Press release
AI in Cancer Diagnostics Market Size to Hit US$ 2.0 Bn, Globally, by 2031, Expanding at a CAGR of 11.2%
The global AI in cancer diagnostics market is projected to flourish at a CAGR of 11.2% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 2.0 billion is anticipated for the market in 2031. As of 2023, the market for AI in cancer diagnostics is expected to close at US$ 955 million.The increasing global incidence of cancer cases has created a pressing need for accurate and efficient diagnostic tools, and an increase in awareness about early diagnosis of cancer is likely to drive global AI in cancer diagnostics market demand in the next few years. Advancements in imaging technology and the integration of AI with advanced imaging technologies like MRI, CT scans, and mammography enhance the precision and sensitivity of cancer detection. AI-powered cancer diagnostics process ensures consistent and reliable results,
The availability of large volumes of medical data, including medical images, genetic information, and patient records, provides a foundation for training AI algorithms, AI, with its ability to analyze massive volumes of complex medical data and extract insights, is revolutionizing the landscape of cancer diagnosis. The integration of AI in cancer diagnostics helps in early detection, precise diagnosis, and tailored treatment strategies, ultimately leading to improved patient outcomes, and boosting the market demand.
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Key Takeaways from the Market Study
As of 2022, the AI in the cancer diagnostics market was valued at US$ 859.0 million on application, the screening & diagnosis segment is projected to account for the largest global AI for cancer diagnostics market share
Based on end-users, the diagnostic center's segment held a significant market share in AI in the cancer diagnostics market.
Based on cancer type, the breast cancer segment dominated the global AI in cancer diagnostics as breast cancer is one of the most commonly diagnosed cancers globally, affecting a large number of individuals
AI in Cancer Diagnostics: Key Trends and Opportunistic Frontiers
Continuous advancements in AI technologies, such as deep learning and machine learning, enhance the capabilities and versatility of diagnostic algorithms.
Increasing application of AI-powered technologies, such as computer-aided detection (CAD) systems, can assist radiologists in analyzing mammograms and other breast imaging modalities, aiding in early detection and diagnosis.
AI in Cancer Diagnostics Market- Regional Analysis
North America accounted for a significant share of the global AI in the cancer diagnostics market. The growth of the market in the region is attributed to a strong foundation in research & development and encouragement for innovation in AI applications for cancer diagnostics in the region.
AI in cancer diagnostics in Asia Pacific is expected to witness significant market expansion during the forecast period. Increasing investment in healthcare infrastructure and adopting advanced technologies, including AI, for cancer diagnostics.
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Competitive Landscape
The global AI in cancer diagnostics market is consolidated, with the presence of a few market players. Most companies are making significant investments in research & development activities. Transparency Market Research has profiled the following players in its global AI in cancer diagnostics market report:
Ibex Medical Analytics
EarlySign
Cancer Center.ai
Microsoft
Flatiron
Path AI
Therapixel
Tempus
Paige AI, Inc.
Kheiron Medical Technologies Limited
SkinVision
Freenome
Whiterabbit.ai
Mindpeak GmbH
Key Developments in the AI in Cancer Diagnostics Market
In March 2023 - Alverno Laboratories, and Ibex Medical Analytics, announced a new agreement to expand the deployment of Ibex's GalenTM suite of Artificial Intelligence (AI) solutions to the entire Alverno network across Illinois and Indiana. The deployment includes AI-powered solutions for cancer diagnosis across multiple tissue types and will support Alverno pathologists in providing the utmost quality of care for their patients.
In February 2022 - Freenome, announced the initiation of Vallania, a clinical study for the refinement and further development of its multiomics platform to detect multiple cancers. The platform uses a routine blood draw and combines both tumor and non-tumor signals with machine learning to detect cancers in the earliest, most treatable stages.
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AI in Cancer Diagnostics Market- Key Segments
Component
Software Solutions
Services
Cancer Type
Breast Cancer
Prostate Cancer
Lung Cancer
Colorectal Cancer
Cervical Cancer
Others
Application
Screening & Diagnosis
Tumor Identification
Monitoring
End-user
Hospitals
Diagnostic Centers
Medical Research Institutes
Contract Research Organizations
Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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Transparency Market Research Inc.
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