Artificial Intelligence (AI) In Oncology Market Size, Share, Opportunities, And Trends By Component Type (Software Solutions, Hardware, Services), By Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Others), By Treatment Type (Chemotherapy, Radiotherapy, Immunotherapy, Others), And By Geography - Forecasts From 2024 To 2029

Artificial Intelligence (AI) in Oncology Market Size:

The Artificial Intelligence (AI) in oncology market is expected to grow at a CAGR of 35.43%, reaching a market size of US$8.944 billion in 2029 from US$1.963 billion in 2024.

The oncology discipline has seen tremendous breakthroughs with the help of artificial intelligence (AI). Multiple advantages of AI are driving its increased adoption in cancer studies, thereby propelling AI in the oncology market. Moreover, the growing prevalence of cancer cases coupled with an aging population and their higher risk of cancer is also expected to boost this market. Additionally, market players' research initiatives and funds for AI incorporation and product launches are further aiding AI in the oncology market.

Additionally, growing product approval of medical devices linked to AI is projected to accelerate market expansion. For instance, the U.S. FDA-approved DermaSensor is the first AI medical device to detect skin cancer as of January 2024.

Future applications of AI in cancer care would hold revolutionary promise and include precision medicine, early detection, and individually designed treatment regimens. This can completely change cancer diagnosis and treatment, as AI can spot minute patterns when viewing complex dataset moats and giving real-time insights. With such a new epoch, better patient outcomes and healthcare delivery would emerge.

Artificial Intelligence (AI) in Oncology Market Growth Drivers:

• Advantages of AI in Oncology is contributing to its market growth

A major growth driver of AI in the oncology market is the many benefits of including AI in cancer studies. For instance, AI algorithms can scan mammograms, CT scans, or MRI images for early symptoms of cancer. This area is where algorithms frequently identify patterns and outliers that human radiologists may not see or even miss, thus leading to earlier diagnosis and possibly better outcomes. For oncologists, AI would peruse everything, from patient data and medical history to clinical guidelines, in support of the design of a treatment plan.

Based on factors such as the size, site, and character of patients, AI-based algorithms would be capable of recommending optimum pathways in treatment. AI models, if needed, can further analyze data from patient clinical records and treatment histories to predict the development of an illness, treatment response, and prognosis.

• Increasing Incidence of Cancer Cases is contributing to Artificial Intelligence (AI) in oncology market growth

The continually spreading cancer and the severe call for its treatment and early diagnosis can grow the market of AI in oncology. For instance, WHO estimated that there were about 20 million new cases of cancer and 9.7 million cancer deaths in 2022.

The rate estimated that from every 5 people, one suffers from cancer throughout his life. Cancer claims the lives of more than 1 in 9 males and 1 in 12 females worldwide. Besides this, WHO also mentioned that many cancers are curable if treated early and properly. Considering AI may facilitate early detection and better outcomes, increasing cases translate to higher utilization of AI in oncology.

• Increased Research and Funding Initiatives is anticipated to propel the market share

There are several prospects for using AI due to funded research aiding AI in the oncology market. For example, AI capabilities are being used by the NCI's intramural research program to enhance prostate and cervical cancer screening. In collaboration with the Department of Energy (DOE), the Cancer Moonshot financed two significant initiatives that use supercomputing skills and capacity for cancer research with the program's relaunch in 2022.

• Aging Population will grow the demand during the forecast period

Living with cancer becomes more difficult as people get older. Since the early symptoms of cancer may be considered confusing or familiar pains of old age, many of the cancers in the elderly are diagnosed at a later age. According to WHO, more people are above 60 years old than those less than five years of age, and the percentage of the world population above 60 years is going to increase by 12% between 2015 and 2050. AI helps to analyze images and facilitates early cancer detection, which may help oncologists treat cancer better.

Artificial Intelligence (AI) in Oncology Market Restraints:

• High investment costs are anticipated to hamper the market growth

Even though advances in technology have made AI more accessible, it still costs a lot of money to develop complex AI algorithms and solutions that are tailored for precision oncology and medical imaging analysis applications. Hardware, analytical software tools, neural network development, data storage infrastructure, and the recruitment of skilled oncologists and data scientists all require substantial financial resources. Costs are also associated with accessing large annotated medical imaging datasets. These high capital needs are problematic, particularly for startups and smaller businesses. The inability of many startups to raise capital may limit market expansion.

Artificial Intelligence (AI) in Oncology Market Geographical Outlook:

• North America is witnessing exponential growth during the forecast period

The North American region is expected to hold a significant share of AI in the oncology market during the forecasted period. The launch of AI for oncology has reduced overall cancer treatment costs without affecting the quality of treatment, which is anticipated to positively impact the North American market. Various factors attributed to this growth are rising cancer cases, an aging population, a strong healthcare presence, and the adoption of AI. For example, cancer is the second-most leading cause of death in the US, as per the American Cancer Society, with around 1.9 million cases in 2022 and 6,09,360 cancer deaths in the country. As per the same source, the fastest-growing age group in the US is adults over 85. Moreover, major market players such as Azra AI, IBM, and Intel Corporation are further expected to propel AI in the oncology market through technological advancements.

Recent Developments in the Artificial Intelligence (AI) in Oncology Market:

• In January 2024, Apollo Cancer Centre launched India's first AI Precision Oncology Centre. The center will lead oncologists, patients, and caregivers toward the best possible time-bound results by envisaging gigantic possibilities with AI.
• In June 2023, Tempus released Tempus One, a voice-and-text virtual assistant that helps oncologists access patient information more easily.
• In May 2023, Belong. Life launched an Oncology AI mentor named Dave, a first-of-its-kind talking and teaching cancer patients on their journey inside clinics. In May 2023, Dave was piloted among 10,000 suffering from cancer.

Artificial Intelligence (AI) in Oncology Market Scope:

Report Metric	Details
AI in Oncology Market Size in 2024	US$1.963 billion
AI in Oncology Market Size in 2029	US$8.944 billion
Growth Rate	CAGR of 35.43%
Study Period	2019 to 2029
Historical Data	2019 to 2022
Base Year	2024
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Billion
Segmentation	Component Type Cancer Type Treatment Type Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in AI in Oncology Market	Azra AI IBM Siemens Healthcare GmbH Intel Corporation GE HealthCare
Customization Scope	Free report customization with purchase

 

The artificial intelligence (AI) in oncology market is segmented and analyzed as follows:

• By Component Type
  • Software Solutions
  • Hardware
  • Services
• By Cancer Type
  • Breast Cancer
  • Lung Cancer
  • Prostate Cancer
  • Colorectal Cancer
  • Brain Tumor
  • Others
• By Treatment Type
  • Chemotherapy
  • Radiotherapy
  • Immunotherapy
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. CXO Perspective

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. ARTIFICIAL INTELLIGENCE (AI) IN ONCOLOGY MARKET BY COMPONENT TYPE 

5.1. Introduction

5.2. Software Solutions

5.3. Hardware

5.4. Services

6. ARTIFICIAL INTELLIGENCE (AI) IN ONCOLOGY MARKET BY CANCER TYPE

6.1. Introduction

6.2. Breast Cancer

6.3. Lung Cancer

6.4. Prostate Cancer

6.5. Colorectal Cancer

6.6. Brain Tumor

6.7. Others

7. ARTIFICIAL INTELLIGENCE (AI) IN ONCOLOGY MARKET BY TREATMENT TYPE

7.1. Introduction

7.2. Chemotherapy

7.3. Radiotherapy

7.4. Immunotherapy

7.5. Others

8. ARTIFICIAL INTELLIGENCE (AI) IN ONCOLOGY MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. By Component Type 

8.2.2. By Cancer Type

8.2.3. By Treatment Type 

8.2.4. By Country

8.2.4.1. USA

8.2.4.2. Canada

8.2.4.3. Mexico

8.3. South America

8.3.1. By Component Type 

8.3.2. By Cancer Type

8.3.3. By Treatment Type 

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.2. Argentina

8.3.4.3. Others

8.4. Europe

8.4.1. By Component Type 

8.4.2. By Cancer Type

8.4.3. By Treatment Type 

8.4.4. By Country

8.4.4.1. United Kingdom

8.4.4.2. Germany

8.4.4.3. France

8.4.4.4. Spain

8.4.4.5. Others

8.5. Middle East and Africa

8.5.1. By Component Type 

8.5.2. By Cancer Type

8.5.3. By Treatment Type 

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.2. UAE

8.5.4.3. Israel

8.5.4.4. Others

8.6. Asia Pacific

8.6.1. By Component Type 

8.6.2. By Cancer Type

8.6.3. By Treatment Type 

8.6.4. By Country

8.6.4.1. Japan

8.6.4.2. China

8.6.4.3. India

8.6.4.4. South Korea

8.6.4.5. Indonesia

8.6.4.6. Thailand

8.6.4.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Azra AI

10.2. IBM

10.3. Siemens Healthcare GmbH

10.4. Intel Corporation

10.5. GE HealthCare

10.6. NVIDIA Corporation

10.7. Digital Diagnostics Inc.

10.8. ConcertAI

10.9. Median Technologies

10.10. PathAI

Azra AI

IBM

Siemens Healthcare GmbH

Intel Corporation

GE HealthCare

NVIDIA Corporation

Digital Diagnostics Inc.

ConcertAI

Median Technologies

PathAI