The global AI in oncology market is expected to witness growth from 2022 to 2030 owing to growing advancements in the healthcare infrastructure and the growing prevalence of cancer. Tools with in-build AI technologies help healthcare providers in diagnosing and planning treatment procedures. AI helps in the early and accurate detection of cancer by reducing the treatment costs, and improves the hospital experience for patients through personalized treatment. The growing initiatives by the government and non-government organizations to invest in the R&D for healthcare sector further fuels the market growth. For instance, as per the recent report of IBEF, Indian government is planning to introduce programs of USD 6.8 billion to expand country’s healthcare infrastructure.
Based on treatment, the market is segmented into chemotherapy, radiotherapy, immunotherapy, targeted therapy, gene therapy, and others. The recent advancements in gene therapy and cellular technology that have improved understanding of tumor cells and their metabolism at the molecular level, and thus, helping in the advancement of cancer treatment. For instance, CRISPR/Cas9 gene editing improves the efficiency of ultrasound cancer therapy.
Based on type of cancer, the market is categorized into lung cancer, breast cancer, melanoma cancer, prostate cancer, colorectal cancer, among others. Breast cancer is the most common type of cancer and holds the largest market share. Growing adoption of sedentary lifestyle, environmental factors, and increasing consumption of alcohol and tobacco has led to rise in the cases of cancer throughout the world. As per the statistics of WHO, globally about 2.3 million were diagnosed with breast cancer in 2020. Moreover, growing awareness about different cancer types and the availability of treatment further fuels the growth of the segment.
On the basis of application, the market is segmented into diagnosis, therapy, prognosis, health management, and research. Growing demand for advanced technology for early detection and growing investment in healthcare infrastructure are fueling the segment growth. AI and ML algorithms help to diagnose and understand the nature of the tumors and thus, helps in developing personalized treatment procedure as per the requirement. AI can locate subtle patterns that remain unnoticed by human eye. SVN and ANN classifiers are frequently applied ML algorithms for forecasting cancer results.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. Presence of the technologically advanced healthcare sector, key players, and favorable government regulations in economically stronger regions are supporting market growth. However, economically weaker zones are also expected to show lucrative growth in the forecast period due to growing disposable income, and expansion of the healthcare sector. Growing investment in R&D also boosts the market growth. The African Access Initiative (AAI), a collaboration between government and private organization that focuses on dealing with cancer crisis in South Africa by expanding the access to cancer diagnosis and therapies, and further strengthening the healthcare infrastructure.
Some of the major players in the market are Azra AI, IBM, Siemens Healthineers, Intel, GE Healthcare, NVIDIA, Digital Diagnostics Inc., and others. The launch of technologically advanced products and collaborations are the major strategies adopted by key companies for gaining a competitive edge in the market. For instance, in August 2021, Siemens Healthineers included pathway for lung cancer for its AI-Pathway Companion. The software, by integrating contextualized data coupled with the patient pathway will help in advancing oncology care.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
"The quality of research they have done for us has been excellent."