AI in Oncology Market worth $11.52 billion by 2030

The major players in the AI in oncology market with a significant global presence are Siemens Healthineers (Germany), GE Healthcare (US), ConcertAI (US), Medtronic (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Oracle(US), NVIDIA Corporation(US), Koninklijke Philips N.V. (Netherlands), PathAI, Inc. (US)
The global AI in oncology market, valued at US$1.92 billion in 2023, is forecasted to grow at a robust CAGR of 29.4%, reaching US$2.45 billion in 2024 and an impressive US$11.52 billion by 2030. This growth can be primarily attributed to rising investments in pharmaceutical and biotech companies to develop potential and advance cancer drugs to reduce the global cancer burden. AI streamlines drug discovery and development processes by offering predictive modeling, simulation, and advanced data analytics, making it easier to evaluate a drug's safety and efficacy. This reduces drug discovery time and costs as it helps the user minimize the experimental work and optimize the clinical trial design.

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The major players in the AI in oncology market with a significant global presence are Siemens Healthineers (Germany), GE Healthcare (US), ConcertAI (US), Medtronic (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Oracle(US), NVIDIA Corporation(US), Koninklijke Philips N.V. (Netherlands), PathAI, Inc. (US), CureMetrix, Inc. (US), Mindpeak GmbH (Germany), Paige AI, Inc. (US), Predictive Oncology (US), Exscientia (UK), Insilico Medicine (US), Iktos (Paris), Tempus (US), Azra AI (US), CureMatch, Inc. (US), OncoLens (US), Triomics (US), Clinakos. (US), Perthera, Inc (US), Cellworks Group, Inc. (US), and biomy, Inc. (Japan). The market players have adopted strategies such as acquisitions, collaborations, partnerships, mergers, product/service launches & enhancements, and approvals to strengthen their position in the biosimulation market. The product and technology innovations have helped the market players expand globally by enhancing treatment efficacy, improving patient outcomes, and addressing unmet medical need.

Siemens Healthineers

Siemens Healthineers is one of the leading healthcare companies globally that help healthcare provider worldwide to offer affordable high-quality care of patients. With a track record of 120 years, the company is consistently delivering groundbreaking solutions and offers diverse range of portfolio, including laboratory diagnostics, medical imaging, healthcare IT, therapeutic and molecular diagnostics, and consulting services. Further, Siemens Healthineers is supporting the AI use in healthcare, particularly in cancer care for early detection, diagnosis, and therapy planning. Recently, the company developed AI-Rad Companion and Ethos Therapy that provides automated support in imaging, therapy planning, and adaptive treatments, reducing diagnosis time and enhancing treatment quality.

Further, the company has global footprint with a strong local presence, supported by over 600,000 installed systems and more than 4,400 collaborations worldwide with 46,000 employees worldwide, ensuring timely and efficient services.

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GE Healthcare

GE HealthCare specializes in medical technology, digital solutions, and care innovations, at a global level supporting over 1 billion patients annually and operating in more than 160 countries. The company offers comprehensive portfolio including monitoring devices, intelligent devices, and imaging diagnostics with more than 200 imaging software applications. GE HealthCare is supporting the use of AI to enhance cancer care. For instance, company's AI- driven initiatives such as the Health Companion project and AI Innovation Lab, help in aiding personalized treatment planning. The company also supports AI tools for breast cancer recurrence prediction, maternal care advancements, and multimodal X-ray diagnostics. Moreover, GE Healthcare has over 80 FDA-approved AI devices.

Medtronic

Medtronic is one of the major players in the medical devices and therapies market with more than 95,000 employees and presence in over 150 countries. The company helps to alleviate pain, extend life, and restore health by offering diverse solutions portfolio including diabetes care, cardiac and vascular care, minimally invasive therapies, surgical innovations, and spine and neurological treatments. Medtronic highly supports the use of AI in cancer care for early detection and diagnosis. For instance, in order to improve colorectal cancer detection the company launched GI Genius intelligent that helps to identify polyps in real-time during colonoscopy procedures.

North America secured the largest share of the AI in Oncology Market

North America accounted for the largest share of the AI in oncology market. The region's dominance can be primarily attributed to the significant presence of companies providing AI in oncology solutions, particularly in the US. Major US-based companies include GE Healthcare, ConcertAI, Oracle, NVIDIA Corporation, Predictive Oncology, PathAI, and CureMatrix. The North American AI in oncology market is further driven by ongoing advancements in machine learning and deep learning, rising accessibility of healthcare data, and increasing demand for precision medicine. Collaborations between tech firms and healthcare providers, along with established reimbursement policies, also enhance the integration of AI for cancer diagnostics, treatment planning, and precision medicine. For instance, in April 2024, Moffitt Cancer Center partnered with NVIDIA, Oracle, and Deloitte to reimagine cancer care using advanced AI and machine learning. In March 2024, NVIDIA collaborated with GE HealthCare to advance AI innovations with healthcare-specific foundation models powered by NVIDIA. Additionally, the region is home to several growing start-ups, such as CureMatch, Inc., Azra AI, and Triomics, that are driving innovation through AI-based oncology. These factors collectively position North America as a leading market in the field.

Recent Developments of AI in Oncology Market

* In October 2024, GE HealthCare (US) launched its new cloud-first application, CareIntellect for Oncology. This application combines multi-modal patient data from various systems into a unified view, leveraging generative AI to summarize clinical notes and reports.

* In September 2024, F. Hoffmann-La Roche Ltd. (Switzerland) collaborated with Qritive (Singapore) to enhance cancer diagnostics and treatment and the adoption of AI among pathologists. This collaboration will enable Qritive's AI-powered solutions to be fully integrated with Roche's Navify Digital Pathology platform, which will help pathologists diagnose cancer more accurately and efficiently.

* In September 2024, Oracle (US) partnered with Imagene AI Ltd. (US) to introduce CanvOI, an advanced pan-cancer foundation model aimed at supporting innovative research and development in digital pathology and oncology.

* In June 2024, ConcertAI (US) collaborated with NVIDIA Corporation (US) to enhance translational and clinical development solutions within its CARA AI platform. ConcertAI will leverage NVIDIA's AI expertise and infrastructure, including the Meta Llama 3 NIM, to enhance oncology research and treatment through advanced LLM workloads.

* In June 2024, Predictive Oncology (US) launched a unique 3D cell culture model to advance cancer drug discovery, offering more accurate in vivo testing and better predictions for clinical outcomes and drug candidate selection.

* In May 2024, ConcertAI (US) launched CARA AI, a platform that integrates multi-modal data management, predictive AI, and generative AI to streamline and enhance healthcare processes. The platform supports life sciences and healthcare professionals in exploring multi-modal real-world data (RWD) while utilizing AI-driven workflows.

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