The AI in Cancer Diagnosis Market, valued at USD 195 million in 2023, is poised to reach a staggering USD 1.24 billion by 2031. This translates to a remarkable compound annual growth rate (CAGR) of 26% throughout the forecast period from 2024 to 2031.
The AI in Cancer Diagnosis Market is experiencing a surge, driven by the increasing demand for early and accurate cancer detection coupled with rising healthcare IT expenditure globally. Furthermore, the growing shortage of healthcare professionals and the need for efficient disease classification are fueling market expansion. Government initiatives supporting AI adoption in healthcare, the flourishing startup ecosystem, and growing venture capital funding are further propelling market growth.
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List of AI in Cancer Diagnosis Companies Profiled in Report:
- Cancer Center.ai
- EarlySign
- Flatiron
- Freenome
- Ibex Medical Analytics
- Kheiron Medical Technologies Limited
- Microsoft
- Mindpeak GmbH
- Paige AI, Inc.
- Path AI
- SkinVision
- Tempus
- Therapixel
- Whiterabbit.ai
(To view Full list of companies, Ask for Sample Report)
Revolutionizing Cancer Management
The market thrives on the rising global healthcare IT expenditure, the widening healthcare professional shortage, and the ever-increasing demand for early disease detection and classification. The burgeoning use of advanced technological solutions for early-stage cancer detection is a significant contributor. Researchers are actively developing AI-based tools that significantly enhance imaging accuracy, speed, and information content. This burgeoning use of AI in oncology equips healthcare institutions and professionals with better tools for cancer management. Constantly emerging AI-powered solutions, coupled with improved diagnosis rates, are expected to bolster adoption and foster a more competitive landscape. For instance, a groundbreaking AI-based blood test known as DELFI, as reported by News Medical in November 2022, successfully detects over 80% of liver cancers.
The U.S. government’s Cancer Moonshot initiative exemplifies a crucial effort to minimize cancer-related mortality by half within the next 25 years. This program aims to establish a nationwide ecosystem for data sharing and analysis encompassing patients, doctors, and researchers, thereby encouraging investment in AI-powered data analysis. By facilitating data accessibility and fostering collaboration among researchers, physicians, philanthropies, patients and patient advocates, and biotechnology and pharmaceutical companies, the Cancer Moonshot initiative aims to expedite research efforts and overcome roadblocks to progress.
AI Revolutionizing Diagnostics
The demand for AI-based solutions has soared in the diagnostics industry due to their immense potential in medical image diagnosis. These solutions offer a multitude of advantages, including faster analysis of diagnostic images, efficient interpretation of subtle data often missed by radiologists, and improved image triage and clinical decision support. Radiologists leverage these solutions to shift their focus from image interpretation to providing superior patient care. According to a study by the Association of American Medical Colleges, the shortage of radiologists could reach nearly 42,000 by 2033. The U.S. has a concerningly low number of radiologists, with as few as 100 per million population. This translates to immense pressure and workload on radiologists who are tasked with interpreting vast amounts of diagnostic data.
Emerging markets like India, China, and Brazil present substantial growth opportunities for AI-powered medical diagnostics players. This growth can be attributed to the expanding patient population in these countries. In India, the National Institute of Health and Family Welfare estimates that there are 2 to 2.5 million cancer patients at any given time, with roughly 0.7 million new cases reported annually. Additionally, healthcare sectors in emerging economies like India and China are rapidly expanding, witnessing the introduction of new medical technologies with a particular focus on advanced imaging equipment. These factors, coupled with the growing populations in these countries, are expected to significantly increase medical imaging data volumes within their respective healthcare systems. This presents an untapped development opportunity for AI-based solutions in emerging markets.
AI in Cancer Diagnosis Market Segmentation as Follows:
By Component Outlook
- Software Solutions
- Hardware
- Services
By Cancer Type
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Brain Tumor
- Others
By End User
- Hospitals
- Surgical Centers and Medical Institutes
- Others
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Unveiling Market Dynamics
Component Insights: The ai in cancer diagnosis market is segmented into software solutions, hardware, and services. The software solutions segment dominated the market with a 45% share in 2023 and is expected to witness the fastest growth at a CAGR of 27.5% over the forecast period. This dominance can be attributed to the increasing number of software solutions launched by established market players and emerging ventures.
Cancer Type Insights: Based on cancer type, the ai in cancer diagnosis market is segmented into breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and others. The “others” segment dominated the market with a revenue share of 35% in 2023. The segment’s growth is driven by the rising prevalence of unhealthy and sedentary lifestyles, increased tobacco and alcohol consumption, and decreased physical activity. A National Cancer Institute article published in August 2020 highlighted the development of an AI-based algorithm.
End-user Insights: The ai in cancer diagnosis market is segmented into hospitals, surgical centers & medical institutes, and others. The hospital segment held the dominant position in 2023, capturing a revenue share of 58%. This dominance is attributed to the growing integration of AI algorithms and solutions into hospital workflows and platforms. The rising shortage of healthcare staff and the increasing demand for faster cancer diagnosis are significant growth drivers. For instance, Addenbrooke’s Hospital in the UK was among the first hospitals to adopt InnerEye, a deep learning solution developed by Microsoft. This solution facilitated precise and accurate tumor identification, reducing CT processing time and treatment planning by 90%.
Key Regional Developments
North America holds supreme position in the AI for Cancer Diagnosis Market, holding a commanding 58% share in 2023. This dominance stems from a robust healthcare infrastructure with widespread adoption of IT solutions, providing a prime environment for AI-powered diagnostics. Additionally, a strong funding ecosystem fuels innovation through venture capital and government initiatives. Meanwhile, the rising prevalence of cancer in the region further drives the demand for advanced diagnostic solutions.
On the other hand, Asia Pacific is poised for the fastest growth, projected to surge at a CAGR of 28.9%. This growth is propelled by government support for AI adoption in cancer diagnosis by healthcare providers. Furthermore, increasing private investments from companies and non-profits aimed at improving clinical outcomes using AI are accelerating market expansion. Finally, the ever-expanding patient population in this region creates a significant demand for efficient and accurate cancer diagnosis, paving the way for AI-powered solutions.
Key Takeaways from the AI in Cancer Diagnosis Market Study
- Comprehensive market sizing and growth forecasts
- In-depth analysis of market trends, drivers, and restraints
- Identification of promising regional markets and emerging players
- Impact analysis of current and future technological advancements
- Expert insights on market opportunities and challenges
Recent Developments in the AI in Cancer Diagnosis Market
- September 2023: Mayo Clinic (US) and GE HealthCare (US) collaborated on research and product development programs to equip clinicians with better tools for diagnosing and treating medical conditions. This collaboration holds promise for advancements in AI-powered cancer diagnostics through the combined expertise of both institutions.
- January 2023: Intel Corporation (US) launched its 4th Gen Intel Xeon Scalable processors, code-named Sapphire Rapids. These processors offer enhanced data center performance, efficiency, and capabilities specifically designed for AI applications. This development can significantly improve the processing power required for complex AI algorithms used in cancer diagnosis.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 AI in Cancer Diagnosis Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 AI in Cancer Diagnosis Market Segmentation, By Component Outlook
Chapter 9 AI in Cancer Diagnosis Market Segmentation, By Cancer Type
Chapter 10 AI in Cancer Diagnosis Market Segmentation, By End User
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
Continued…
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