Global AI in Oncology Market Report and Forecast 2024-2032

AI in Oncology Market Overview

Artificial intelligence has demonstrated potential in oncology by enabling early cancer detection and identifying effective treatments. AI improves precision and speed in detecting cancer, decreasing death rates for prevalent tumors. Healthcare providers are incorporating AI tools to pinpoint impacted patients and deliver prompt care. The growing research funding and the increasing need for advanced diagnostics are fueling the expansion of the AI in oncology market. It is anticipated to maintain steady growth throughout the projected period.

AI in Oncology Market Growth Drivers

Increasing Prevalence of Cancer to Augment Market Demand

The increase in cancer incidences globally, such as in lung, breast, prostate, skin, and leukemia cases, is poised to fuel the demand for artificial intelligence in the oncology market. According to the World Health Organization's estimation in 2022, around 20 million people were diagnosed with cancer. AI tools aid in examining data to enhance diagnosis, medical care, and lower healthcare expenses.

Improvement in Early Cancer Detection Capabilities Likely to Drive Market Growth

The AI market in oncology is expanding because of improved abilities in detecting cancer at an earlier stage. AIIMS in New Delhi created an artificial intelligence (AI) system for identifying cancer by utilizing deep learning models that were trained on a collection of 500,000 medical images. This technology enhances both the precision of diagnoses and the speed of the process, bolstering market growth.

AI in Oncology Market Trends

AI in Oncology Market Segmentation

AI in Oncology Market Share

Segmentation Based on Component to Witness Substantial Growth

Based on the components, the market is segmented into hardware, software, and services, with the hardware segment expected to dominate the market. Sophisticated equipment such as high-performance computing systems and graphical processing units speed up data and algorithm processing, accelerating AI analysis in healthcare. TPUs and FPGAs speed up the training of models. Energy-efficient chips facilitate affordable integration of artificial intelligence in cancer treatment, accelerating market expansion.

AI in Oncology Market Analysis by Region

Based on the region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East/Africa. North America is expected to dominate the market share, which can be attributed to its advanced healthcare system, high cancer rates, and focus on technological innovation. In the healthcare sector, this regional market is at the forefront of implementing AI, as companies and research institutions are propelling rapid progress in the field of oncology.

Leading Players in the AI in Oncology Market

The key features of the market report comprise patent analysis, grants analysis, funding and investment analysis and strategic initiatives by the leading players. The major companies in the market are as follows:

GE HealthCare

GE Healthcare Technologies, Inc. is a US-based multinational medical technology company based in Chicago, Illinois. In November 2023, they introduced MyBreastAI suite, which incorporates three AI applications from iCAD software to assist in breast cancer detection and workflows.

NVIDIA Corporation

In January 2024, NVIDIA teamed up with DeepCell to enhance cell morphology and harness generative AI in cell b...

ConcertAI LLC

ConcertAI acquired CancerLinQ from ASCO in December 2023, as the American Society of Clinical Oncology (ASCO) ...

PathAI

In January 2024, PathAI introduced six additional oncology uses for PathExploreTM, the initial platform to ana...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other key players in the market include Azra AI, IBM Corporation, Siemens Healthineers AG, Intel Corporation, Digital Diagnostics Inc., Median Technologies, and Medtronic plc.

Key Questions Answered in the AI in Oncology Market Report

• What was the AI in oncology market value in 2023?
• What is the AI in oncology market forecast outlook for 2024 2032?
• What are the regional markets covered in the EMR report?
• What is the market segmentation based on the component?
• What is the market segmentation based on the cancer type?
• What is the market breakup based on the application?
• What is the market breakup based on the treatment?
• What are the major factors aiding the AI in oncology market demand?
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints?
• What are the major trends influencing the market?
• Which regional market is expected to dominate the market share in the forecast period?
• Which country is likely to experience elevated growth during the forecast period?
• Who are the key players involved in the AI in oncology market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?