Press release
AI Applications in Cancer Diagnostics Global Market Outlook 2024
AI Applications in Cancer Diagnostics Global Market
According to The Business Research Company's, The ai in cancer diagnostics market size has grown exponentially in recent years. It will grow from $0.55 billion in 2023 to $0.66 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to increasing cancer incidence rates, data explosion in healthcare, supportive regulatory environment, focus on precision medicine, expansion of ai applications beyond imaging.
The ai in cancer diagnostics market size is expected to see exponential growth in the next few years. It will grow to $1.38 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to emergence of explainable ai, global increase in healthcare it spending, integration with electronic health records (ehr), personalized medicine adoption, continued advances in ai algorithms. Major trends in the forecast period include advancements in imaging technologies, technological convergence, collaborations between healthcare and tech companies, rise of digital pathology, automation in histopathology.
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Market Drivers and Trends:
The increasing prevalence of cancer is expected to propel the growth of artificial intelligence in the cancer diagnostics market going forward. Cancer is a group of diseases involving abnormal cell growth with the potential to invade or spread to other parts of the body. The integration of AI in cancer care aims to enhance efficiency, accuracy, and personalized treatment options, ultimately improving outcomes for cancer patients. For instance, in May 2021, according to the National Library of Medicine, a US-based medicine library, the global cancer burden is expected to be 28.4 million cases in 2040, a 47% rise from 2020, with many deaths. Therefore, the increasing prevalence of cancer is driving the growth of artificial intelligence in the cancer diagnostics market.
Major companies operating in the AI in cancer diagnostics market are experiencing significant growth due to advancements in AI-powered digital pathology solutions for cancer diagnosis. AI-powered digital pathology solutions for cancer diagnosis refer to the use of artificial intelligence (AI) algorithms to detect cancer and other diagnostic features in multiple tissue types, providing accurate and timely cancer diagnosis, support case prioritization, and reproducible diagnoses. For instance, In November 2023, Dedalus & Ibex Medical Analytics, a Europe-based health software company, launched an integrated End-to-End AI-powered digital pathology solution for cancer diagnosis across Europe. This solution aims to improve accuracy, provide AI-powered decision support tools, streamline reporting, enhance laboratory efficiency, and increase diagnostic confidence.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Microsoft Corporation , IBM Corporation, Babylon Healthcare Services Ltd., Verily Life Sciences LLC, Tempus, Guardant Health, Lunit Inc., Paige AI Inc., Ada Health GmbH, Viz.ai Inc., Butterfly Network Inc., Insilico Medicine, BenevolentAI SA, Enlitic Inc., Ibex Medical Analytics, Kheiron Medical Technologies Limited, CureMetrix Inc., CancerIQ Inc., MultiplAI Health, Freenome Holdings Inc., SkinVision, Entopsis, Owkin, Imagen Technologies, Panakeia Technologies, EchoPixel Inc., X-Zell Inc., Cyrcadia Health, Oncora Medical, Xilis
AI In Cancer Diagnostics Market 2024 Key Insights:
• The ai in cancer diagnostics market is expected to grow to $1.38 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%.
• Rising Cancer Cases Propel Advances Artificial Intelligence Takes Center Stage In Cancer Diagnostics
• AI-Driven Pathology Solutions Transform Cancer Diagnosis in Europe
• North America was the largest region in the artificial intelligence in cancer diagnostics market in 2023. The regions covered in the ai in cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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