Polaris Market Research recently published a research report on “Artificial Intelligence in Cancer Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Application (Screening & Diagnosis, Tumor Identification, Surveillance); By Cancer Type; By End-Use; By Region; Segment Forecast, 2022 – 2030” in its research database.
According to the research report, the global artificial intelligence in cancer diagnostics market size & share was valued at USD 367.53 million in 2021 and is expected to reach USD 4,841.84 Million by 2030, growing at a CAGR of 34.3% during the forecast period.
What is Artificial Intelligence (AI) Technology in Cancer Diagnostics? How Big is Artificial Intelligence (AI) Technology in Cancer Diagnostics Market?
- Report Overview
Artificial Intelligence is the system or machine that performs the tasks that require human intelligence. In healthcare diagnostics, AI helps healthcare experts in providing efficient treatment and making appropriate decisions for their patients. Tools such as machine learning, natural language processing, image processing, and speech recognition are used by physicians and surgeons during cancer diagnosis and prognosis.
Some of the major applications of AI include diagnosis, therapy, research and development, and health management of cancer. According to scientists, the integration of AI technology in cancer care could lead to better health outcomes. The demand for artificial intelligence in cancer diagnostics market is majorly driven by the growing investment in research of cancer and rising technological developments in the healthcare sector.
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Some of the Top Market Players Are:
- Sophia Genetics
- Janssen Pharmaceutica
- Path AI
- Google Deep Mind
- Cerner Corporation
- RaySearch Laboratories
- Flatiron ai
- Oncology Analytics Inc
- Oncora Medical
- Ibex Medical Analytics
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Growth Driving Factors
- Growing demand for early cancer diagnostics favors market growth
The increase in the number of initiatives by the government to encourage healthcare providers and other healthcare firms to integrate AI technology is driving artificial intelligence in cancer diagnostics market size. Increasing demand for early cancer diagnostics is fueling the market growth. Also, the surge in investments by nonprofit organizations and private firms to obtain better clinical outcomes and cost reductions is expected to propel the industry growth over the forecast period.
- Rapid technological developments in the healthcare sector are expected to fuel the demand
Moreover, an increase in the requirement for reducing improving patient care and reducing machine downtime is boosting market development. Other artificial intelligence in cancer diagnostics market trends includes demand for low-cost diagnostic techniques and fast diagnostic data generation. The growing prevalence of cancer globally, leading to the increased use of AI, is another factor augmenting the market growth. In addition, the demand for technological advancements in the healthcare industry for identifying & screening cancer is further predicted to bolster the industry expansion.
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- In August 2022, Whiterabbit.ai and Arterys agreed to expand AI-powered technology to detect cancer at its early stages.
- In July 2022, Roche announced a partnership with EarlySign to develop and commercialize their LungFlag technology.
- Insight by Application
Based on application, the screening and diagnosis segment held the largest artificial intelligence in cancer diagnostics market share in 2021 due to the rising use of AI for scanning tumors and detecting the cancer stage. Also, the application of deep learning and machine learning can be used to identify the stage and movement of cancer, provide correct therapy, and forecast a patient’s response to immune therapy.
- Insight by Cancer Type
By cancer type, the market is segmented into breast cancer, prostate cancer, lung cancer, colorectal cancer, cervical cancer, and others. Breast Cancer is the most common form of cancer among women. As per estimates, in 2020, cancer killed about 10 million people. Also, increasing usage of AI & ML in identifying breast cancer at early stages flourishes the growth of artificial intelligence in the cancer diagnostics market.
- Insight by End-Use
Based on end-use, the market is bifurcated into hospitals, diagnostic centers, and others. The increasing number of diagnostic centers for disease-specific, along with rising government initiatives and funding in the healthcare sector, is expected to boost industry growth.
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Report Scope: Artificial Intelligence in Cancer Diagnostics Market
|Market Outlook for 2030||USD 4,841.84 Million|
|Market Size 2021 Value||USD 367.53 Million|
|Expected CAGR Growth||34.3% from 2022 – 2030|
|Top Market Players||Pfizer, Therapixel, Sophia Genetics, Freenome, Tempus, Janssen Pharmaceutica, Path AI, Google Deep Mind, IBM, Microsoft, Cerner Corporation, RaySearch Laboratories, Flatiron, Whiterabbit.ai, Oncology Analytics, Inc, Oncora Medical, Ibex Medical Analytics, 4baseCare|
|Segments Covered||By Cancer Type, By Application, By End-Use, By Region|
|Customization Options||Customized purchase options are available to meet your research needs. Explore customized purchase options|
- North America is anticipated to maintain its dominance in the market
North America generated the largest revenue share in 2021 and is expected to grow during the forecast period. Key factors contributing to the regional growth include the presence of leading players present in the region, technological developments in the healthcare sector, and beneficial government guidelines. Also, a growing prevalence of cancer due to the changing lifestyle is another factor leading to artificial intelligence in cancer diagnostics market sales in North America.
Browse the Detail Report “Artificial Intelligence in Cancer Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Application (Screening & Diagnosis, Tumor Identification, Surveillance); By Cancer Type; By End-Use; By Region; Segment Forecast, 2022 – 2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/artificial-intelligence-in-cancer-diagnostics-market
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Important Questions Answered by Report
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- What are the applications of the market?
- What are the key growth strategies of leading players?
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