AI in Oncology Market Projected to Exceed USD 16.72 Billion By 2032 with a Strong 33.6% CAGR

AI (Artificial Intelligence) in oncology has emerged as a transformative force, revolutionizing how cancer is diagnosed, treated, and managed. AI in oncology market encompasses a range of applications aimed at improving patient outcomes, accelerating drug discovery, and enhancing clinical decision-making. AI accelerates the drug discovery process by analyzing vast datasets, predicting drug-target interactions, identifying novel biomarkers, and optimizing clinical trial design, leading to the development of more targeted and efficacious anticancer therapies.

Global AI in oncology Market size and share is currently valued at USD 1.23 billion in 2023 and is anticipated to generate an estimated revenue of USD 16.72 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 33.6% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032

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The market is poised for substantial growth due to the rising incidence of cancer, driving the demand for technologically advanced products for cancer diagnosis, treatment, and analysis. For instance, the International Agency for Research on Cancer (IARC) estimates over 20.7 million new cases, in 2023. Furthermore, AI plays a crucial role in early detection, contributing to mortality reduction, particularly through effective screening programs.

AI is revolutionizing the field of oncology by leveraging vast datasets generated through multi-omics analyses, coupled with advancements in deep learning and high-performance computing. This integration of AI into oncology encompasses novel approaches for various stages of cancer management, including detection, screening, diagnosis, and classification. AI is instrumental in characterizing cancer genomics, analyzing the tumor microenvironment, assessing prognostic and predictive biomarkers, and formulating strategies for follow-up care and drug discovery. This comprehensive application of AI is enhancing the precision and efficiency of cancer research and treatment.

The rapid progression of technology, particularly in terms of accuracy, safety, and automation, is poised to drive market growth in the foreseeable future. AI, as an emerging and transformative technology, plays a crucial role in significantly increasing screening rates in the field of oncology. Consequently, both public and private organizations are directing their focus towards substantial funding and investment in research and development (R&D) initiatives aimed at advancing AI-based oncology screening products.

For instance, in March 2023, Artera secured funding of nearly, USD 90 million. This funding is earmarked for the launch and distribution of the ArteraAI Prostate Test, marking a significant milestone as the first developed test designed to predict therapy outcomes in localized prostate cancer. This illustrates the growing recognition and support for innovative AI-driven solutions in oncology, with the potential to enhance screening efficiency and therapeutic decision-making.

Key industry players are strategically engaging in collaborations and partnerships, with a primary emphasis on the development of innovative products aimed at facilitating early cancer diagnosis, addressing increasing demand, and advancing research and development pipelines. For instance, in December 2022, AstraZeneca initiated a collaboration with Clinithink to embark on an AI project focused on lung cancer. The primary objective of this project is the early detection of lung cancer, thereby contributing to the formulation of more effective treatment strategies.

Some of the major players operating in the global market include:

Azra AI
IBM
Siemens Healthcare GmbH
Intel Corporation
GE HealthCare
NVIDIA Corporation
Digital Diagnostics Inc.
ConcertAI
Median Technologies
PathAI

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Growth Drivers:
Increasing Cancer Incidence: The rising global burden of cancer underscores the urgent need for advanced technologies to enhance early detection, diagnosis, and treatment planning.

Data Explosion in Healthcare: The proliferation of electronic health records (EHRs), medical imaging data, genomic data, and real-world evidence has created vast datasets that AI algorithms can leverage to derive meaningful insights.

Advancements in AI Algorithms: Innovations in machine learning, deep learning, natural language processing (NLP), and computer vision have unlocked the potential for AI to analyze complex datasets, identify patterns, and make accurate predictions in oncology.

Applications:
Early Detection and Diagnosis: AI algorithms can analyze medical imaging data, such as mammograms, MRIs, CT scans, and pathology slides, to detect subtle abnormalities indicative of cancer at an early stage when treatment is most effective.

Precision Oncology and Treatment Selection: AI-driven platforms can analyze genomic data, molecular profiles, and clinical parameters to tailor cancer treatments based on the unique characteristics of each patient's tumor, optimizing therapeutic efficacy while minimizing adverse effects.

Clinical Decision Support Systems: AI-powered decision support systems provide clinicians with real-time insights, evidence-based recommendations, and treatment guidelines to aid in treatment planning, prognosis estimation, and therapeutic monitoring.

AI in Oncology Market Report Highlights

Software solutions segment held the largest share, primarily due to adoption of AI based services for better clinical outcomes
Brain tumor segment expected to grow at the fastest rate, owing to rising cases of brain tumors and huge unmet medical needs
North America dominated the market, as the region has better healthcare infrastructure, coupled with AI players offering healthcare solutions
The global players include Azra AI, IBM, Siemens Healthcare, Intel, GE HealthCare, NVIDIA, Digital Diagnostics, ConcertAI, Median Technologies, and PathAI

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Polaris Market Research has segmented the AI in oncology market report based on component, cancer type, treatment type, and region:

AI in Oncology, Component Outlook (Revenue - USD Billion, 2019 - 2032)

Software Solutions
Hardware
Services

AI in Oncology, Cancer Type Outlook (Revenue - USD Billion, 2019 - 2032)

Breast Cancer
Lung Cancer
Prostate Cancer
Colorectal Cancer
Brain Tumor
Others

AI in Oncology, Treatment Type Outlook (Revenue - USD Billion, 2019 - 2032)

Chemotherapy
Radiotherapy
Immunotherapy
Others

AI in Oncology, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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This release was published on openPR.