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

Report Overview 

The global AI in oncology market size was valued at USD 577.5 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 35.6% from 2022 to 2030. Artificial intelligence(AI) in oncology helps in faster and accurate diagnosis of cancer which helps to deliver better patient outcomes and this is anticipated to drive the growth of the market during the forecast period. Growing advancements in the healthcare infrastructure and the increasing prevalence of cancer are some of the key factors that are projected to drive market growth during the forecast period.

Rising number of countries such as the United Kingdom, Finland, Germany, China, Israel, and the United States investing heavily in AI-related research is anticipated to play a significant role in the growth of the adoption of this technology. Increased funding available in these countries by the Venture Capitalists is predicted to further boost the market growth. For instance, funding for the top 50 firms engaged in healthcare-related AI research already crossed about USD 8.5 billion in 2020.

Growing number of cancer patients globally is anticipated to be a key contributor to the growth of the market. These growing numbers of cases are anticipated to put a strain on the healthcare system. In addition, hospital facilities have witnessed a significant shortage of healthcare professionals such as nurses and doctors which is anticipated to increase the demand for the technology. According to estimates by WHO, by 2030 healthcare facilities are projected to have a shortfall of 15 million healthcare professionals. With the shortage of these professionals, AI is anticipated to play a key role in the diagnosis and treatment of patients.

Moreover, the rising healthcare costs and increased demand to curb these costs are expected to be other key factors driving the adoption of AI. The implementation of AI algorithms in oncology considerably increases the accuracy of procedures and reduces the costs associated with treatment by helping to avoid unnecessary tests. For instance, according to a study published by Frontiers in June 2021, the incorporation of AI in the diagnosis of colorectal cancer helped to save approximately USD 400 million which was mainly attributed to the early diagnosis of cancer.

The COVID-19 pandemic had a positive impact on the market. Increased adoption of AI to diagnose, treat and analyze complex datasets which helped to reduce the burden on the hospital facilities and the clinicians are some of the key factors that helped support the market growth during the pandemic. Moreover, due to the shortage of medical professionals, the use of AI further increased in order to provide better results to patients.

Component Insights

By component, the software solutions segment held the largest revenue share of 43.3% in 2021. The growth of the segment can be attributed to the increasing number of key players such as AZRA AI who offer their software to manage and interpret the unstructured data and prioritize oncology patients that need treatment and follow-up care. The software helps to add efficiency, improve workflow and save time. The segment is anticipated to witness growth due to the availability of various applications such as radiation oncology, diagnostic imaging, and interventional radiology.

The segment is also anticipated to witness a lucrative growth of 36.8% during the forecast period owing to the rising entrepreneurial startups that provide innovative solutions for treatment and accurately predicting cancer. For instance, Concr, a U.K.-based startup offers a software platform that uses a machine learning technique that works on a deep understanding of scientific projection to predict tumor progression which helps to accurately predict cancer evolution in response to treatment.

Treatment Type Insights 

By treatment type, the chemotherapy segment held the largest share of 36.2% in 2021. Chemotherapy is a widely used procedure for cancer treatment with an estimated 60% of the patients suffering from Stage 4 bladder cancer undergoing chemotherapy for treatment according to the American Cancer Society. The incorporation of AI in chemotherapy helps clinicians to develop an individual digital profile that is used to customize the dose for patients during the course of treatment. For instance, the National University of Singapore and the National University Cancer Institute, Singapore (NCIS) reported positive results by using CURATE.AI an AI platform that allows clinicians to make personalized and optimum doses for patients undergoing chemotherapy.

The Immunotherapy segment is predicted to witness the fastest growth of 38.6% during the forecast period. The growth of the segment can be credited to the increasing number of FDA approvals and extensive clinical studies conducted that demonstrated the efficacy of immunotherapy. Further, the incorporation of AI helps to increase the accuracy of the therapy. For instance, according to an article by Sciencedirect, AI helps to identify major histocompatibility complex patterns associated with immunotherapy response by 91.66%. this is anticipated to have a positive impact on the adoption of the segment. 

Cancer Type Insights 

By type of cancer, the others segment held the largest revenue share of 34.0% in 2021. The others segment includes bladder cancer, cervical cancer, liver cancer, skin cancer, and uterine cancer. Factors such as increased consumption of alcohol, unhealthy diet, tobacco use, and reduced physical activities increases the risk of cancers, this is anticipated to drive the demand for oncology services. Further, the availability of various AI-based models to diagnose and treat these types of cancers such as clinical models, imaging models, and combined data models is anticipated to drive market growth. For instance, in 2021, Cleveland Clinic researchers developed a deep learning model that helped to predict survival and health outcomes for hepatocellular carcinoma, a type of liver cancer that achieved significant results.

The brain tumor segment is projected to witness the fastest growth of 41.0% during the forecast period. The incorporation of AI and advanced imaging technology helps to accurately diagnose brain tumors within 3 minutes during surgery. The technology also helps to differentiate between tumor and healthy tissues. The use of various deep learning models also aided neurologists in the diagnosis of brain tumors. According to a study published by JAMA Network in July 2022, these deep learning models are trained on MRI scan images and are trained to identify 18 different types of intracranial tumors. The research also suggested that through the assistance provided by these models, the accuracy of neurologists to diagnose and assess tumors increased from 63.5% to 75.5%. 

Regional Insights 

North America dominated the market in 2021 with a share of 58.4%. The availability of digital infrastructure, and favorable government and reimbursement policies are some of the key factors responsible for the growth of the market in the region. Rising reimbursements offered by the governments in the region is anticipated to boost the adoption of oncology services in the region. For instance, according to estimates by American Society of Clinical Oncology about 5% of cost reduction is expected for medical oncology in 2022. Moreover, the rising digital healthcare spending by the governments in the region is expected to help strengthen the IT infrastructure required for delivering AI solutions to patients. 

Asia Pacific is projected to witness a growth of 38.8% during the forecast period. Factors such as the rising geriatric population in countries such as Japan and India, combined with the rising adoption of digitalization in hospitals and diagnostic facilities are factors that are estimated to be key factors driving the growth of the market in the region. For instance, in June 2022, Farrer Park Hospital, a Singapore-based private tertiary care provider started offering AI-assisted colorectal screening service which helps to improve the monitoring, detection, screening, and classification of colorectal polyps and cancer. The AI tools used by the hospital automatically provide alerts to the doctors in real time for suspected polyps and lesions. 

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 high market growth. Some prominent players in the global Artificial intelligence in the oncology market include Azra AI, IBM, Siemens Healthineers, Intel, GE Healthcare, NVIDIA, Digital Diagnostics Inc., Concert.AI, Median Technologies, Path AI. For instance, Intel partnered with Perelman School of Medicine at the University of Pennsylvania to develop an AI model that helps to identify brain tumors. Penn Medicine along with 29 international organizations will be working on this model to develop this tool using a privacy-preserving technique called federated learning. This tool will enable all organizations to work and train the AI model without the need to share sensitive patient data. 

The key players in the market have been involved in mergers and acquisitions in order to increase their share in the market and provide innovative AI solutions to the users which is anticipated to boost the market growth during the forecast period. For instance, Imagia Cybernetics, an AI-healthcare company providing Oncology solutions & Canexia Health an oncology innovator that streamlines cancer genomic information announced a merger. Through this merger, the companies aim to increase access of precision oncology to community levels by improving accessibility through cost-effective testing, which is expected to reduce expenses and generate faster results. Some prominent players in the global AI in oncology market include:

• Azra AI

• IBM

• Siemens Healthineers

• Intel

• GE Healthcare

• NVIDIA

• Digital Diagnostics Inc.

• Concert.AI

• Median Technologies

• Path AI 

AI In Oncology Market Report Scope 

Global AI In Oncology Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2030. For the purpose of this study, Grand View Research has segmented the global AI in oncology market report on the basis of component, type of cancer, treatment, and region:

• Component Outlook (Revenue, USD Million, 2016 - 2030)

  • Software Solutions

  • Hardware

  • Services

• Cancer Type Outlook (Revenue, USD Million, 2016 - 2030)

  • Breast Cancer

  • Lung Cancer

  • Prostate Cancer

  • Colorectal Cancer

  • Brain Tumor

  • Others

• Treatment Type Outlook (Revenue, USD Million, 2016 - 2030)

  • Chemotherapy

  • Radiotherapy

  • Immunotherapy

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 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