According to Nova one advisor, the global AI In Oncology market size is expected to hit around USD 9.45 billion by 2030 from valued at USD 578.5 million in 2021 and growing at a CAGR of 35.10 % from 2022 to 2030.
According to Nova one advisor, the global AI In Oncology market size is expected to hit around USD 9.45 billion by 2030 from valued at USD 578.5 million in 2021 and growing at a CAGR of 35.10 % from 2022 to 2030.
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The use of Artificial intelligence (AI) technologies helps clinicians in the early detection of cancer and plan treatment procedures according to the condition of the patient. The growth of the market is attributed to the rising number of patients diagnosed with cancer. According to data published by the American Cancer Society as of 2021, more than 1.9 million people are estimated to be diagnosed with cancer in the U.S.
Moreover, the increasing adoption of AI for diagnostic and therapeutic applications and the rising adoption of digitalization in hospitals and research facilities is anticipated to further boost the adoption of these technologies during the forecast period. The use of AI/ML can be trained to analyze the patient’s health information which helps clinicians in quick and accurate diagnosis of cancer.
Increasing healthcare expenditure by governments across the world is projected to significantly boost the growth of the market. For instance, healthcare spending by the Australian Government increased from USD 94.5 billion in 2020-21 to USD 98.3 billion in 2021-22. This increase in healthcare expenditure is anticipated to increase the adoption of digital technologies in the hospital and healthcare facilities in order to provide a better patient outcome. Furthermore, the increasing number of startups that provide innovative solutions is supporting market growth. For instance, X-ZELL a Singapore-based startup specializes in early cancer detection by integrating artificial intelligence with next-generation single-cell detection technology to detect cancer at the earliest stages accurately, non-invasively and affordably.
Partnerships and collaborations between public and private players is anticipated to boost the adoption of the services. For instance, In August 2021, Verily Lifesciences, a subsidiary of Alphabet Inc. announced a partnership with Jerusalem Hospital in Israel wherein the company aims to use AI to manage and treat diseases. The initiative will focus on using AI to detect and treat colorectal cancer which kills approximately 900,000 patients every year.
Report Scope of the AI In Oncology Market
| Report Coverage | Details |
| Market Size | USD 9.45 Billion by 2030 |
| Growth Rate | CAGR of 35.10% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Component, cancer type, treatment type and Region, |
| Companies Mentioned | Azra AI; IBM; Siemens Healthineers; Intel; GE Healthcare; NVIDIA; Digital Diagnostics Inc.; Concert.AI; Median Technologies; Path AI |
Key Takeaways:
- In 2021, the software solutions segment held a revenue share of 43.3% due to the increased adoption of software to provide better clinical outcomes and the availability of software for various applications
- In 2021, the others segment which included Leukemia, skin cancer, and stomach cancer among others contributed a share of 34.0%. Increasing incorporation of AI for diagnosis and treatment of these cancers combined with increasing prevalence among the population are some of the key factors that contributed to the growth of the segment
- In 2021, the chemotherapy segment held the largest revenue share of 36.2% due to a higher number of patients undergoing chemotherapy to treat cancer
- In 2021, North America contributed 58.4% share due to the availability of favorable government initiatives and digital infrastructure to provide digital solutions to the patients
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Regional Insights
North America dominated the market in 2021 with a share of 59.4%. 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 39.8% 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.
Some of the prominent players in the AI In Oncology Market include:
- Azra AI
- IBM
- Siemens Healthineers
- Intel
- GE Healthcare
- NVIDIA
- Digital Diagnostics Inc.
- Concert.AI
- Median Technologies
- Path AI
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global AI In Oncology market
- Component
- Software Solutions
- Hardware
- Services
- Cancer Type
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Brain Tumor
- Others
- Treatment Type
- Chemotherapy
- Radiotherapy
- Immunotherapy
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global AI In Oncology industry analysis from 2022 to 2030 to identify the prevailing AI In Oncology industry opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global AI In Oncology industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global AI In Oncology industry trends, key players, market segments, application areas, and market growth strategies.
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