According to a new report by Nova One Advisor, the “U.S. AI In Oncology Market” in terms of revenue was estimated to be worth USD 891.90 million in 2023 and is poised to reach USD 10,745.55 million by 2033, growing at a CAGR of 28.26% from 2024 to 2033.
According to a new report by Nova One Advisor, the “U.S. AI In Oncology Market” in terms of revenue was estimated to be worth USD 891.90 million in 2023 and is poised to reach USD 10,745.55 million by 2033, growing at a CAGR of 28.26% from 2024 to 2033.
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The market is expected to develop due to an increasing prevalence of cancer, technological advancements in AI-based diagnostic procedures, quickly improving healthcare infrastructure, and an increasing desire for early and precise cancer diagnosis. The increasing initiatives by public and commercial entities to spend in R&D for the introduction of novel technologies are expected to drive market expansion. For example, in October 2022, Vara raised USD 4.4 million to launch an AI-powered breast cancer screening platform for millions of women.
The National Institutes of Health (NIH) projects that roughly 2.0 million people in the United States will be diagnosed with cancer in 2023. Breast cancer was the most often diagnosed cancer, with an estimated 297,790 cases in women and 2,800 in men. Prostate cancer was the most frequently diagnosed among men, and it was the second-most prevalent diagnosis overall, with an estimated 288,300 cases. The estimated number of new cases of lung and bronchus cancer made it the third most commonly diagnosed. The overall number of new cases for this form of cancer was 238,340. As cancer cases rise, so will the amount of data generated, driving up need for Artificial Intelligence (AI).
The COVID-19 pandemic had a beneficial impact on market growth since it considerably increased demand for AI use in oncology as movement limitations were placed in hospitals and homecare settings. Patients’ diagnosis, care, and treatment were among the key obstacles posed by lockdown and travel limitations, increasing the need to develop items that might help provide answers in remote regions at an early stage. Furthermore, due to a shortage of medical experts, the application of AI has increased in order to deliver better results to patients.
Key Takeaways:
- Based on components, hardware dominated the market with a revenue share of 39.14% in 2023 and is anticipated to continue its dominance over the forecast period.
- The software solutions segment is anticipated to witness the fastest CAGR from 2024 to 2033.
- Based on cancer type, the others segment held the largest revenue share of 25.14% in 2023 and is anticipated to grow at a lucrative CAGR from 2024 to 2033.
- The prostate cancer segment is expected to register the fastest CAGR from 2024 to 2033.
- The hospitals segment dominated the market with a revenue share of 48.25% in 2023.
- The market to cater to cancer care in hospitals, and positive responses from patients, are expected to boost the market during the forecast period.
AI in Oncology Market Size in global 2024 to 2033
The global AI in oncology market size was estimated at USD 3.19 billion in 2023 and is projected to hit around USD 40.49 billion by 2033, growing at a CAGR of 28.93% during the forecast period from 2024 to 2033.
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Current status of Artificial intelligence in oncology and related fields.
The systematic review-based approach adhered to the PRISMA statement preset protocol]. For providing a comprehensive portrait of the current situation of the roles played by AI in the management of cancer patients, a systematic review was performed, investigating the AI-based devices that have already obtained an official approval for entering into clinical practice in oncology and its related fields. To this aim, two authors (C.L. and A.P.) retrieved all AI-based devices that have obtained the Federal Drug Administration (FDA) approval in oncology-related fields, extracting all potential data by searching FDA official databases
U.S. AI In Oncology Market By Component Insights
Based on components, hardware dominated the market with a revenue share of 39.14% in 2023 and is anticipated to continue its dominance over the forecast period. AI hardware refers to physical components and systems tailored to meet the computational demands of AI algorithms. Medical linear accelerators, crucial in oncology for radiotherapy, fall within this scope. For example, Varian’s Ethos therapy, an AI-powered adaptive radiotherapy treatment system with a linear accelerator, obtained regulatory clearances in 2019 and 2020. Ethos therapy enhances radiotherapy by providing adaptive treatments within a 15-minute time slot. The growing demand for AI-powered diagnostic solutions in automated detection systems is expected to support the delivery of improved diagnostic precision while interpreting medical images of a patient.
In addition, the growing demand for hardware platforms with high computing power to operate AI-based software contributes to segment growth. The software solutions segment is anticipated to witness the fastest CAGR from 2024 to 2033. The increasing adoption of AI software solutions by healthcare providers and payers operating in oncology is one of the major factors fueling the segment growth. Software solutions are highly effective at predicting various types of cancer, including brain, breast, liver, lung, and prostate cancer. They offer better accuracy compared to clinicians. Hence, numerous key players are focusing on developing & launching new tools and platforms, increasing the competition in the market.
U.S. AI In Oncology Market By Cancer Type Insights
Based on cancer type, the others segment held the largest revenue share of 25.14% in 2023 and is anticipated to grow at a lucrative CAGR from 2024 to 2033. The dominance of this segment is attributed to increasing prevalence of kidney cancer. According to the Global Cancer Observatory, kidney cancer is among the top 10 types of cancer. Some of the causes for this cancer type include inherited syndromes, high blood pressure, obesity, smoking, old age, long-term dialysis, and a family history of kidney cancer. Common diagnosing techniques include blood tests and imaging procedures, such as CT, Magnetic Resonance Imaging (MRI), and ultrasound. In addition, various awareness programs undertaken by public & private organizations to improve awareness about kidney cancer are expected to support market growth.
The prostate cancer segment is expected to register the fastest CAGR from 2024 to 2033. Prostate cancer generally affects 13 out of every 100 men in the U.S., according to the data published by the CDC. Moreover, according to the National Cancer Institute, in 2023, approximately 288,300 new prostate cancer cases were diagnosed. Some of the risk factors for prostate cancer include age, family history of prostate cancer, diet, smoking, obesity, chemical exposure, and vasectomy. Obesity has a substantial impact on men suffering from advanced & aggressive (fast-growing) prostate cancer. According to certain studies, obesity is also linked with higher chances of death.
U.S. AI In Oncology Market By End-use Insights
The hospitals segment dominated the market with a revenue share of 48.25% in 2023 owing to the rising demand for AI applications to revolutionize medicine and advance research, diagnostics, & cancer treatment. Furthermore, the growing adoption of AI in pathology solutions, especially for cancer diagnostics, is a major market driver. The hospitals segment is expected to grow at the fastest CAGR from 2024 to 2033 due to the rising adoption of AI-powered solutions.
A rising number of companies entering the market to cater to cancer care in hospitals, and positive responses from patients, are expected to boost the market during the forecast period. According to the AI Multiple reports, approximately 12 million individuals in the U.S. are misdiagnosed, of which 44% are misdiagnosed with cancer. The most misdiagnosed cancers are breast cancer, prostate cancer, and thyroid cancer. Hence, integrating AI-powered algorithms in cancer therapy is anticipated to flourish in the hospital segment over the upcoming decade.
U.S. AI In Oncology Market Recent Developments
- In November 2021, Kheiron Medical Technologies received FDA clearance to introduce its Mia IQ software in the U.S. The software, powered by AI & Machine Learning (ML), is designed to identify potential discrepancies in breast positioning & compression and retrospectively review mammograms
- In November 2021, the company integrated TeraRecon as a ConcertAI company, integrating electronic health records, genomic datasets, and medical imaging data into one network of AI-powered workflow. This integration made ConcertAI one of the first unified AI-powered SaaS companies in the U.S.
- In June 2021, ConcertAI collaborated with the U.S. FDA to broaden the usage of real-world data in regulatory decision-making. The U.S. FDA would utilize real-world evidence data in assessing the safety of drugs post-approval
- In June 2023, iCAD, Inc. signed a strategic multiyear commercial agreement with Radiology Partners, one of the largest radiology practices in the U.S. This will allow iCAD to leverage Radiology Partners’ clinical expertise, AI platform, and scale to expand access to the Company’s Breast AI Suite to millions of patients and their physicians
U.S. AI In Oncology Market Top Key Companies:
The following are the leading companies in the U.S. AI in oncology market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these U.S. AI in oncology companies are analyzed to map the supply network.
- Azra AI
- iCAD, Inc.
- IBM
- Siemens Healthcare GmbH
- Intel Corporation
- GE HealthCare
- NVIDIA Corporation
- Digital Diagnostics Inc.
- ConcertAI
- Median Technologies
- PathAI
U.S. AI In Oncology Market Report Segmentation
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. AI In Oncology market.
By Component Type
- Software Solutions
- Hardware
- Services
By Cancer Type
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Brain Tumor
- Others
By Application
- Diagnostics
- Radiation Therapy
- Research & Development
- Chemotherapy
- Immunotherapy
By End-use
- Hospitals
- Surgical Centers & Medical Institutes
- Others
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- We conduct cross-sectional analysis by examining data from different individuals at a single point in time to identify patterns and trends across diverse segments of the market.
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