Global Artificial Intelligence in Oncology Market Is Estimated To Witness High Growth Owing To Increasing Demand For Personalized Medicine

The Global Artificial Intelligence in Oncology Market is estimated to be valued at US$ 9164.2 Mn in 2030 and is expected to exhibit a CAGR of 33.7% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights’ The Global Artificial Intelligence in Oncology Market is witnessing significant growth owing to increasing demand for personalized cancer diagnosis and treatment.

Artificial intelligence helps in analyzing abundant medical data for offering tailored healthcare solutions. Additionally, rising cases of cancer worldwide along with growing acceptance of AI-powered tools among medical practitioners for improving clinical outcomes is fueling the market growth. As per WHO, cancer burden is expected to reach 29.5 Mn new cases by 2040 from 19.3 Mn in 2020. However, high costs associated with AI implementation and lack of skilled workforce may hamper the market growth.

Key Market Trends: Deep Learning Segment is anticipated to Witness Lucrative Growth: Deep learning is extensively used for medical image analysis such as CT scans which aids in tumor identification and classification. Recent researches have shown promising results with deep learning models achieving more than human-level accuracy in detecting breast cancer. Multimodal deep learning algorithms integrate imaging with molecular and clinical data for advancing precision oncology. For instance, AiCure’s FDA-cleared system utilizes deep learning for medication adherence monitoring and coordinating cancer treatment regimen.

Rising Adoption of Computational Simulation Tools: Computational simulation allows researchers to gain insights into complex interactions between cancer and immune system. Machine learning tools are being employed for understanding how tumor cells evade immune surveillance. Systems pharmacology platforms developed by companies such as Domainex use multiscale modeling for accelerating oncology drug discovery. Therapy Design & Development segment of computational tools market is estimated to expand significantly owing to their ability to predict drug efficacy and toxicity beforehand, thus minimizing costly clinical trial failures.

Global Artificial Intelligence in Oncology Market Opportunities: Diagnosis Segment: Artificial intelligence has the potential to transform cancer diagnosis through advanced image analysis and precision pathology techniques. AI algorithms can analyze medical images like CT, MRI, and pathology slides to identify tumors and abnormalities that may be missed by human radiologists. This could allow for earlier and more accurate detection of cancers. AI-powered diagnostic tools are being developed and tested that can analyze thousands of patient scans and biopsies to enhance screening capabilities.

Treatment Planning Segment: Oncology is increasingly becoming a personalized field driven by precision medicine approaches. AI can help deliver more customized cancer treatment plans by analyzing a patient’s genetic profile and vast amounts of historical treatment outcome data. Machine learning models can identify which drug or therapy regimen will work best for each individual patient’s unique type and stage of cancer. AI can also help optimize radiation therapy and determine the most effective dose levels. This personalized precision afforded by AI aims to maximize treatment effectiveness while minimizing side effects.

Key Market Takeaways: The global artificial intelligence in oncology market is anticipated to witness a CAGR of 33.7% during the forecast period 2024-2031, owing to growing investments in AI-based cancer research and rising volume of healthcare data. On the basis of component, the software segment is expected to hold a dominant position, owing to increasing incorporation of AI-powered software in clinical decision support systems, treatment planning, and precision diagnostics.

On the basis of cancer type, breast cancer segment is expected to hold a dominant position over the forecast period, due to increasing adoption of AI for enhanced mammography analysis and genomic profiling of breast tumors. By region, North America is expected to hold a dominant position in the global market over the forecast period, due to rapid technological advancements and significant investments in AI by research institutes and players in the region.

Competitor Insights: Key players operating in the global artificial intelligence in oncology market include Babylon, PathAI, Atomwise, Inc., BERG LLC, BioXcel Therapeutics, BenevolentAI Ltd, among others. These players are focusing on partnerships, collaborations, and mergers and acquisitions to develop new AI-powered oncology solutions and expand their presence in the market.

Recent Developments: In the first half of 2023 alone, cancer AI startups have raised over $2.2 billion across several financing rounds indicating mature interest from VCs. Large pharma firms are also directing greater R&D budgets to develop internal AI/ML capabilities looking to gain competitive advantages. With several AI initiatives showing promise in clinical outcomes and health economics analyses, future spending on cancer AI technologies is projected to continue rising sharply over the next 5 years as these solutions progress through regulatory pipelines and enter clinical adoption worldwide. More information in full report