Additionally, the adoption of AI in diagnosing, treating, and analyzing complex datasets alleviates pressures on hospitals and physicians.

Furthermore, the global rise in cancer incidence is a major driver of market expansion. According to the American Cancer Society, by the end of 2022, there were approximately 2.0 million new cancer cases and 701,470 cancer-related deaths in the United States. As of October 2022, the Food and Drug Administration had approved about 178 AI/ML-based medical devices.

Key Takeaways

• In 2023, the software solutions segment led the global AI in cancer market, capturing a 58% market share.
• The breast cancer segment is the largest user of AI-based solutions for early diagnosis and treatment, holding a 41% share.
• The chemotherapy segment dominates the AI in cancer market globally with a 49% share in treatment types.
• Hospitals, as end users, account for a 45.3% share in the market, driven by the growing integration of AI technologies.
• The escalating global prevalence of cancer is driving the demand for innovative AI-based solutions for cancer management.
• North America maintained a significant market lead in 2023, holding a 59.7% revenue share.

Component Analysis

The AI in cancer market is segmented into three main components: software solutions, hardware, and services. In 2023, the software solutions segment emerged as the dominant leader, accounting for 58% of the global market’s revenue.

There is a positive trend in the market, driven by the introduction of innovative AI-based cancer treatment solutions from burgeoning entrepreneurial firms. These solutions, which include diagnostic imaging, interventional radiology, and radiation oncology, excel in precise tumor detection.

Cancer Type Analysis

The cancer market is categorized based on cancer type, including breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumors, and other cancer types. In 2023, breast cancer leads the market, accounting for a significant 41% share. This type of cancer is notably prevalent due to factors such as sedentary lifestyles, excessive consumption of alcohol and tobacco, and environmental influences.

The integration of Artificial Intelligence (AI) in breast cancer treatment has been pivotal in early detection, significantly enhancing patient outcomes. AI-driven approaches, including clinical models, imaging models, and combined data models, are increasingly utilized to diagnose and treat breast cancer, boosting market growth.

Globally, around 2,371,420 new cancer cases were recorded in 2023, with the United States reporting the highest incidence. Specifically, the American Society of Clinical Oncology estimated 299,890 new cases of breast cancer in the U.S. alone for the year.

Treatment Type Analysis

The AI in cancer market is segmented by treatment type, including chemotherapy, radiotherapy, immunotherapy, among others. In 2023, the chemotherapy segment accounted for a substantial market share of 49%, making it a prevalent cancer treatment method.

The American Cancer Society notes that chemotherapy is a primary treatment choice, with approximately 60% of Stage 4 bladder cancer patients undergoing this treatment. AI integration in chemotherapy allows for the creation of personalized digital patient profiles, enhancing dose customization during treatment.

Additionally, the National University Cancer Institute, Singapore (NCIS), in collaboration with the National University of Singapore, reported positive results using CURATE.AI. This AI platform is designed to tailor optimal chemotherapy doses for individual patients, demonstrating significant advancements in personalized cancer treatment.

End User Analysis

The AI in cancer market is segmented by end use into hospitals, diagnostic centers, pharmaceutical companies, research institutes, among others. In 2023, hospitals dominate this market, holding an impressive 45.3% share. This dominance is attributed to the combination of a shortage in healthcare staff and the need for rapid cancer diagnostics, which drives the adoption of AI solutions in hospitals.

For example, Microsoft Research Cambridge developed InnerEye, a deep learning tool, which was first implemented at Addenbrooke’s Hospital in Cambridge, U.K. This AI solution has been instrumental in accurately identifying tumors, reducing CT processing times and treatment planning by up to 90.8%.

Key Market Segments

By Component

• Software solutions
• Hardware
• Services

By Cancer Type

• Breast cancer
• Lung cancer
• Prostate cancer
• Colorectal cancer
• Brain tumor
• Other cancer types

By Treatment Type

• Chemotherapy
• Radiotherapy
• Immunotherapy
• Other treatment types

By End User

• Hospitals
• Diagnostic centers
• Pharmaceutical companies
• Research institutes
• Other

Market Drivers

The need for innovative and effective AI solutions pulls the market growth

The global incidence of cancer is on the rise, driving the demand for effective and innovative treatment solutions. Artificial Intelligence (AI) in oncology is poised to transform the way cancer is diagnosed and managed, providing early detection, precision medicine, and personalized treatment plans. Precision medicine aims to customize treatments based on individual patients’ genetic and molecular profiles.

AI algorithms are pivotal in analyzing extensive data sets to identify biomarkers and formulate customized therapies for patients with specific mutations. The enhanced availability of high-performance computing, cloud technologies, and big data analytics has facilitated the development of advanced AI algorithms in oncology. This advancement has attracted considerable investments from both public and private sectors. Numerous pharmaceutical companies are significantly investing in AI research to develop more effective cancer treatments.

Market Restraints

Challenges of Implementing AI in Oncology

AI algorithms in healthcare, particularly in oncology, require extensive, high-quality data to deliver accurate predictions and personalized treatments. However, the complexity and diversity of cancer make acquiring and maintaining this data challenging. Additionally, employing AI in oncology raises significant ethical and regulatory issues, including concerns about patient privacy, data ownership, and accountability. It is crucial to establish clear guidelines and regulations to ensure AI is used ethically and effectively in these settings.

Despite its potential, AI in oncology has not been widely adopted. Many healthcare professionals may hesitate to use new technologies due to a lack of understanding about their capabilities and limitations. Moreover, the development and validation of AI algorithms for oncology are both expensive and time-intensive. This can restrict access for smaller healthcare providers or regions with fewer resources, highlighting the need for more accessible AI solutions in healthcare.

Opportunities

Improvement in Cancer Diagnosis Accuracy

AI algorithms are revolutionizing cancer treatment by analyzing extensive genetic and molecular data to create personalized care plans. This approach enhances treatment efficacy, ensuring that therapies are specifically tailored to each patient’s unique needs.

Moreover, AI’s advanced imaging capabilities can significantly increase the accuracy of cancer diagnoses. By evaluating medical images, such as CT scans and MRIs, AI can identify subtle abnormalities that may be overlooked by humans, leading to earlier detection and improved patient outcomes.

Furthermore, AI facilitates collaboration and data sharing among healthcare providers and researchers, which is crucial for advancing research and developing new cancer treatments. This collaborative environment enabled by AI not only speeds up scientific discoveries but also opens up opportunities in emerging markets where cancer prevalence is high but healthcare resources are scarce. AI-driven diagnostics and treatments offer a promising avenue to enhance both the efficiency and accuracy of cancer care in these underserved areas.

Latest Trends

Deep Learning is an AI Subset Utilized to analyze complex data

Healthcare providers are increasingly adopting AI-based solutions in oncology to improve diagnosis accuracy, tailor treatment plans, and enhance patient outcomes. This trend is anticipated to accelerate significantly in the upcoming years. Deep learning, a branch of AI that employs artificial neural networks, is pivotal in analyzing complex data.

Deep learning algorithms enable physicians to better analyze medical images and predict patient outcomes more effectively. Regulatory bodies are promoting the use of AI in oncology by developing guidelines to ensure its ethical and efficient application. The oncology market is experiencing a surge of startups that are pioneering innovative AI solutions for cancer diagnosis and treatment. These enterprises are driving innovation and attracting substantial investments in this sector.

Impact of Macroeconomic Factors on the AI in Cancer Market

The AI in cancer market, a subset of the broader medical devices sector, is stringently regulated due to its critical role in patient health and safety. These regulations significantly influence the market, affecting both the supply and demand for AI-based solutions.

Economic elements such as disposable income and socioeconomic conditions also impact this market. An increase in disposable incomes, as reported by Trading Economics, with the US personal disposable income reaching USD 20,269.84 billion in 2023, enhances the accessibility of AI-based cancer treatments. This economic uplift is poised to propel the growth of the AI in cancer industry.

Regional Analysis

North America Leads the Global AI in Cancer Market in 2023

In 2023, North America emerged as the most dominant player in the global AI in cancer market, capturing an impressive 59.7% market share. This leading position is attributed to strong government support and favorable reimbursement policies that have expanded the market within the region. The increasing government reimbursements are expected to boost the adoption of oncology services.

Furthermore, the region’s advanced digital infrastructure, essential for diagnosing and treating cancer, significantly contributes to market growth. Additionally, the demand in North America continues to grow due to the cost reductions in treatment, which fell by approximately 5 to 7% for medical oncology in the United States in 2022, as reported by the American Society of Clinical Oncology, without compromising the quality of care.

Following North America, the Asia-Pacific region also holds a substantial market share, accounting for 42.1% in 2023. This achievement is driven by the aging population in countries like Japan and India and the enhanced digitalization of hospitals and diagnostic centers in the area.

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

The competitive landscape in the artificial intelligence (AI) for oncology applications market is witnessing remarkable growth due to innovative product offerings from leading competitors and the entry of new players. Notable companies such as Azra AI, IBM, Siemens Healthineers, Intel, GE Healthcare, NVIDIA, and Path AI are at the forefront of this industry.

To enhance their market presence and deliver advanced AI solutions, key market participants are actively engaging in strategic product launches, mergers, and acquisitions. These initiatives are anticipated to fuel market growth throughout the forecast period. Mergers aim to broaden the accessibility of precision oncology at the community level by reducing the costs and accelerating the outcomes of testing.

Among the strategic movements, Sanofi-Aventis U.S. LLC announced a significant investment of USD 180 million in the U.S.-based AI precision medicine company Owkin. This investment is intended to bolster its oncology pipeline, reflecting the ongoing focus on innovation within the sector.

Market Key Players

• Azra AI
• IBM
• Siemens Healthineers
• Intel
• GE Healthcare
• NVIDIA
• Digital Diagnostics Inc.
• AI
• Median Technologies
• Path AI
• Other Key Players

Recent Developments

• In June 2024, NVIDIA introduced the NVIDIA Omniverse Cloud Sensor RTX, a suite of microservices designed for physically accurate sensor simulation, aimed at speeding up AI development.
• In April 2024, IBM completed the acquisition of HashiCorp Inc., a company specializing in multi-cloud infrastructure automation, for $6.4 billion. This acquisition is set to enhance IBM’s hybrid cloud platform capabilities.
• In June 2023, IBM acquired Apptio Inc., a leading firm in technology business management and FinOps. This acquisition is intended to strengthen IBM’s IT automation and optimize cloud spending.

Report Scope