Artificial Intelligence (AI) In Oncology Market Size, Share, Opportunities, And Trends By Component Type (Software Solutions, Hardware, Services), By Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Others), By Treatment Type (Chemotherapy, Radiotherapy, Immunotherapy, Others), And By Geography - Forecasts From 2023 To 2028

The AI in oncology market is estimated to grow at a CAGR of 35.17% during the forecast period.

The discipline of oncology has seen tremendous breakthroughs through the help of artificial intelligence (AI).  Multiple advantages offered by the AI are driving the increased adoption of it in cancer studies thereby propelling the AI in oncology market. Moreover, the growing prevalence of cancer cases coupled with an aging population and their higher risk of cancer is also expected to boost the AI in oncology market. Additionally, the research initiatives and funds for AI incorporation and product launches by market players are further aiding the AI in oncology market.

Advantages of AI in Oncology

The various advantages of incorporating AI in cancer studies are a major growth driver of AI in oncology market. For example, mammograms, CT scans, and MRI images can be analyzed by AI algorithms to look for early indications of cancer. These algorithms frequently find patterns and anomalies that human radiologists might overlook, enabling earlier diagnosis and better results. AI can help oncologists by analyzing patient information, medical records, and clinical guidelines to help them create treatment regimens. AI algorithms can suggest the best course of treatment by taking into account many elements like the tumor's size, location, and patient characteristics. Moreover, to forecast illness development, treatment response, and overall prognosis, AI models can analyze patient data, including clinical records and treatment history.

Growing Prevalence of Cancer Cases

The rising cases of cancer and the urgency of treatment and early detection are expected to boost the AI in oncology market. For instance, roughly 10 million deaths, or roughly one in six deaths, were caused by cancer in 2020, making it the top cause of death globally according to the WHO. According to World Cancer Research Fund International, there were more than 18 million new cancer cases in 2020 with 9.3 million in men and 8.8 million in women. Moreover, WHO says that many cancers are curable if caught early and treated appropriately. As AI can help in early detection and improved outcomes, therefore, rising cases indicate more adoption of AI in oncology.

Increased Research and Funding Initiatives

There are already several prospects for the usage of AI as a result of funded research that is aiding the AI in oncology market. For example, the capabilities of AI are being used by the NCI's intramural research program to enhance cancer screening for prostate and cervical cancer. In collaboration with the Department of Energy (DOE), the Cancer Moonshot is financing two significant initiatives that make use of supercomputing skills and capacity for cancer research with the relaunch of the program in 2022. Moreover, in the course of five years (2022-2027), the NCI gave four university research organizations $23 million as part of the Cancer Moonshot program. Each center will concentrate on a broad telehealth research subject related to cancer that will serve as the framework for their investigations.

Aging Population

Living with cancer becomes more challenging as people get older. As early cancer symptoms can be confused with common pain or other ailments related to ageing, many cancers in older persons are discovered at a later stage. According to the WHO, in 2020, there were more persons over the age of 60 than under five-year-olds and the percentage of people over 60 in the world will increase from 12% to 22% between 2015 and 2050. Around 140,690 cancer cases were diagnosed in 2019, while 103,250 elderly Americans lost their lives to the disease as per the American Cancer Society. As AI can analyze images and help in the early detection of cancer, therefore, rising aging population is contemplated to boost the AI in oncology market.

Restraints in the Market

Few factors are expected to limit the AI in oncology market. For example, a large investment in infrastructure, computer capacity, and technological know-how is necessary to implement AI in cancer. Widespread adoption may be hampered by these expenses, particularly in healthcare settings with limited resources. Moreover, It can be difficult to comprehend and analyze the decision-making processes of AI models since they frequently function as "black boxes." Healthcare professionals and patients who need to comprehend the reasoning behind AI-generated recommendations may become concerned about this lack of interpretability.

North America is Expected to Grow Significantly

The North American region is expected to hold a significant share of AI in oncology market during the forecasted period. Various factors attributed to such a share are rising cancer cases, an aging population, a strong healthcare presence, and the adoption of AI. For example, cancer is the second-most leading cause of death in the US as per the CDC with around 1.9 million cases in 2021. The fastest-growing age group in the US is adults over the age of 85 as per the American Cancer Society.  Moreover, the presence of major market players such as Azra AI, IBM, and Intel Corporation are further expected to propel the AI in oncology market through technological advancements.

Major Market Players

• An international provider of medical technology, Siemens Healthineers focuses on products, services, and solutions for the healthcare industry. A wide range of imaging systems is available from Siemens Healthineers, including systems for computed tomography (CT), magnetic resonance imaging (MRI), molecular imaging, X-ray, ultrasound, and angiography.
• Digital Diagnostics Inc. is one of the advanced AI diagnostics companies with a mission of improving healthcare through the application of technology. Dermspot developed by the company is an AI-powered algorithm that detects melanoma, squamous cell carcinoma, and basal cell carcinoma of skin cancer.

Key Market Developments

• In June 2023, for oncologists to have simpler access to patient data, Tempus introduced Tempus One, a voice-and-text assistant.
• In May 2023, Belong.Life launched a conversational AI oncology mentor dubbed Dave. It is the first of its kind, developed to engage and educate cancer patients on their clinical journey. Dave was tested on 10,000 people with cancer up to May 2023.
• In January 2023, Massive Bio announced the introduction of a new AI-powered medication matching tool in the first half of 2023 that will let doctors proactively find additional cancer therapy alternatives for their patients.
• In December 2022, Digistain launched a new revolutionary AI breast cancer diagnostic tool that will help in cost saving. It is designed to reduce waiting times and the use of chemotherapy with more than 99% accuracy in diagnostics.

AI in Oncology Market Scope:

Segmentation:

• By Component Type
  • Software Solutions
  • Hardware
  • Services
• By Cancer Type
  • Breast Cancer
  • Lung Cancer
  • Prostate Cancer
  • Colorectal Cancer
  • Brain Tumor
  • Others
• By Treatment Type
  • Chemotherapy
  • Radiotherapy
  • Immunotherapy
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others