The artificial intelligence in cancer diagnostics market was valued at $0.2 billion in 2023, and is projected to reach $1.7 billion by 2033, growing at a CAGR of 23.6% from 2024 to 2033.
Artificial intelligence is transforming cancer diagnostics by helping healthcare professionals to detect, analyze, and treat various types of cancer. By leveraging advanced algorithms and machine learning techniques, artificial intelligence enhances the accuracy, speed, and efficiency of diagnostic processes, offering significant benefits to both patients and medical practitioners. Artificial intelligence holds the potential to improve patient outcomes and advance the fight against cancer by enhancing the capabilities of medical professionals and streamlining diagnostic processes.
The growth of the global artificial intelligence in cancer diagnostics market is majorly driven by alarming increase in prevalence of various types of cancer worldwide, which necessitates advanced diagnostic tools to manage and treat the growing number of cases. According to the estimates of the World Health Organization, 20 million cancer cases and 9.7 million deaths were reported in 2022. Moreover, rise in need for early cancer detection and development of personalized treatment plans fosters the need for artificial intelligence to improve patient outcomes. In addition, multiple benefits associated with artificial intelligence in cancer diagnostics significantly contributes toward the market growth. For instance, artificial intelligence helps to alleviate the burden on healthcare systems by supporting radiologists and pathologists as well as artificial intelligence-driven diagnostics can reduce healthcare costs by streamlining processes and minimizing errors. Furthermore, growing awareness and acceptance of artificial intelligence in healthcare among the public and professionals is considerably propelling the market growth. However, high initial investment required for implementation of artificial intelligence, including technology acquisition, training, and maintenance acts as a key deterrent factor of the global market. Integrating artificial intelligence systems with existing healthcare infrastructure and electronic health records is complex and incurs additional cost, thereby restraining the growth of the market. Moreover, dearth of professionals with expertise in both artificial intelligence and healthcare limits the adoption and development of artificial intelligence solutions. On the contrary, incorporating artificial intelligence with telemedicine platforms to provide remote diagnostic services is expected to offer remunerative opportunities for the expansion of the global market during the forecast period. According to the National Cancer Institute, approximately 25,500 telehealth visits were conducted during the pandemic, among which over 11,600 were adult cancer patients who received virtual consultations from clinicians at the Moffitt Cancer Center, a National Cancer Institute-designated Comprehensive Cancer Center located in Florida. Thus, artificial intelligence in telehealth services will enable continuous monitoring of patients with chronic conditions. Furthermore, using artificial intelligence to analyze blood samples offers a non-invasive diagnostic option, which is anticipated to open new avenues for the growth of the market.
The global artificial intelligence in cancer diagnostics market is segmented into component, type, end user, and region. By component, the market is categorized into software, services, and hardware. On the basis of type, it is classified into breast cancer, lung cancer, prostate cancer, and others. Depending on end user, it is fragmented into hospitals, diagnostic centers, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the breast cancer segment is expected to lead the market by 2033.
Depending on end user, the hospital segment exhibited the highest growth in 2023.
Region wise, North America was the major revenue generator in 2023, and is likely to dominate the market during the forecast period.
Artificial intelligence is transforming cancer diagnostics by helping healthcare professionals to detect, analyze, and treat various types of cancer. By leveraging advanced algorithms and machine learning techniques, artificial intelligence enhances the accuracy, speed, and efficiency of diagnostic processes, offering significant benefits to both patients and medical practitioners. Artificial intelligence holds the potential to improve patient outcomes and advance the fight against cancer by enhancing the capabilities of medical professionals and streamlining diagnostic processes.
The growth of the global artificial intelligence in cancer diagnostics market is majorly driven by alarming increase in prevalence of various types of cancer worldwide, which necessitates advanced diagnostic tools to manage and treat the growing number of cases. According to the estimates of the World Health Organization, 20 million cancer cases and 9.7 million deaths were reported in 2022. Moreover, rise in need for early cancer detection and development of personalized treatment plans fosters the need for artificial intelligence to improve patient outcomes. In addition, multiple benefits associated with artificial intelligence in cancer diagnostics significantly contributes toward the market growth. For instance, artificial intelligence helps to alleviate the burden on healthcare systems by supporting radiologists and pathologists as well as artificial intelligence-driven diagnostics can reduce healthcare costs by streamlining processes and minimizing errors. Furthermore, growing awareness and acceptance of artificial intelligence in healthcare among the public and professionals is considerably propelling the market growth. However, high initial investment required for implementation of artificial intelligence, including technology acquisition, training, and maintenance acts as a key deterrent factor of the global market. Integrating artificial intelligence systems with existing healthcare infrastructure and electronic health records is complex and incurs additional cost, thereby restraining the growth of the market. Moreover, dearth of professionals with expertise in both artificial intelligence and healthcare limits the adoption and development of artificial intelligence solutions. On the contrary, incorporating artificial intelligence with telemedicine platforms to provide remote diagnostic services is expected to offer remunerative opportunities for the expansion of the global market during the forecast period. According to the National Cancer Institute, approximately 25,500 telehealth visits were conducted during the pandemic, among which over 11,600 were adult cancer patients who received virtual consultations from clinicians at the Moffitt Cancer Center, a National Cancer Institute-designated Comprehensive Cancer Center located in Florida. Thus, artificial intelligence in telehealth services will enable continuous monitoring of patients with chronic conditions. Furthermore, using artificial intelligence to analyze blood samples offers a non-invasive diagnostic option, which is anticipated to open new avenues for the growth of the market.
The global artificial intelligence in cancer diagnostics market is segmented into component, type, end user, and region. By component, the market is categorized into software, services, and hardware. On the basis of type, it is classified into breast cancer, lung cancer, prostate cancer, and others. Depending on end user, it is fragmented into hospitals, diagnostic centers, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By component, the software segment dominated the artificial intelligence in cancer diagnostics market in 2023.On the basis of type, the breast cancer segment is expected to lead the market by 2033.
Depending on end user, the hospital segment exhibited the highest growth in 2023.
Region wise, North America was the major revenue generator in 2023, and is likely to dominate the market during the forecast period.
Competition Analysis
Competitive analysis and profiles of the major players in the global artificial intelligence in cancer diagnostics market include Siemens Healthineers AG, Nanox Imaging LTD, Riverain Technologies, Vuno, Inc., Aidoc, Neural Analytics, Imagen Technologies, Digital Diagnostics, GE Healthcare, and AliveCor Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Component
- Software
- Services
- Hardware
By Type
- Breast cancer
- Lung cancer
- Prostate cancer
- Others
By End User
- Hospitals
- Diagnostic centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Siemens Healthineers AG
- Nanox Imaging LTD
- Riverain Technologies
- Vuno, Inc.
- Aidoc
- Neural Analytics
- Imagen Technologies
- Digital Diagnostics
- GE Healthcare
- AliveCor Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: ARTIFICIAL INTELLIGENCE IN CANCER DIAGNOSTICS MARKET, BY COMPONENT
CHAPTER 5: ARTIFICIAL INTELLIGENCE IN CANCER DIAGNOSTICS MARKET, BY TYPE
CHAPTER 6: ARTIFICIAL INTELLIGENCE IN CANCER DIAGNOSTICS MARKET, BY END USER
CHAPTER 7: ARTIFICIAL INTELLIGENCE IN CANCER DIAGNOSTICS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Siemens Healthineers AG
- Nanox Imaging LTD
- Riverain Technologies
- Vuno, Inc.
- Aidoc
- Neural Analytics
- Imagen Technologies
- Digital Diagnostics
- GE Healthcare
- AliveCor Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | July 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 0.2 billion |
| Forecasted Market Value ( USD | $ 1.7 billion |
| Compound Annual Growth Rate | 23.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
