PUBLISHER: The Business Research Company | PRODUCT CODE: 1428334
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428334
Artificial intelligence (AI) in cancer diagnostics involves the application of advanced computational techniques and algorithms to aid in the detection, diagnosis, and characterization of cancer. This technology is employed to enhance the speed, accuracy, and efficiency of cancer imaging tests, achieving comparable accuracy to radiologists in detecting mammographic abnormalities.
The main components of artificial intelligence in cancer diagnostics include software solutions, hardware, and services. Software solutions are customized applications or systems designed to address specific business needs, and AI-powered software in cancer diagnostics utilizes machine learning algorithms and computer vision techniques to analyze medical images, genetic data, and clinical records. This enables accurate cancer detection, classification, and treatment prediction. These AI applications are utilized in various types of cancer such as breast cancer, lung cancer, prostate cancer, colorectal cancer, and brain tumors. They are applied in screening and diagnosis, tumor identification, surveillance, and treatment planning and are used by hospitals, medical research institutes, diagnostic centers, and contract research organizations.
The artificial intelligence in cancer diagnostics research report is one of a series of new reports from The Business Research Company that provides artificial intelligence in cancer diagnostics market statistics, including the artificial intelligence in cancer diagnostics industry's global market size, regional shares, competitors with an artificial intelligence in cancer diagnostics market share, detailed artificial intelligence in cancer diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence in cancer diagnostics industry. This artificial intelligence in cancer diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The artificial intelligence in cancer diagnostics market size has grown exponentially in recent years. It will grow from $0.3 billion in 2023 to $0.4 billion in 2024 at a compound annual growth rate (CAGR) of 34.0%. The growth in the historic period can be attributed to the increased incidence of cancer, the availability of big data, the rise of personalized oncology, initiatives in precision medicine, and the integration of genomic data.
The artificial intelligence in cancer diagnostics market size is expected to see exponential growth in the next few years. It will grow to $1.18 billion in 2028 at a compound annual growth rate (CAGR) of 30.8%. The growth in the forecast period can be attributed to clinician shortages, population aging, the global adoption of telemedicine, the integration of AI with electronic health records, and the expansion of cancer screening programs. Major trends in the forecast period include rapid advances in AI algorithms, advancements in imaging technology, technological innovations in pathology, developments in radiomics and radiogenomics, drug development, deep learning, and AI for predictive biomarker discovery.
The anticipated surge in cancer cases is set to drive the expansion of the artificial intelligence in the cancer diagnostics market. Cancer, characterized by uncontrolled cell growth impacting various organs, remains a significant global health challenge. Artificial intelligence plays a pivotal role in cancer diagnostics by facilitating accurate and efficient analysis of medical imaging data. This enables early detection and precise classification of cancerous lesions. For example, in October 2023, the European Union Science Hub reported a 2.3% increase in new cancer cases to 2.74 million in 2022 compared to the previous two years. Correspondingly, cancer-related mortality rose by 2.4% during the same period. Hence, the escalating prevalence of cancer is expected to fuel the growth of the artificial intelligence in the cancer diagnostics market.
The ongoing enhancement of healthcare infrastructure is poised to drive the artificial intelligence in cancer diagnostics market in the foreseeable future. Healthcare infrastructure, encompassing the fundamental framework, facilities, resources, and processes supporting healthcare services, is crucial for the seamless integration of AI technologies. A robust healthcare infrastructure enables the incorporation of AI into clinical workflows, ensures data security and privacy, and facilitates collaborative efforts across healthcare institutions. Notably, in March 2022, the Department of Health and Aged Care in Australia announced a substantial allocation of $132 billion to healthcare infrastructure in 2022-23, rising to $140 billion in 2025-26. This commitment of $537 billion over the next four years underscores the pivotal role of improving healthcare infrastructure in propelling the artificial intelligence in cancer diagnostics market.
Technological advancement emerges as a prominent trend gaining momentum in the artificial intelligence in the cancer diagnostics market. Key market players are focused on developing innovative tools catering to various cancer conditions, thereby fortifying their market positions. For instance, in March 2023, Qritive, a Singapore-based company specializing in AI-powered solutions for pathologists, introduced QAi Prostate-an advanced AI-powered tool for prostate cancer diagnosis. QAi Prostate accurately identifies prostatic adenocarcinoma regions and classifies malignant and benign tumor areas in biopsy tissue samples. This tool provides detailed summaries of tumor size and percentage for each slide or region of interest, empowering pathologists to make informed decisions rapidly.
Strategic collaborations are a significant approach adopted by major companies operating in the artificial intelligence in cancer diagnostics market to expedite the deployment of AI-powered technologies. Such partnerships leverage the strengths and resources of collaborating entities for mutual benefits. For instance, in October 2023, F. Hoffmann-La Roche AG collaborated with Ibex Medical Analytics and Amazon Web Services. This collaboration allows pathology labs to utilize the navify Digital Pathology software platform to access Ibex's AI-powered decision support capabilities, aiding physicians in diagnosing breast and prostate cancer. The partnership between Ibex Medical Analytics, Roche, and Amazon Web Services generates innovative AI-powered processes, fostering advancements in digital pathology and offering scalable solutions for pathology laboratories.
In January 2022, RadNet, a US-based radiology information technology solutions company, acquired Aidence Holding B.V. and Quantib B.V. This strategic acquisition addresses opportunities in lung and prostate cancer diagnosis and screening through artificial intelligence. Aidence Holding B.V., based in the Netherlands, focuses on AI-powered clinical applications for the lung cancer pathway, while Quantib B.V. specializes in AI and machine learning solutions for prostate cancer.
Major companies operating in the artificial intelligence in cancer diagnostics market report are Microsoft Corporation, Pfizer Inc., Johnson & Johnson's, Siemens, Roche Holding AG, Google LCC, International Business Machines Corporation, Thermo Fisher Scientific Inc., Oracle Corporation, GE Healthcare, Illumina Inc., Bio Rad Laboratories Inc., Flatiron Health, Tempus Labs Inc., Paige AI Inc., OncoHealth Corporation, Path AI Inc., Aidoc, AliveCor Inc., Sophia Genetics SA, Digital Diagnostics Inc., Prognos Health, Aidence, Kheiron Medical Technologies Limited, Zebra Medical Vision, Niramai, Enlitic Inc., Therapixel, Medial EarlySign Ltd., Freenome, SkinVision B.V.
North America was the largest region in the artificial intelligence in cancer diagnostics 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 cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the artificial intelligence in cancer diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The artificial intelligence (AI) in the cancer diagnostics market consists of revenues earned by entities by providing services such as data analysis, image recognition, personalized medicine, and decision support. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) in the cancer diagnostics market also includes sales of AI-based diagnostic tools, predictive analytics tools, and a virtual tumor board. 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 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.
Artificial Intelligence In Cancer Diagnostics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on artificial intelligence in cancer diagnostics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for artificial intelligence in cancer diagnostics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The artificial intelligence in cancer diagnostics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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