Artificial Intelligence In Cancer Diagnostics Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Type, by End user : Global Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics

The adoption and growth of artificial intelligence in cancer diagnostics are driven by several key market drivers. The rise in prevalence of various types of cancer worldwide drives the need for advanced diagnostic tools that can improve early detection and treatment outcomes. Furthermore, as AI and ML technologies continue to progress, diagnostic systems' capabilities are improved, allowing for faster and more accurate processing of medical cancer data, thereby driving the AI in cancer diagnostics market forecast. Additionally, the need for AI-based diagnostics that can analyze large datasets is fueled by the trend towards personalized medicine, which customizes treatment strategies for individual patients based on their genetic and molecular profiles. 

Moreover, technological advancements, rise in demand for improved healthcare outcomes, cost reduction, regulatory support, and the increase in availability of healthcare data drive the AI in cancer diagnostics market growth. The growth of high-performance computing, including cloud computing, allows for the processing and analysis of large datasets efficiently, enabling real-time AI applications in diagnostics. Further, the development of sophisticated machine learning and deep learning algorithms has led to the creation of highly accurate and reliable diagnostic tools.

In addition, the integration of AI with advanced imaging technologies (e.g., MRI, CT scans) has significantly improved the accuracy and efficiency of diagnostic processes, and are also the AI in cancer diagnostics market trends. Furthermore, the availability of large volumes of healthcare data from electronic health records (EHRs) , medical imaging, and genomic sequencing provides a rich foundation for training AI models, leading to more accurate and comprehensive cancer diagnostics. Also, improved interoperability of healthcare data systems allows for the seamless integration of AI technologies into existing medical workflows.

AI enhances the ability to detect cancer at an early stage and with higher accuracy, leading to better patient outcomes and more effective treatment plans. It enables the development of personalized treatment plans based on individual patient data, improving the efficacy of medical interventions. Surge in the number of cancer affected  population increases the demand for healthcare services, including diagnostics, creating a need for scalable solutions like AI. Thus, the aforementioned factors are anticipated to driving the AI in cancer diagnostics market share.

Parent Market Overview

Artificial intelligence is used within the healthcare sector to research the connection between treatment techniques and patient outcomes. AI in healthcare has various applications in medication management, treatment plans, and drug discovery. It is used in medical practices such as diagnostic processes, personalized medicines, drug development, and patient monitoring care. The growth of the artificial intelligence healthcare market is majorly driven by an increase in volume of healthcare data and rise in complexities of datasets driving the necessity for AI in healthcare in the market. In addition, improvements in the computing power and decline in hardware costs, surge in number of cross-industry partnerships, collaborations, and rise in imbalance between the health workforce and patients drive the necessity for improvised healthcare services. of skilled healthcare professionals results in an increase in demand for AI algorithms applicable in the healthcare sector. The AI in healthcare market was valued at $8.23 billion in 2020, and is projected to reach $194.4 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030.

Parent Market Overview

Market Segmentation

The AI in cancer diagnostics market analysis is segmented into component, type, end user, and region. By component, the market is categorized into software, services, and hardware. By type, the market is classified into breast cancer, lung cancer, prostate cancer and others. By end user, the market is divided into hospitals, diagnostic centers, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional/Country Market Outlook

North America accounted for a major share of the AI in cancer diagnostics market size owing to advanced healthcare infrastructure, robust research & development capabilities, strong regulatory frameworks, and significant investment in public health initiatives. These factors, combined with a strong presence of major key players, contribute to the region’s leading position in the market.

Asia-Pacific AI in cancer diagnostics market share is estimated to grow with the highest CAGR during the forecast period, owing to high cancer affected population base, increase in healthcare investments, and rise in initiatives taken by the government. Companies are focusing on this region to expand their market presence and increase sales.

Industry Trends   

• AI algorithms, particularly those based on deep learning, are becoming more adept at analyzing medical images, such as X-rays, MRIs, and CT scans. These systems can detect abnormalities, such as tumors or fractures, with high precision, often surpassing human radiologists in specific tasks.
• Devices equipped with AI capabilities are increasingly being used for continuous health monitoring. These wearables can track vital signs, detect anomalies, and alert healthcare providers in real-time.

Competitive Landscape

The major players operating in the AI in cancer diagnostics industry include Siemens Healthineers, Nanox Imaging LTD, Riverain Technologies, Vuno, Inc., Aidoc, Neural Analytics, Imagen Technologies, Digital Diagnostics, Inc., GE Healthcare, and AliveCor Inc.

Recent Key Strategies and Developments

• In November 2022, Mayo Clinic and Numares Health expanded their collaboration to develop artificial intelligence-based diagnostic testing for patients with chronic diseases. 
• In March 2023, NVIDIA announced its collaboration with Medtronic to accelerate the development of AI in the healthcare system and bring new AI-based solutions into patient care. Through their partnership, Medtronic's GI Genius intelligent endoscopy module which is created and produced by Cosmo Pharmaceuticals will incorporate edge AI and NVIDIA healthcare technology.  GI Genius is the first FDA-cleared, AI-assisted colonoscopy tool to help physicians detect polyps that can lead to colorectal cancer. 

Key Sources Referred

• National Center for Biotechnology Information
• World Health Organization (WHO)
• National Library of Medicine
• The United States Food and Drug Administration
• Centers for Disease Control and Prevention
• Artificial Intelligence for Health and Health Care
• Office of the National Coordinator for Health Information
• National Academy of Medicine
• GOV.UK

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the market analysis from 2024 to 2033 to identify the prevailing AI in cancer diagnostics market opportunity.
• The artificial intelligence in cancer diagnostics market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the artificial intelligence in cancer diagnostics market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global artificial intelligence in cancer diagnostics market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as AI in cancer diagnostics industry trends, key players, market segments, application areas, and market growth strategies.