GVR Report cover Artificial Intelligence In Cancer Diagnostics Market Size, Share & Trends Report

Artificial Intelligence In Cancer Diagnostics Market Size, Share & Trends Analysis Report By Component, By Cancer Type, By End-user, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68039-988-5
  • Number of Pages: 90
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2021
  • Industry: Healthcare

Report Overview

The global artificial intelligence in cancer diagnostics market size was estimated at USD 137.8 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 26.3% from 2023 to 2030. The growth is attributed to the rising healthcare IT expenditure globally, the shortage of healthcare professionals, and the increasing demand for early detection and classification of diseases. Moreover, growing government initiatives coupled with the increasing number of startups & collaborations and growing venture capital funding. Cancer diagnosis and treatment have significantly developed over the last decade. The increasing use of technologically advanced solutions for the detection of cancer, majorly at early stages, is contributing to market growth.

U.S. AI in cancer diagnostics market size and growth rate, 2023 - 2030

Researchers have been developing artificial intelligence (AI) based tools that have great potential in making imaging more accurate, faster, and informative. The use of AI in oncology is growing, thereby providing healthcare institutions and professionals with better tools for cancer management. Constantly emerging solutions with the help of AI, along with a better diagnosis rate, is anticipated to support adoption, thereby improving the competitive landscape. For instance, as per an article published in News Medical in November 2022, a novel AI-based blood testing technology, known as DELFI, is successful in detecting more than 80% of liver cancers.

The U.S. government launched the Cancer Moonshot initiative to minimize cancer-related mortality by half within 25 years. To encourage investment in Artificial Intelligence (AI) data analysis, the Moonshot program aims to establish a nationwide ecosystem for sharing and analyzing data that includes patients, doctors, and researchers. To expedite research efforts and remove roadblocks to progress by improving data availability, Cancer Moonshot will encourage cooperation among researchers, physicians, philanthropies, patients & patient advocates, and biotechnology & pharmaceutical businesses.

The market is growing at a rapid rate, with untapped opportunities for entrepreneurs. The healthcare space holds a large volume of data from imaging, genomics, and diagnostics, which has led to the emergence of startups over recent years. In addition, the COVID-19 pandemic has boosted digital health, including telehealth diagnostics and rapid testing. Startups in personalized and connected healthcare are receiving recognition by allowing patients to track their health, enabling them to choose & manage their healthcare services.

The COVID-19 pandemic positively influenced the demand for AI technologies and leveraged the potential held by these advanced technologies. Healthcare systems extensively embraced these technologies for quicker & accurate diagnosis and detection of various cancer biomarkers & diagnostic findings as well as made use of tailored data to enhance outbreak management. AI/machine learning algorithms were utilized in the diagnosis sector, wherein these technologically advanced modules were trained using datasets of MRI scans, pathological findings, chest CT images, symptoms, and exposure history to rapidly & accurately diagnose patients suffering from cancer.

Component Insights

Based on component, the market is segmented into software solutions, hardware, and services. The software solutions segment dominated the market with a share of 43.7% in 2022 and is anticipated to witness the fastest growth at a CAGR of 27.5% over the forecast period. This is attributed to the increasing number of software solutions launched by established market players and emerging entrepreneurial ventures.

The growing demand for accurate & timely cancer diagnoses and the need to reduce the number of false positives is driving the software solutions segment’s growth. For instance, in March 2022, Paige launched Paige Breast Lymph Node, an AI-powered software that supports pathologists in analyzing & recognizing if breast cancer has metastasized into lymph nodes. Furthermore, increasing demand for cloud-based augmented and AI-powered diagnostics solutions that helps in achieving enhanced diagnostic precision while analyzing medical images of a patient is one of the key factors driving the segment.

Cancer Type Insights

Based on cancer type, the market is segmented into breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and others. The others segment dominated the market with a revenue share of 33.6% in 2022. The segment growth is attributed to the increasing adoption of an unhealthy & sedentary lifestyle, increased consumption of tobacco & alcohol, and reduced physical activity. According to a National Cancer Institute article in August 2020, investigators at National Cancer Institute developed an AI-based algorithm to help enhance the diagnostic accuracy of cervical cancer screening.

The brain tumor segment is anticipated to register the fastest growth at a CAGR of 31.2% during the forecast period, owing to the rapidly rising incidence of brain tumors across the globe. As per estimates published by America Cancer Journal, in 2021, over 83,000 individuals were diagnosed with a brain tumor in the U.S. The integration of AI-based algorithms in diagnosing brain tumors would help reduce diagnosis time and enhance accuracy.

End-user Insights

Based on end-user, the market is segmented into hospital, surgical centers & medical institutes, and others. The hospital segment dominated the market with a revenue share of 57.7% in 2022. The growth is attributed to the growing integration of AI algorithms and solutions into the workflows and platforms of hospitals. Rising healthcare staff shortages and growing demand for faster cancer diagnosis are boosting market growth. For instance, Addenbrooke’s Hospital in the UK was one of the first hospitals to adopt InnerEye, a deep learning solution developed by Microsoft, which aided in precisely & accurately identifying tumors and reduced CT processing time & treatment planning by 90%.

Global AI in cancer diagnostics market share and size, 2022

The surgical centers and medical institutes segment is anticipated to register the fastest growth at a CAGR of 27.6% over the forecast period. The growth is attributed to the widespread adoption of AI-based algorithms for faster and enhanced diagnoses of cancer and to minimize the number of false positives & negatives, which can improve patient outcomes. Furthermore, the rising number of companies entering the market and increasing adoption of these platforms by various medical institutes & surgical centers are expected to boost the market at a substantial pace during the forecast period.

Regional Insights

In 2022, North America dominated the global market with a revenue share of 56.0% in 2022. The rising adoption of healthcare IT solutions, the well-established healthcare sector, and the availability of funding for developing AI capabilities are some of the factors contributing to the growth of the market in the region. The local presence of major market players, growing cancer prevalence, increasing patient awareness, growing digital infrastructure, and growing awareness about the use of Artificial Intelligence (AI) in cancer diagnostics are fueling the growth.

AI In Cancer Diagnostics  Trends, by Region, 2023 - 2030

Asia Pacific is anticipated to register significant growth at a CAGR of 28.9% over the forecast period. A rise in the number of government initiatives encouraging healthcare providers & other healthcare organizations to adopt AI-based cancer diagnostic technologies and increasing investments by various private companies & nonprofit organizations to improve clinical outcomes is anticipated to drive growth over the forecast period.

For instance, Maxwell Plus invested USD 3 million to offer a platform to optimize diagnostic imaging technologies. This AI platform enables physicians to adequately manage clinical diagnostic applications along with medical imaging solutions for breast cancer, prostate cancer, neurodegenerative diseases, and lung diseases.

Key Companies & Market Share Insights

The key players are adopting various strategies such as acquisitions, partnerships, collaborations, expansions, and new product launches to strengthen their presence in the global market. For instance, in March 2022, Microsoft announced the acquisition of Nuance Communications, a leader in ambient intelligence and conversational AI across various fields.

This acquisition will help improve product offerings for patients by providing affordable, accessible, and effective healthcare solutions. Moreover, in October 2022, Tempus launched Tempus+, enhancing collaborative precision oncology research using real-world data. Tempus+ houses multiple renowned healthcare & research institutes to advance research. Some prominent players in the global AI in cancer diagnostics market include:

  • EarlySign

  • Cancer Center.ai

  • Microsoft

  • Flatiron

  • Path AI

  • Therapixel

  • Tempus

  • Paige AI, Inc.

  • Kheiron Medical Technologies Limited

  • SkinVision

AI In Cancer Diagnostics Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 193.9 million

Revenue forecast in 2030

USD 996.1 million

Growth rate

CAGR of 26.3% from 2023 to 2030

Base year for estimation

2022

Historic data

2017 - 2021

Forecast period

2023 - 2030

Report updated

July 2023

Quantitative units

Revenue in USD million, and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, trends

Segments covered

Component, cancer type, end-user, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; UK; France; Italy; Spain; Russia; Japan; China; India; Australia; South Korea; Singapore; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

EarlySign; Cancer Center.ai; Microsoft; Flatiron; Path AI; Therapixel; Tempus; Paige AI, Inc.; Kheiron Medical Technologies Limited; SkinVision

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global AI In Cancer Diagnostics Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global AI in cancer diagnostics market report based on component, cancer type, end-user, and region:

Global AI In Cancer Diagnostics Market Report Segmentation

  • Component Outlook (Revenue, USD Million, 2017 - 2030)

    • Software Solutions

    • Hardware

    • Services

  • Cancer Type Outlook (Revenue, USD Million, 2017 - 2030)

    • Breast Cancer

    • Lung Cancer

    • Prostate Cancer

    • Colorectal Cancer

    • Brain Tumor

    • Others

  • End-user Outlook (Revenue, USD Million, 2017 - 2030)

    • Hospital

    • Surgical Centers and Medical Institutes

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

      • Singapore

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Saudi Arabia

      • UAE

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