The global AI in oncology market was valued at USD 2.80 Billion in 2023, driven by the increasing prevalence of cancer across the globe. The market is anticipated to grow at a CAGR of 28.92% during the forecast period of 2024-2032, with the values likely to reach USD 27.54 Billion by 2032.
Base Year
Historical Year
Forecast Year
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.
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.
The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:
The market report offers a detailed analysis of the market based on the following segments:
Market Breakup by Component
Market Breakup by Cancer Type
Market Breakup by Application
Market Breakup by Treatment
Market Breakup by Region
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.
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.
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 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.
In January 2024, NVIDIA teamed up with DeepCell to enhance cell morphology and harness generative AI in cell b...
ConcertAI acquired CancerLinQ from ASCO in December 2023, as the American Society of Clinical Oncology (ASCO) ...
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.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Cancer Type |
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| Breakup by Application |
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| Breakup by Treatment |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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