Artificial Intelligence In Oncology Global Market Report 2024

The artificial intelligence in oncology market size has grown exponentially in recent years. It will grow from $1.33 billion in 2023 to $1.78 billion in 2024 at a compound annual growth rate (CAGR) of 33.7%. The growth in the historic period can be attributed to an increase in cancer incidence, the proliferation of data in healthcare, optimization of clinical trials, the demand for personalized medicine, and enhanced efficiency in radiology and pathology.

The artificial intelligence in oncology market size is expected to see exponential growth in the next few years. It will grow to $5.63 billion in 2028 at a compound annual growth rate (CAGR) of 33.3%. The growth in the forecast period can be attributed to the integration with electronic health records (EHR), expanded applications in treatment decision support, patient engagement, education, regulatory support, and standardization. Major trends in the forecast period include the integration of natural language processing (NLP) in healthcare, utilization of AI in biomarker discovery, focus on explainable AI for clinical adoption, integration of AI in population health management, collaborations between AI developers and healthcare providers, and advancements in predictive analytics.

The growing incidence of cancer cases is anticipated to be a key driver propelling the expansion of the AI in oncology market. Cancer represents a multifaceted group of diseases characterized by the unregulated proliferation and division of abnormal cells within the body. The integration of AI into oncology stands to revolutionize cancer care, offering greater precision, personalization, and efficiency. For example, in 2023, a report from the American Cancer Society Inc., a US-based voluntary health organization, indicated an estimated increase in new cancer cases from 1.8 million to 1.9 million. Thus, the escalating occurrence of cancer cases fuels the growth of the AI in oncology market.

The increasing adoption of cloud-based applications and services within pharmaceutical companies is set to contribute significantly to the advancement of AI in the oncology market. The steady rise in the utilization of cloud-based applications and services in oncology stems from their manifold advantages. Cloud computing facilitates access and analysis of vast datasets, encompassing genomics, proteomics, metabolomics, transcriptomics, and clinical and epidemiological information. This has notably accelerated cancer research, particularly in the realm of precision medicine. For instance, a report from Pharmaceutical-technology.com in February 2022 highlighted a 50% increase in the adoption of cloud computing among pharmaceutical industry entities from the second quarter to the third quarter of 2021. Hence, the burgeoning adoption of cloud-based applications and services within pharmaceutical firms is poised to drive the AI in oncology market.

The growth of the AI in oncology market is impeded by the lack of standardization during the forecast period. In oncology, the absence of standardized practices and protocols acts as a barrier, restricting the widespread adoption of artificial intelligence (AI) in cancer diagnosis and treatment. The absence of consistent data formats and collection methodologies leads to interoperability challenges, hindering the seamless integration of AI into healthcare workflows. For example, as reported by the American Society of Clinical Oncology in June 2022, the development of AI models for cancer treatment faces significant challenges due to the lack of structured health data related to cancer and the absence of standardization. Thus, the absence of standardization hampers the growth of the AI in oncology market.

Leading companies in the AI in oncology market are concentrating on the development of innovative software, including cloud-based solutions, to enhance their effectiveness and deliver improved outcomes. Cloud-based software plays a pivotal role in AI applications within oncology, offering a scalable, adaptable, and accessible platform for processing and analyzing extensive volumes of medical data. For instance, in March 2023, Illumina Inc., a US-based biotechnology company, introduced Connected Insights, a novel cloud-based software designed for tertiary analysis in oncology applications. By integrating external knowledge bases, Connected Insights streamlines result interpretation and reporting from various assay types, empowering laboratories to expand their utilization of Next-Generation Sequencing (NGS) and accelerate the clinical reporting turnaround time.

In July 2021, Kheiron Medical Technologies, a healthcare technology company headquartered in the UK, specializing in leveraging artificial intelligence (AI) for enhanced breast cancer detection and diagnosis, formed a partnership with Atlas Medical LLC. This collaborative venture seeks to launch Mia, a breast cancer screening product engineered to aid radiologists in detecting cancer with greater precision. Mia offers AI-powered solutions proven to be valuable, empowering breast screening experts in their efforts to combat breast cancer. Atlas Medical LLC, based in the UAE, is a leading manufacturer of high-quality diagnostic kits and reagents.

Major companies operating in the artificial intelligence in oncology market report are Azra AI, IBM Corporation, Siemens Healthcare GmbH, Intel Corporation, GE HealthCare, NVIDIA Corporation, Digital Diagnostics Inc., ConcertAI Inc., PathAI Inc., Median Technologies SA, Kheiron Medical Technologies Ltd, Hampton Research Inc., Tempus Labs Inc., Paige AI Inc., Prognos Health Inc., Enlitic, Inspirata Inc., Berg LLC, Proscia Inc., Prognos Health Inc., Deep 6 AI Inc., Ibex Medical Analytics, Nanox Imaging Ltd., Zebra Medical Vision, Globavir Biosciences Inc.

North America was the largest region in the AI in oncology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in oncology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the artificial intelligence in oncology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The artificial intelligence in oncology market consists of revenues earned by entities by providing services such as surgery, targeted therapy, and stem cell transplantation. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence in the oncology market also includes sales of edge devices, storage devices, field-programmable gate arrays (FPGA), and tensor processing units (TPU). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The key components of artificial intelligence in oncology encompass software solutions, hardware, and services. In the oncology field, software solutions leverage AI to enhance various aspects of cancer diagnosis, treatment, and research. These applications are relevant to different treatment types such as chemotherapy, radiotherapy, and immunotherapy, addressing various cancer types including breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumors, and others. The technology is utilized in applications such as cancer detection, drug discovery, and drug development, serving diverse end-users such as hospitals, diagnostic centers, pharmaceutical companies, research institutes, and others.

The artificial intelligence in oncology market research report is one of a series of new reports that provides artificial intelligence in oncology market statistics, including artificial intelligence in the oncology industry global market size, regional shares, competitors with artificial intelligence in oncology market share, detailed artificial intelligence in oncology market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence in oncology industry. This artificial intelligence in oncology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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