Report Overview
The size of the global AI in oncology market was estimated at USD 577.5 million in 2021, and it is anticipated to increase at a CAGR of 35.6% from 2022 to 2030. Oncology uses artificial intelligence (AI) to diagnose cancer more quickly and accurately, which improves patient outcomes and is expected to fuel market growth over the course of the projection period. Some of the key elements anticipated to propel market expansion over the forecast period are expanding healthcare infrastructure advancements and rising cancer prevalence.
It is projected that the growing number of nations spending extensively in AI-related research, including the United States, China, Israel, the United Kingdom, Finland, and Germany, will have a considerable impact on the adoption of this technology. The expansion of venture capitalist funding in these nations is anticipated to further accelerate market expansion. For instance, the top 50 corporations investing in healthcare research involving AI had already topped USD 8.5 billion by 2020.
Additionally, it is anticipated that another major factor influencing the adoption of AI will be the rising expense of healthcare and the greater requirement to control these expenditures. By assisting in the avoidance of pointless testing, the application of AI algorithms in oncology significantly improves the accuracy of treatments and lowers the expenses associated with therapy. For instance, according to a research released by Frontiers in June 2021, the use of AI in the diagnosis of colorectal cancer contributed to the estimated $400 million in savings, which was primarily attributable to the cancer’s early detection.
The market benefited from the COVID-19 pandemic. The growing use of AI to diagnose, treat, and analyze complex datasets during the pandemic was one of the key factors supporting the market’s expansion and lowered the load on the medical community’s infrastructure and staff. Also, due to a lack of medical experts, the use of AI has grown even more in order to give patients better outcomes.
Component Insights
Software solutions had the greatest revenue share, or 43.3%, of any component in 2021. The rise of the market is attributed to an increasing number of significant companies, like AZRA AI, who are offering their software to manage and interpret unstructured data and identify the oncology patients who require treatment and follow-up care. The programme contributes to increased productivity, better workflow, and time savings. Due to the availability of numerous applications, including radiation oncology, diagnostic imaging, and interventional radiology, the market is predicted to increase.
Due to the burgeoning entrepreneurial companies that offer cutting-edge solutions for treating and precisely predicting cancer, the category is also predicted to have a lucrative increase of 36.8% over the course of the projection year. For instance, Concr, a startup based in the United Kingdom, provides a software platform that uses a machine learning technique to predict tumor progression. This technology helps to precisely predict how cancer will evolve in response to treatment.
Treatment Type Insights
Chemotherapy had the greatest percentage of all treatment types in 2021, with a share of 36.2%. According to the American Cancer Society, chemotherapy is a commonly utilized approach for cancer treatment, with an estimated 60% of patients with Stage 4 bladder cancer receiving it. The use of AI in chemotherapy enables doctors to create digital profiles for each patient that are used to tailor their dose during treatment. For instance, utilizing CURATE.AI, an AI platform that enables physicians to determine tailored and ideal doses for patients receiving chemotherapy, the National University of Singapore and the National University Cancer Institute, Singapore (NCIS) reported favorable outcomes.
The market for immunotherapy is anticipated to increase at the fastest rate, at 38.6%, during the projected period. The expansion of the market can be attributed to the rising number of FDA approvals as well as extensive clinical research showing the effectiveness of immunotherapy. Also, the addition of AI contributes to improving the therapy’s precision. For example, a Science direct article claims that AI aids in the identification of major histocompatibility complex patterns linked to immunotherapy response by 91.66%. On the adoption of the segment, this is projected to have a favorable effect.
Cancer Type Insights
The others segment had the highest revenue share (34.0%) by cancer type in 2021. Bladder cancer, cervical cancer, liver cancer, skin cancer, and uterine cancer are all included in the others category. Oncology services are expected to be in high demand as a result of factors such rising alcohol intake, poor diet, tobacco use, and decreased physical activity. Additionally, it is projected that the availability of various AI-based models, such as clinical models, imaging models, and combined data models, to identify and treat these types of malignancies will propel market expansion. For instance, in 2021, researchers at Cleveland Clinic created a deep learning model that assisted in predicting survival and health outcomes for hepatocellular carcinoma, a form of liver cancer that produced important effects.
The section on brain tumors is anticipated to expand at the quickest rate throughout the projection period, at 41.0%. During surgery, the use of AI and cutting-edge imaging equipment enables a three-minute accurate diagnosis of brain malignancies. The technique also aids in separating healthy tissues from tumors. Neurologists have used a variety of deep learning models to help with brain tumor diagnosis. These deep learning models are trained on MRI scan pictures and are trained to recognize 18 different forms of brain cancers, according to a report published by JAMA Network in July 2022. The research also indicated that the accuracy of neurologists’ tumor diagnoses and assessments improved from 63.5% to 75.5% thanks to the help of these models.
Regional Insights
With a 58.4% market share in 2021, North America dominated the industry. One of the main drivers of the market’s expansion in the area is the availability of digital infrastructure, as well as favorable governmental and reimbursement regulations. Oncology services are expected to become more popular in the region as a result of increasing government reimbursements. For instance, the American Society of Clinical Oncology predicts that medical oncology costs will decrease by around 5% in 2022. Additionally, it is anticipated that the region’s governments would boost the IT infrastructure needed to provide patients with AI solutions by increasing their spending on digital healthcare.
Throughout the predicted period, growth in the Asia Pacific region is expected to increase by 38.8%. According to estimates, the region’s healthcare market would increase as a result of factors including the rising senior population in nations like Japan and India and the increasing adoption of digitalization in hospitals and diagnostic facilities. As an illustration, Farrer Park Hospital, a private tertiary care facility based in Singapore, began providing AI-assisted colorectal screening services in June 2022. These services assist in improving the monitoring, detection, screening, and classification of colorectal polyps and cancer. The hospital’s AI systems automatically provide real-time alerts to the clinicians when potential polyps and lesions are found.
Key Companies & Market Share Insights
Due to leading competitors’ innovative product offerings and the entry of new players, there is intense rivalry in the industry, which has resulted in rapid market expansion. Azra AI, IBM, Siemens Healthineers, Intel, GE Healthcare, NVIDIA, Digital Diagnostics Inc., Concert.AI, Median Technologies, and Path AI are a few well-known companies in the worldwide artificial intelligence in oncology industry. For instance, Intel collaborated with the University of Pennsylvania’s Perelman School of Medicine to create an AI model that aids in the detection of brain cancers. This model will be developed into a tool by Penn Medicine and 29 other worldwide organizations utilizing a privacy-preserving method called federated learning. Without having to reveal private patient information, this technology will allow all institutions to work together and train the AI model.
The essential players In the market, companies have engaged in mergers and acquisitions in an effort to grow their market share and provide users cutting-edge AI solutions, which is predicted to spur market expansion over the projected period. For instance, a combination between Imagia Cybernetics, an AI-healthcare provider of oncology solutions, and Canexia Health, an innovation in oncology who streamlines cancer genetic data, was announced. With this agreement, the firms hope to make precision oncology more accessible to the general public by making testing more affordable, which should result in lower costs and quicker results. Leading companies in the global market for AI in cancer include:
- Azra AI
- IBM
- Siemens Healthineers
- Intel
- GE Healthcare
- NVIDIA
- Digital Diagnostics Inc.
- Concert.AI
- Median Technologies
- Path AI
Global AI In Oncology Market Segmentation
This study provides an analysis of the most recent market trends in each of the sub-segments from 2016 to 2030 and estimates revenue growth at the global, regional, and national levels. Grand View Research has divided the global AI in oncology market research into segments based on component, cancer type, treatment, and geographic location for the purposes of this study:
- Component Outlook (Revenue, USD Million, 2016 – 2030)
- Software Solutions
- Hardware
- Services
- Cancer Type Outlook (Revenue, USD Million, 2016 – 2030)
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Brain Tumor
- Others
- Treatment Type Outlook (Revenue, USD Million, 2016 – 2030)
- Chemotherapy
- Radiotherapy
- Immunotherapy
- Others
- Regional Outlook (Revenue, USD Million, 2016 – 2030)
- North America
- U.S.
- Canada
- Europe
– Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE