Global Artificial Intelligence in Oncology Market By Component (Software Solutions, Hardware, and Services), By Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, and Other Cancer Type), By Treatment Type (Chemotherapy, Radiotherapy, Immunotherapy, and Other Treatment Type), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

In 2022, the Global Artificial Intelligence In The Oncology Market accounted for USD 730 Million and is expected to grow to around USD 13,619.8 Million in 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 35%.

Artificial intelligence (AI) in oncology helps provide faster and more precise diagnoses of cancer, leading to improved patient outcomes – which is expected to fuel the market during the forecast period. The growth in healthcare infrastructure and an increasing prevalence of cancer is expected to drive market expansion during the forecast period. One factor driving market expansion during the pandemic was the increased adoption of AI to diagnose, treat, and analyze complex datasets; this reduced burdens on hospitals and physicians alike.

Key Takeaways

• Market Developments: Artificial intelligence in oncology has experienced exponential market expansion due to an ever-increasing prevalence of cancer, demand for efficient diagnostic and treatment methods, and technological developments within AI itself.
• Early Detection and Diagnosis: AI-powered algorithms are employed to examine medical images such as X-rays, MRI scans and CT scans in order to detect cancer earlier and with higher precision.
• Tumor Profiling: AI technology can assist oncologists in making more tailored treatment decisions through tumor genomic profiling by detecting genetic mutations and molecular signatures within tumor samples, providing more granular insights than before into oncologic cancer care options.
• Treatment Planning: Artificial intelligence assists oncologists in creating treatment plans by analyzing patient information, medical records and clinical guidelines. AI may suggest tailored therapy options based on each individual patient’s characteristics.
• Drug Discovery and Development: AI can speed up drug discovery by mining massive datasets to quickly identify promising candidates for treatment and predict their efficacy.
• Immunotherapy and Targeted Therapies: Artificial intelligence helps identify patients who would benefit from immunotherapies or targeted therapies by analyzing tumor characteristics as well as immune system function in order to understand whether such approaches would work successfully against cancer cells or diseases that affect immunity systems, for instance.

Component Analysis

Software Solutions will  continue to Dominate the Global Artificial Intelligence in Oncology Market

Based on type, the market for artificial intelligence in oncology is segmented into software solutions, hardware, and services. Among these components, the software solutions segment is the most lucrative in the global artificial intelligence in the oncology market. The total revenue share of the software solutions component is 43% in 2022.

The market for radiation oncology, diagnostic imaging, and interventional radiology is expected to expand. Furthermore, this industry is predicted to experience a profitable growth of 36.8% during the projection period due to emerging entrepreneurial firms offering cutting-edge treatments that accurately detect tumors.

Cancer Type Analysis

The Other Cancer type dominates the Market over the forecast period

By cancer type, the market is further divided into breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and other cancer types. The other segment is estimated to be the most lucrative segment in the global artificial intelligence in the oncology market, with a market share of 30% in 2022. Also, the segment includes bladder cancer, cervical cancer, liver cancer, skin cancer, and uterine cancer.

Factors such as increased alcohol consumption, unhealthy diet, tobacco use, and reduced physical activities have all been linked to an increased risk of cancers; thus driving demand for oncology services. Furthermore, various AI-based models such as clinical models, imaging models, and combined data models to diagnose and treat these types of cancers should further fuel market expansion.

Treatment Type Analysis

The Chemotherapy Segment is the most lucrative in the global artificial intelligence in the oncology market.

Based on treatment type, the market is segmented into chemotherapy, radiotherapy, immunotherapy, and other treatment types. Among these types, the chemotherapy segment is estimated to be the most lucrative segment in the global artificial intelligence in the oncology market, with the largest revenue share of 36% during the forecast period.

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.

Key Market Segments

Based on Component

• Software Solutions
• Hardware
• Services

Based on Cancer Type

• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Colorectal Cancer
• Brain Tumor
• Other Cancer Types

Based on the Treatment Type

• Chemotherapy
• Radiotherapy
• Immunotherapy
• Other Treatment Types

Drivers

Increased accessibility of high-performance computing, cloud computing, and big data analytics tools driving the market over the forecast period.

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.

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.

Opportunity

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.

Trends

Deep Learning is an AI Subset Utilizes 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.

Regional Analysis

North America held the Largest Share of Global Artificial Intelligence in the Oncology Market.

North America is estimated to be the most lucrative market in the global artificial intelligence in the oncology market, with the largest market share of 58% during the forecast period. The presence of digital infrastructure and supportive government along with reimbursement policies are some of the primary driving forces behind the market expansion in this region. Rising reimbursements offered by governments are expected to spur the adoption of oncology services within this space.

However, APAC’s artificial intelligence in the oncology market is projected with a revenue share of 39% in 2031. Factors such as the growing geriatric population in countries like Japan and India, along with increased digitalization in hospitals and diagnostic facilities, are believed to be key drivers for growth within this region.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • 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 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.

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

• Researchers at Stanford University created an AI-powered biomarker in February 2021 that could accurately identify patients with breast cancer early stages and those most at-risk for metastasizing.
• IBM and the Indian government announced a partnership on March 2021 to use AI-driven cancer screening and treatment solutions across India.

Report Scope