AI In Cancer Diagnostics Market Size, Share & Trends Analysis Report By Component (Software Solutions, Hardware, Services), By Cancer Type, By End-user, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global AI in cancer diagnostics market size was valued at USD 93.2 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 28.0% from 2022 to 2030. Artificial Intelligence (AI) in cancer diagnostics helps in the early diagnosis of cancer, which is expected to be a key factor driving the market. Cancer is a leading cause of death globally and it accounted for about 10 million deaths in 2020, according to the WHO. Most of these deaths can be prevented if the cancer is detected early. Early detection of cancer is possible through the use of AI for screening and diagnosis of cancer, which is expected to boost the market growth. The AI/ML models analyze images generated through pathology and radiology, which helps in the precise diagnosis of cancer as compared to the doctors who generally rely on the observations made through their experience. For instance, in 2019, a team of researchers from the National Institutes of Health and Global Good developed an AI algorithm, which helps in analyzing digital images of women’s cervix and identifying accurately precancerous changes that may be potentially cancerous.

Rising healthcare IT expenditure by countries globally is expected to positively contribute to market growth. The rising expenditure is expected to help improve the digital infrastructure, which is expected to boost the adoption of AI in hospitals and other healthcare institutes. For instance, according to an article by pharmaceutical technology dated November 2021, the number of AI-related financing deals in life sciences jumped from 14 in Q1 of 2019 to 56 in Q1 of 2021. Moreover, AI helps in the accurate and early detection of cancer and reduction in the cost of treatment considerably. According to an article by Lancet dated June 2022, the implementation of AI detection during screening colonoscopy helped to prevent 7194 colorectal cancer cases and 2089 deaths in 2022. The article also states that the implementation of AI for detection also helped to save USD 290 million in 2022.

A shortage of healthcare professionals is expected to boost the adoption of AI software and solutions. Moreover, increasing penetration of AI for diagnostic purposes and initiatives undertaken by the key market players are expected to boost the growth of the market. For instance, in June 2022, Varian, a subsidiary of Siemens Healthineers, partnered with the state and central governments in India under the public-private partnership strategy to set up radiation centers in the states having higher cancer rates.

Availability of data is a key factor for precise diagnosis. In cases of the unavailability of sufficient data, the AI models can make an incorrect diagnosis, which is expected to be a key restraint for the market. Moreover, the AI models rely on information gathered from patients who had comparable circumstances and symptoms, which may act as a barrier for the patients having unrelated symptoms, thereby affecting the accuracy of the diagnosis. Further, the reliance on AI models on data networks makes them vulnerable to cyberattacks, which is expected to negatively affect market growth. For instance, according to an article by Technology Networks dated December 2021, AI models are vulnerable to cyberattacks and can cause the AI models to deliver false results, which affects patient safety.

The COVID-19 pandemic had a positive impact on market growth. The incorporation of AI/Ml models for cancer diagnosis helped to reduce the burden on healthcare facilities and clinicians. Moreover, the shortage of healthcare professionals and other healthcare workers in healthcare facilities contributed to the adoption of AI solutions to deliver better patient outcomes.

Component Insights

The software solutions segment held the largest share of over 40.0% in 2021. The segment growth can be attributed to the launch of software solutions by players in the market for the diagnosis of cancer. For instance, in March 2022, Paige announced the launch of Paige Breast Lymph Node, an AI medical device software, which aids pathologists to identify if breast cancer has metastasized into lymph nodes. The software is capable of identifying metastases of any size efficiently and accurately.

The software solutions segment is anticipated to grow at a lucrative rate during the forecast period. AI software helps to diagnose cancer more accurately than human diagnosis. For instance, the Galen Platform by Ibex helps to detect and grade multiple types of cancers such as breast, prostate, and gastric cancers. The platform helps to deliver high-quality insights, which help to enhance patient safety, provide faster results, boost productivity, and increase the confidence of physicians.

End-user Insights

The hospitals segment held the largest share of over 55.0% in 2021. Increased adoption of AI solutions in hospitals in order to overcome the shortage of healthcare staff and faster diagnosis of cancer are some of the key factors that contributed to the growth of the market. For instance, Addenbrooke’s Hospital in Cambridge, U.K. became the first hospital to incorporate InnerEye, a deep learning tool from Microsoft Research Cambridge. The tool helps to accurately identify tumors and cut CT processing time and treatment planning by up to 90%.

The surgical centers and medical institutes segment is projected to register the fastest growth rate of 29.3% during the forecast period. Increased adoption of AI for improved and faster diagnosis of cancer and to reduce the number of false positives and negatives in order to provide better patient outcomes is projected to drive the segment during the forecast period.

Cancer Type Insights

The others segment held the largest share of over 30.0% in 2021. The others segment includes other cancer types such as cervical, bladder, liver, uterine, and skin cancer, among others. Adoption of unhealthy lifestyle increased consumption of tobacco and alcohol, and reduced physical activity are increasing the prevalence of these cancer types, which is expected to increase the adoption of AI services. For instance, according to an article by the National Cancer Institute dated August 2020, a computer algorithm developed by the investigators at the National Cancer Institute helped in cervical cancer with more accuracy than other manual methods.

The brain tumor segment is expected to register a lucrative growth rate of 33.1% in the forecast period. The rising prevalence of brain tumors among the global population is expected to be a key factor that is expected to contribute to the growth of the segment. According to the America Cancer Journal, more than 83,000 individuals were diagnosed with a brain tumor in 2021 in the U.S. Moreover, the incorporation of AI for brain tumor diagnosis helps to reduce the diagnosis time as the digital images are generated within minutes. The AI models also help in cancer diagnosis with increased accuracy.

Regional Insights

North America dominated the market in 2021 with a share of over 55.0%. The higher prevalence of cancer and the availability of advanced healthcare facilities are some of the key factors that contributed to the market growth. Moreover, rising healthcare expenditure by the governments in the region is expected to boost market growth. For instance, the U.S. healthcare expenditure increased by 9.7% to USD 4.1 trillion in 2020. The presence of key players in the region such as Pfizer and Roche is expected to further boost the market growth in the region.

Asia Pacific is projected to expand at a lucrative CAGR of 30.7% during the forecast period owing to factors such as increasing initiatives undertaken by the governments in the region towards the adoption of AI services in order to improve the health outcomes of the patients. For instance, in June 2020, the Australian government announced a USD 19 million package that supports the development of AI technologies for various conditions including cancer and mental health. Further, the increased number of patients diagnosed with cancer in the region is expected to contribute to the market growth. For instance, according to data published by the Ministry of Health and Family Welfare, about 800,000 cases of cancer are detected every year in India.

Key Companies & Market Share Insights

High competition in the market owing to innovative product offerings by key players and the entry of new players has led to significant market growth. For instance, in September 2021, Medial EarlySign signed an agreement with Roche Diagnostics International, wherein the companies will work on commercializing AI tool that helps to detect cancer early. Initially, the companies will focus on gastric cancer. 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 

Global AI In Cancer Diagnostics Market Segmentation

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

• 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

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE