AI In Oncology For Analytical Solutions Market

The global AI In Oncology For Analytical Solutions Market was valued at USD 549.6 Million in 2022 and is projected to reach a value of USD 4852.6 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 36.5% between 2023 and 2030.

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The machine team used thousands of MRI scans in their algorithm, which led them to conclude that many people have prostate cancer despite many showing no indicators of the disease. The algorithm enlists in machine learning or artificial intelligence courses to learn how to assess and comprehend data. Data that are invisible to the human brain or eyes may nonetheless be used in machine learning. The global AI In Oncology For Analytical Solutions market is expected to grow rapidly during the forecast period. The rising incidence of cancer is driving the market. This is because the number of instances around the world is increasing quickly. It is a leading cause of death worldwide, and according to the WHO, it was responsible for around 10 million fatalities in 2020 alone, or nearly one-sixth of all deaths.

The World Health Organization added that variables including cigarette smoking, a high body mass index, alcohol intake, low fruit and vegetable consumption, and a lack of physical activity could be blamed for one-third of cancer-related fatalities. About 30% of instances of cancer are caused by diseases like hepatitis and the human papillomavirus (HPV) in low- and middle-income nations. As a result, more people are expected to use artificial intelligence (AI) to correctly diagnose and treat this ailment, which will help the market grow. Market reaction to the COVID-19 pandemic has been conflicted. On the one hand, the epidemic has emphasized the value of technology in healthcare, including tools that use artificial intelligence. As a result, the adoption and application of AI in oncology have been impacted. On the other hand, the pandemic has also disturbed the healthcare system, particularly cancer care.

Because artificial intelligence can help with early detection, the market is anticipated to benefit from its adoption. Artificial intelligence can play a key role in reducing the number of cancer-related deaths, which depends on early detection. The use of AI in screening and diagnostics is anticipated to fuel market expansion. Instead of depending exclusively on a doctor's experience, AI/ML models may interpret images from radiology and pathology, offering a more accurate diagnosis. For instance, an artificial intelligence program for assessing digital photographs of women's cervix was created in 2019 by a group of researchers from the National Institutes of Health and Global Good. This program correctly detects precancerous alterations that can eventually result in cancer. The expansion of the global healthcare infrastructure is also fueling the development of the market. The Fourth Industrial Revolution for Sustainable Transformation (FIRST) of the Cancer Care project, which focuses on utilizing cutting-edge technologies like artificial intelligence, IoT, and blockchain to provide affordable, accessible, and high-quality care in India, was introduced by the Centre for Fourth Industrial Revolution of the World Economic Forum India in July 2021.

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Top Market Trends

1. Rising Consumer Base During COVID-19: Patients with lung cancer have an increased risk of developing COVID-19. Among the causes of death stated in the National Vital Statistics System of the Centers for Disease Control and Prevention between January 1, 2018, and July 2, 2022, was cancer, according to a report released in December 2022. According to the data studied, around 13,000 cancer-related deaths were reported weekly on average. This disease was the primary cause in 90% of cases in 2018 and 2019, 88% in 2020, and 87% in 2021. During the epidemic, lockdown restrictions caused serious patient problems regarding diagnosis, care, and treatment. Nonetheless, in these difficult situations, new AI and ML technologies offer the potential to improve patient diagnosis, care, and therapy. The backlog of cancer imaging during the pandemic was addressed with artificial intelligence, which decreased the stress on the medical staff.

2. Personalized Medicine: Increased research efforts to incorporate AI into various cancer therapeutics fuel the expansion. The CURATE, for instance, was a chemotherapy research project. The National University of Singapore created an AI solution in June 2022 that uses clinical information such as drug dosage, prescription, and biomarkers to produce a unique digital profile of the patient. This offers customized chemotherapy dosage recommendations, improving the prognosis for cancer patients. The application of AI in oncology offers several benefits, such as the capacity to tailor dosages, which minimizes side effects, the use of AI models to forecast cancer recurrence, and high precision reliably. As a result, market growth will be fueled by an increase in the target population's acceptance of such items.

3. Increasing Digitization: Additionally, the increasing implementation of AI for diagnostic and therapeutic applications and the rising adoption of digitalization in hospitals and research facilities are predicted to further enhance the adoption of these technologies throughout the forecast period. AI/ML can be trained to assess patient health data, assisting doctors in making an early and precise cancer diagnosis. Rising healthcare spending by governments worldwide is anticipated to accelerate market expansion greatly. For instance, the Australian government's healthcare spending grew from USD 94.5 billion in 2020-21 to USD 98.3 billion in 2021-22. To deliver a better result, it is projected that this rise in healthcare spending would accelerate the implementation of digital technologies in hospitals and healthcare facilities.

Market Segmentation

The global AI In Oncology For Analytical Solutions market can be categorized into segments: Component, Cancer Type, and Region. Based on Components, the market can be categorized into Data Licensing Services and Software Solutions. Furthermore, based on Cancer Type, the market can be further segmented into Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Kidney Cancer, Non-Hodgkin Lymphoma, and Bladder Cancer. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Component

Software Solutions to Accommodate Largest Market Share Owing to Rising Number of Product Launches

The software solutions segment will dominate the global AI In Oncology For Analytical Solutions market during the forecast period. Prominent organizations implement new product launches, acquisitions, mergers, collaborations, and partnerships to maintain a competitive edge. Furthermore, in recent years, there has been significant growth in the use of AI in radiographic imaging for the early identification and diagnosis of breast cancer. Regulatory organizations have also approved various AI, and machine learning (ML) based medical devices for breast cancer diagnostics, contributing to the market expansion. Data licensing services will grow with the fastest-growing CAGR during the forecast period. Companies can utilize data licensing to gain access to and use data to develop and train artificial intelligence models. Given the expanding use of artificial intelligence in healthcare, particularly oncology, there is a greater need for high-quality data to train AI algorithms. Medical photographs, patient records, and other healthcare-related information are included in this data.

Based on Cancer Type

Breast Cancer to Occupy Largest Revenue Due to Various Significant Functionalities such as Early and Accurate Diagnosis

The breast cancer segment is expected to accommodate the largest market share for the global AI In Oncology For Analytical Solutions market. AI-based medical equipment and software for early detection and accurate diagnosis can greatly enhance patient outcomes. As a result, there has been a growth in the use of AI in breast cancer diagnosis, with various artificial intelligence/machine learning-based software solutions provided by various important providers. Furthermore, increased research initiatives have been for using AI in breast cancer chemotherapy, individualized medicine, and even predicting disease recurrence. Using artificial intelligence in breast cancer treatment can lead to fewer side effects, better treatment outcomes, and better patient experiences. Bladder cancer is expected to grow with the fastest-growing CAGR during the forecast period. The category is predicted to develop due to variables such as alcohol intake, poor diet, tobacco use, and lack of physical activity, all of which raise cancer risk. Furthermore, the availability of numerous AI-based models for diagnosing and treating certain types of cancer, such as clinical, imaging, and combined data models, is projected to drive growth.

Based on Region

North America to Lead Global Sales Owing to a Large Digital Infrastructure

The global AI In Oncology For Analytical Solutions market is expected to be dominated by the region of North America during the forecast period. The expansion is linked to elements including the availability of internet infrastructure and supportive governmental policy. Due to increased government reimbursements, oncology services will likely become more popular in the area. Furthermore, the governments in the area are spending more on digital healthcare, which is anticipated to improve the IT infrastructure required to give patients access to AI solutions. For example, a study by the Lancet Digital Health found that utilizing AI for screening may avoid 7,194 cases of colorectal cancer and 2,089 deaths associated to colorectal cancer yearly, as well as save USD 290 million annually, assuming 60% of the US population underwent screening colonoscopies.

The Asia Pacific will grow with the fastest-growing CAGR during the forecast period. Several factors can be credited for this growth, including the rising older population in nations like India and Japan and the expanding use of digital technologies in hospitals and diagnostic centers. The launch of an AI-assisted colorectal screening by Singapore's Farrer Park Hospital in June 2022 is a recent illustration of this trend. The monitoring, detection, screening, and categorization of colorectal polyps and cancer are all improved by this service's usage of AI techniques. The AI technology warns physicians about suspected polyps and lesions in real-time, enhancing patient outcomes.

Competitive Landscape

Prominent organizations implement new product launches, acquisitions, mergers, collaborations, and partnerships to maintain a competitive edge. Furthermore, in recent years, there has been significant growth in the use of AI in radiographic imaging for the early identification and diagnosis of breast cancer. Regulatory organizations have also approved various AI, and machine learning (ML) based medical devices for breast cancer diagnostics, contributing to the market expansion.

The key players in the global AI In Oncology For Analytical Solutions market include - Azra AI (U.S.), International Business Machine (U.S.), Siemens Healthineers (Germany), Intel Corp. (U.S.), GE Healthcare (U.S.), NVIDIA (U.S.), Digital Diagnostics Inc. (U.S.), Concert.AI (U.S.), Median Technologies (France), Path AI (U.S.) among others.

Recent Market Developments

· November 2022: Flatiron Health collaborated with Caris Life Sciences (Caris), a premier molecular science and technology business. By integrating OncoEMR platform, a prominent cloud-based electronic medical record (EMR) solution, the business hoped to increase access to precision medicine at the point of care with seamless ordering and receipt of Caris molecular profiling.

· August 2022: In India, Medtronic plc introduced the GI GeniusTM intelligent endoscopic module. It uses artificial intelligence to aid healthcare practitioners in diagnosing colorectal cancer during colonoscopy.

· September 2021: Owkin, Inc., in partnership with Cleveland Clinic researchers, announced the development of a deep-learning model that predicts hepatocellular carcinoma survival and health outcomes.

Segmentation of the Global AI In Oncology For Analytical Solutions Market