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
- Published date: March 2024
- Report ID: 116326
- Number of Pages:
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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 has emerged as a crucial technology in ameliorating the accuracy and rapidness of cancer diagnosis. The incorporation of AI in cancer treatment screening has resulted into declined mortality rates of some prevalent malignancies, aiding in more precise and faster diagnosis of cancer, leading to improved patient outcomes. In addition, a prominent step in reducing diagnostic and treatment related errors which possibly occur in human clinical practice is eliminating, thereby reducing the treatment cost. Significant investments are made in AI based cancer treatments, for instance, for the development of AI in oncology based software solutions, approximately the USD 6 billion was invested in companies over the past five years.
Furthermore, the market witnesses extreme growth by virtue of the improvements made in healthcare infrastructure and rising FDA approvals for various AI and machine learning based medical devices for breast cancer diagnosis coupled with rising adoption of AI to diagnose, treat and analyze complex datasets, reducing burdens on hospitals and physicians alike. In addition, the rising prevelance of cancer across the world forms a key factors leading to market expansion.
- For instance, by the end of 2022, there were around 2.0 million new cancer diagnoses and 701,470 deaths due to cancer in United States, according to American Cancer Society.
- Around 178 AI/ML based medical devices has been approved by Food and Drug administration in October 2022.
Key Takeaways
- Based on component, the global AI in cancer market is flourished by software solutions segment in the year 2023, and holds 58% market share.
- By cancer type analysis, breast cancer segment makes maximum use of AI based solutions for its early diagnosis and treatment and holds 41% share.
- Depending upon the type of treatment involved, chemotherapy segment stood upright in the AI in cancer market across the globe and holds 49% share.
- By end user analysis, Hospital segment is accounted to hold a 45.3% market share owing to increased adoption of AI in hospitals.
- The increasing of prevalence of cancer worldwide, necessitates the demand for innovative AI based solutions for cancer treatment.
- A commendable market revenue share of 59.7% is withheld by North America in the year 2023.
Component Analysis
Based on component, the market for AI in cancer is broadly categorized into software solutions, hardware and services segments. Software solutions segment comes out to be an outstanding leader in the global AI in cancer market capturing a total revenue of 58% in the year 2023. The market experiences an optimistic pull with the launch of ground breaking AI based cancer treatments solutions by the emerging entrepreneurial firms that precisely detect tumors such as diagnostic imaging, interventional radiology, and radiation oncology.
Cancer Type Analysis
Depending upon the type of cancer, the market is fragmented into Breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and other cancer types. Amongst these, the major growth of the market is subjected to breast cancer segment grabbing a major market portion of 41% in the year 2023. Being a most common type of cancer, the prevalence is high by virtue of sedentary lifestyles, excessive intake of alcohol and tobacco, and environmental factors.
AI incorporated into breast cancer treatment has played an outstanding role in determining the cancer at the early stage and saving lives of uncountable people. Furthermore, various AI based models such as clinical models, imaging models, and combined data models to diagnose and treat these type of cancers further fuels the market growth.
Approximately, 2,371,420 new cancer cases were diagnosed globally with maximum number of cases occurring in United States, with an estimated 299,890 new breast cancer cases in 2023, according to America Society of Clinical Oncology.
Treatment Type Analysis
Based on the type of treatment employed, AI in cancer market is disjointed into Chemotherapy, radiotherapy, immunotherapy, and other treatment types. Chemotherapy segment withheld a large market revenue share of 49% in the year 2023, being a most common type of cancer treatment procedure. According to the American Cancer Society, chemotherapy is a widely used cancer treatment option; an estimated 60% of patients with Stage 4 bladder cancer receive it. With AI in chemotherapy, doctors can create digital profiles for each patient which allow them to customize their dose during treatment.
For instance, National University Cancer Institute, Singapore (NCIS) and National University of Singapore achieved optimistic outcomes using CURATE.AI, which is an AI platform employed to create personalized and optimal doses for chemotherapy patients.
End User Analysis
Based on end use, the market is distinguished into hospitals, diagnostic centers, pharmaceutical companies, research institutes and other segments. Hospital segment capturing an impressive market share of 45.3%, dominates the AI in cancer market in 2023. By virue of scarce healthcare staff coupled with rapid cancer diagnosis, there is soaring adoption of AI solutions in hospitals, leading the segment to stay upright in the market place.
For instance, InnerEye, a deep learning tool developed by Microsoft Research Cambridge was initially used by Addenbrooke’s hospital in Cambridge, U.K. This AI solution was employed to precisely identify tumors and decline CT processing time 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 cancer incidence is increasing, necessitating the search for effective and innovative treatment solutions. AI in oncology is expected to revolutionize cancer diagnosis and management by offering early detection, precision medicine, and personalized treatment plans. Precision medicine strives to tailor treatments for individual patients based on their genetic and molecular characteristics.
AI algorithms can help analyze large data sets to detect biomarkers and develop tailored therapies for those with specific mutations. The increasing accessibility of high-performance computing, cloud computing, and big data analytics tools has allowed the development of more sophisticated AI algorithms for oncology. The growing interest in this technology is spurring significant investments from both public and private sectors alike; many pharmaceutical companies are investing heavily in AI research to create more effective cancer treatments.
Market Restraints
High Cost and Time-Consuming AI Algorithms
AI algorithms require large quantities of high-quality data to develop accurate predictions and personalized treatment plans. Unfortunately, oncology presents a unique set of challenges when it comes to data availability and quality due to the complex, heterogeneous nature of cancer. The use of AI in healthcare presents important ethical and regulatory concerns regarding patient privacy, data ownership, and liability. To guarantee the ethical and effective use of AI in oncology settings, clear guidelines and regulations need to be established. AI in oncology has yet to find widespread adoption and acceptance.
Many healthcare professionals may be reluctant to embrace new technologies or lack a thorough understanding of their capabilities and drawbacks. Furthermore, developing and validating AI algorithms for oncology can be costly and time-consuming; this may limit access to these solutions for smaller healthcare providers or countries with limited resources.
Opportunities
Improvement in Cancer Diagnosis Accuracy
AI algorithms can analyze massive amounts of data, such as genetic and molecular information, to create personalized treatment plans for cancer patients. This translates into more effective and efficient treatments tailored to each patient’s individual needs. Additionally, advanced imaging can improve cancer diagnosis accuracy by analyzing medical images such as CT scans and MRIs to detect subtle variations that might go undetected by human observers.
This leads to earlier detection and better patient outcomes. AI in oncology can foster collaboration and data sharing between healthcare providers and researchers, aiding research efforts to develop new treatments and therapies. This collaboration and data sharing have the potential to accelerate discoveries significantly. AI in oncology offers growth prospects in emerging markets with a high incidence of cancer but limited healthcare resources. AI-based solutions can enhance the efficiency and precision of cancer diagnosis and treatment in these regions.
Latest Trends
Deep Learning is an AI Subset Utilized to analyze complex data
Healthcare providers are increasingly implementing AI-based solutions in oncology to increase the accuracy of diagnosis, customize treatment plans, and enhance patient outcomes. It is expected that this trend will accelerate rapidly over the coming years. Deep learning is a subset of AI that utilizes artificial neural networks to analyze complex data.
Through deep learning algorithms, physicians are now able to analyze medical images and make better predictions about patient outcomes. Regulators are encouraging the use of AI in oncology, with guidelines and regulations being developed to guarantee its ethical and effective usage. The oncology market is witnessing an emergence of startups developing cutting-edge AI solutions for cancer diagnosis and treatment; these businesses are fueling innovation within this space and attracting significant investment.
Impact of Macroeconomic Factors
The AI in cancer market falls under the paent market of medical devices. Seeing that this particular market deals with the health and safety of patients it is strictly regulated by government authorities. Further, the economic impact of such regulations is considerable, with its ripple effect being observed on supply and demand of the AI based solutions.
The AI in cancer market is also affected by factors such as income and socioeconomic status. Factors such as increased disposable incomes and enhanced accessibility of AI based treatments are bound to drive the industry forward. According to Trading Economics the disposable personal income in the US has increased in 2023, reaching US$ 20269.84 Billion.
Regional Analysis
North America to dominate the global AI in cancer market in 2023
Most lucrative market growth is witnessed by North America securing a valuable market share of 59.7% in the year 2023. The dominance owes to the provision of government support and reimbursement policies leading to the market expansion within the region. Rising reimbursements offered by government are anticipated to spur the adoption of oncology services within the space. In addition, the presence of digital infrastructure comprising each and every important facilities to carry out diagnosis and treatment of cancer further propels the market expansion. A burgeoning demand in the region lasts with cost reduction of the treatment associated with high adoption of AI in oncology, without changing the quality of care.
- Approximately 5 to 7% treatment cost was reduced for medical oncology in United States in 2022, according to American Society of Clinical Oncology.
Moreover, following closely, Asia-Pacific stands at a significant position in the market place occupying a revenue share of 42.1% in 2023. This accomplishment owes to the growing elderly population in countries like Japan and India, along with increased digitalization in hospitals and diagnostic facilities within the geography.
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
Due to leading competitors’ innovative product offerings and the entry of new players, there has been intense competition in this industry, leading to rapid market expansion. Azra AI, IBM, Siemens Healthineers, Intel, GE Healthcare, NVIDIA, and Path AI are some of the renowned names in artificial intelligence for oncology applications.
To increase their market share and provide consumers with cutting-edge AI solutions, major market players have engaged in strategic product launches, mergers and acquisitions. These actions are expected to drive expansion over the forecast period. Through this merger, companies hope to make precision oncology more accessible at the community level by making testing more cost-effective – leading to lower costs and faster outcomes.
- A strategic investment of the USD 180 million was announced by Sanofi-Aventis U.S. LLC. With US based AI precision medicine company Owkin with the aim to advance its oncology pipeline.
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 February 2023: A collaborational effort between Qure.ai and Therapixel was made to allow breast cancer detection accessible through the use of artificial intelligence. This collaboration aimed to leverage AI technology to improve the precision and efficiency of breast cancer screening and diagnosis, revolutionizing breast cancer diagnostics and ameliorate patient outcomes.
- In March 2021: IBM and the Indian government announced a partnership on March 2021 to use AI-driven cancer screening and treatment solutions across India.
Report Scope
Report Features Description Market Value (2023) USD 985.5 Million Forecast Revenue (2033) USD 19,815 Million CAGR (2024-2033) 35% Base Year for Estimation 2023 Historic Period 2018-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, Macroeconomic factors’ Impact, Company Profiles, Recent Developments Segments Covered 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) 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 Comeptitive Landscape Azra AI, IBM, Siemens Healthineers, Intel, GE Healthcare, NVIDIA, Digital Diagnostics Inc., AI, Median Technologies, Path AI, Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. - Azra AI
- International Business Machines Corporation Company Profile
- Siemens Healthineers
- Intel
- GE Healthcare
- NVIDIA
- Digital Diagnostics Inc.
- Air Products & Chemicals, Inc. Company Profile
- Median Technologies
- Path AI
- Other Key Players
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