PUBLISHER: Orion Market Research | PRODUCT CODE: 1755429
PUBLISHER: Orion Market Research | PRODUCT CODE: 1755429
Global Artificial Intelligence in Cancer Diagnostics Market Size, Share & Trends Analysis Report by Application (Screening & Diagnosis, Tumor Identification, and Surveillance), by Type (Breast Cancer, Prostate Cancer, Lung Cancer, Colorectal Cancer, and Others, and by End User (Hospitals, Diagnostic centers, Research Organization, Medical Institute, and Academics), Forecast Period (2025-2035)
Artificial intelligence in the cancer diagnostics market is anticipated to grow at a CAGR of 4.0% during the forecast period. The increasing use of technologically advanced solutions for detecting cancer, mainly at early stages, contributes to AI in cancer diagnostics industry growth. With the rising number of startups & collaborations and increasing venture capital funding, also the government has high initiatives in healthcare expenditures. Increasing initiatives undertaken by the government to increase the adoption of AI-assisted technologies for cancer diagnosis are expected to boost market expansion.
The global artificial intelligence in cancer diagnostics market is segmented by application, type, and End-user. Based on the application, the market is sub-segmented into screening & diagnosis, tumor identification, and surveillance. Based on the type, the market is sub-segmented into breast cancer, prostate cancer, lung cancer, colorectal cancer, and others, including cervical cancer, blood cancer, and bone cancer. Further, based on end users, the market is sub-segmented into hospitals, diagnostic centers, research organizations, medical institutes, and academics. Among the end users, the diagnostic centers sub-segment is anticipated to hold a considerable share of the market owing to the increasing government initiatives and funding in the healthcare sector.
The screening & diagnosis segment is predicted to derive AI in the cancer diagnostic market. The detection of cancer at an early stage is very crucial for improving patient survival rates, and AI is enhancing the efficiency of diagnostic procedures through technological improvements. The analysis of critical medical data such as mammograms, CT scans, and MRIs has grown easier through advanced machine learning and deep learning algorithms, which allow early identification of cancerous cells. AI additionally decreases diagnostic errors and helps healthcare workers detect tumors at microscopic levels, determine cancer stages, and forecast patient reactions to immunotherapy. With rising cancer rates and a need for faster, more reliable diagnostics, AI-powered screening technologies are being widely embraced in hospitals and diagnostic centers, accelerating market growth.
The global artificial intelligence in cancer diagnostics market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Russia, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, Australia & New Zealand, ASEAN Countries, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).
Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the rising number of cancer cases around the globe. According to Canadian Cancer Statistics, 43% of women and 45% of men in Canada will have cancer in their lifetime. Nevertheless, to combat this problem, the country is actively adopting AI across the healthcare industry. The major factors that help in market expansion are business strategies, including mergers & acquisitions, portfolio expansions, and collaborations by market players to promote AI implementation in the oncology field. In the US. The rising demand for more accurate diagnostics and early-stage detection is increasing. The AI-powered medical imaging systems produce scans that assist radiologists in identifying patterns & indicating treatments for patients affected with cancer. This also raises the demand for AI to assist healthcare professionals in reshaping the diagnosis & treatment of cancer. For instance, in May 2021, the US government launched AI.gov, a dedicated website for requesting suggestions on the regulation, development, and deployment of AI in the US. This platform was introduced during the presidency of Joe Biden.
The major companies serving artificial intelligence in cancer diagnostics market include IBM Corp, Pfizer Inc., Microsoft Corp, Janssen Pharmaceuticals, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2021, PathAI completed the acquisition of Poplar Healthcare PLLC, an independent anatomic pathology laboratory services provider. Through this acquisition, the company would be able to integrate testing services into its existing artificial intelligence-powered pathology platform. Poplar offers specialized testing services in a range of areas, from oncology to women's health to dermatology.
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