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AI in Cancer Diagnostics Market worth $862.50 million by 2030, growing at a CAGR of 21.52% - Exclusive Report by 360iResearch
AI in Cancer Diagnostics Market | 360iResearch
The Global AI in Cancer Diagnostics Market to grow from USD 220.38 million in 2023 to USD 862.50 million by 2030, at a CAGR of 21.52%.
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Artificial Intelligence (AI) in cancer diagnostics involves the use of advanced algorithms and software to process, analyze, and interpret medical images and data for the detection, diagnosis, and prediction of cancer. These AI-driven systems are equipped with machine learning and deep learning capabilities, which enable them to learn from vast amounts of oncological data, improving their accuracy and efficiency over time. The increasing prevalence of cancer among the global population and the rising need for personalized medicine boost the adoption of AI in the healthcare sector. Moreover, proliferating adoption in several cancer screening programs worldwide, along with the exponential shift towards non-invasive cancer diagnosis, drives AI integration in cancer therapy. However, the high cost of AI-integrated cancer therapies and the shortage of trained oncologists impact the expansion of AI in the cancer diagnostics market. Furthermore, technological improvements in cancer diagnostics supported by government investments create lucrative opportunities for market growth.
Cancer Type: Rising significance of AI-driven diagnostic for brain tumors due to complexity & critical need for precise tumor classification
AI-driven diagnostic methods for brain tumors are becoming essential due to the complexity of neural structures and the critical need for precise tumor classification and boundary delineation. Advanced algorithms can assist in the early identification of gliomas, meningiomas, and other brain tumors from imaging data with higher accuracy than traditional methods. Breast cancer diagnostics strongly benefit from AI for tasks such as mammography interpretation, ultrasound analysis, and histopathology. The need for more precise diagnostic tools becomes evident, considering the high prevalence of breast cancer and the importance of early detection for successful treatment. Colorectal cancer screening often relies on colonoscopy procedures, where AI is applied to enhance polyp detection rates. AI-enabled platforms analyze tissue scans and endoscopic images, offering a higher predictive accuracy for polyp malignancy. In lung cancer diagnostics, AI applications focus on chest CT scans and X-ray interpretation to detect small, early-stage tumors. AI systems in this segment prioritize the mitigation of false positives and the enhancement of detection rates for small nodules. AI is transforming the field of prostate cancer diagnostics through the analysis of MRI images and histopathological slides. The AI platforms are significant in providing tailored treatment options and aiding in precision medicine. Dermatological applications of AI focus on the analysis of skin lesion images to identify potential malignancies such as melanoma. This is particularly need-driven due to the sheer volume of skin lesions and the need for early and scalable screening methods.
Component: High-volume testing centers prefer advanced hardware that can handle large-scale data processing with minimal error
Hardware components are the physical tools and devices utilized in the diagnostic process including AI-enabled imaging devices, high-throughput screening platforms, and biopsy analyzers. These tools often integrate AI algorithms directly into their operation, facilitating real-time analysis and diagnostics. Services in AI cancer diagnostics include consultation, installation, maintenance, and training provided by AI companies to healthcare institutions. These services ensure that the AI systems are effectively integrated into the existing clinical workflows and that healthcare professionals are properly trained to use these technologies. Software constitutes the AI algorithms, applications, and platforms used to analyze medical data and assist in diagnostic decisions. This includes machine learning models that interpret imaging, genomic data, and electronic health records (EHRs) to identify patterns typical of cancerous processes.
Regional Insights:
In the American region, including the United States & Canada, the demand for AI-based cancer diagnostics is driven by a strong emphasis on early detection and personalized medicine. Prominent institutions and companies are investing heavily in AI research, and regulatory agencies such as the FDA are expediting approvals of AI diagnostic tools. Patent filings in AI from companies and academic institutions reflect the innovation in machine learning algorithms for imaging and genomic data analysis. Customers are generally receptive to AI-driven healthcare services, provided privacy and accuracy concerns are addressed. A host of EU countries engage in comprehensive AI research and development activities in the healthcare sector through government initiatives. The region shows a strong customer need for AI in cancer diagnostics due to aging populations and increased cancer prevalence. In terms of customer purchasing behavior, Europeans tend to favor products and services that comply with stringent GDPR regulations. In the Middle East, with substantial investments in smart health technologies, there's a growing market for AI cancer diagnostic tools. APAC region has a growing market for AI in cancer diagnostics, with its aging population driving consumer needs. In the APAC region, customers are increasingly tech-savvy and open to AI healthcare solutions, while the government's support of AI research has established a burgeoning market for AI in cancer diagnostics.
Market Segmentation & Coverage:
This research report categorizes the AI in Cancer Diagnostics Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Component, market is studied across Hardware, Services, and Software. The Hardware is projected to witness significant market share during forecast period.
Based on Deployment, market is studied across Cloud and On-Premise. The Cloud is projected to witness significant market share during forecast period.
Based on Cancer Type, market is studied across Brain Tumor, Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, and Skin Cancer. The Breast Cancer is projected to witness significant market share during forecast period.
Based on End-user, market is studied across Cancer Centers and Hospitals. The Cancer Centers is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 40.85% in 2023, followed by Europe, Middle East & Africa.
FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the AI in Cancer Diagnostics Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the AI in Cancer Diagnostics Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the AI in Cancer Diagnostics Market, highlighting leading vendors and their innovative profiles. These include Aiosyn B.V., Cancer Center.ai, ContextVision AB, Deep Bio Inc., Google LLC by Alphabet Inc., Ibex Medical Analytics Ltd., International Business Machines Corporation, Kheiron Medical Technologies Limited, Lifebit Biotech Ltd, Lunit Inc., Medial EarlySign, Microsoft Corporation, Mindpeak GmbH, Paige AI, Inc., PathAI, Inc., Proscia Inc., Qritive, Quantib B.V., ScreenPoint Medical BV, Siemens Healthineers AG, Tempus Labs, Inc., Therapixel, Visiopharm A/S, Viz.ai, and Xavor Corporation.
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Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. AI in Cancer Diagnostics Market, by Component
7. AI in Cancer Diagnostics Market, by Deployment
8. AI in Cancer Diagnostics Market, by Cancer Type
9. AI in Cancer Diagnostics Market, by End-user
10. Americas AI in Cancer Diagnostics Market
11. Asia-Pacific AI in Cancer Diagnostics Market
12. Europe, Middle East & Africa AI in Cancer Diagnostics Market
13. Competitive Landscape
14. Competitive Portfolio
15. Appendix
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the AI in Cancer Diagnostics Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the AI in Cancer Diagnostics Market?
3. What is the competitive strategic window for opportunities in the AI in Cancer Diagnostics Market?
4. What are the technology trends and regulatory frameworks in the AI in Cancer Diagnostics Market?
5. What is the market share of the leading vendors in the AI in Cancer Diagnostics Market?
6. What modes and strategic moves are considered suitable for entering the AI in Cancer Diagnostics Market?
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