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Emerging Trends to Reshape the AI In Cancer Diagnostics Market: AI-Driven Pathology Solutions Transform Cancer Diagnosis in Europe as a Key Influencer
AI In Cancer Diagnostics
AI In Cancer Diagnostics Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the AI in cancer diagnostics market has witnessed rapid expansion in the previous years. It is anticipated to inflate from $0.66 billion in 2024 to $0.79 billion in 2025, growing at a compound annual growth rate (CAGR) of 21.0%. The historical period's growth has been fuelled by a rise in cancer cases, a surge in healthcare data, a favourable regulatory scenario, an emphasis on precision medicine, and the broadening of AI applications beyond just imaging.
AI In Cancer Diagnostics Market Size Forecast: What's the Projected Valuation by 2029?
The market size for AI in cancer diagnostics is predicted to experience rapid expansion in the coming years, swelling to $1.64 billion by 2029 with a compound annual growth rate (CAGR) of 19.9%. This growth during the forecast period can be linked to the emergence of interpretable AI, a global increase in expenditure on healthcare IT, its integration with electronic health records (EHR), the acceptance of personalized medicine, and constant progression in AI algorithms. Key trends that will hallmark this forecast period include progress in imaging technologies, technological convergence, partnerships between healthcare organizations and tech companies, the uptrend of digital pathology, and increased automation in histopathology.
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What Are the Drivers Transforming the AI In Cancer Diagnostics Market?
The escalating occurrence of cancer is set to spur the expansion of artificial intelligence in the cancer diagnostics market in the future. Cancer encompasses a range of diseases characterized by abnormal cell growth that has the potential to attack or metastasize in different areas of the body. The incorporation of AI into cancer treatment aims to augment efficiency, precision, and personalized treatment methods, ultimately enhancing the prognosis for cancer patients. For instance, as per the National Cancer Institute, a government agency based in the US, around 2 million new cancer cases are projected to be diagnosed in the U.S. in May 2024, with anticipated deaths exceeding 611,000. By 2040, the global estimates show the number of new cancer cases rising to 29.9 million, and cancer-related deaths surging to 15.3 million. Hence, the rising prevalence of cancer is fueling the expansion of artificial intelligence in the cancer diagnostics market.
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What Long-Term Trends Will Define the Future of the AI In Cancer Diagnostics Market?
Leading firms in the AI in cancer diagnostics market are witnessing substantial growth due to improvements in AI-driven digital pathology solutions for detecting cancer. The AI-based digital pathology solutions for cancer detection involve the application of artificial intelligence algorithms to identify cancer and other diagnostic components in various tissue types, ensuring precise and prompt cancer diagnosis, aiding in case prioritization, and delivering consistent diagnoses. For instance, in November 2023, Dedalus & Ibex Medical Analytics, a health software firm based in Europe, unveiled a comprehensive AI-enabled digital pathology solution for detecting cancer across Europe. This solution is designed to boost precision, offer AI-assisted decision support tools, expedite reporting processes, improve lab efficiency, and elevate diagnostic confidence.
Which Segments in the AI In Cancer Diagnostics Market Offer the Most Profit Potential?
The AI in cancer diagnostics market covered in this report is segmented -
1) By Component: Software Solutions, Hardware, Services
2) By Cancer Type: Breast Cancer, Lung Cancer, Brain Tumor, Skin Cancer And Cervical Cancer, Prostate And Colorectal Cancer, Other Cancer Types
3) By Application: Screening And Diagnosis, Tumor Identification, Monitoring
4) By End User: Hospitals, Diagnostic Centers, Medical Research Institutes, Contract Research Organizations
Subsegments:
1) By Software Solutions: Machine Learning Software, Deep Learning Software, Image Analysis Software
2) By Hardware: AI-Powered Imaging Systems, Diagnostic Devices
3) By Services: AI Integration Services, Consulting And Training Services, Support And Maintenance Services
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Which Firms Dominate the AI In Cancer Diagnostics Market by Market Share and Revenue in 2025?
Major companies operating in the AI in cancer diagnostics market report are 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 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
Which Regions Offer the Highest Growth Potential in the AI In Cancer Diagnostics Market?
North America was the largest region in the artificial intelligence in cancer diagnostics market in 2024. 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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