AI In Oncology Market by Component, Cancer Type, Treatment Type, and by Region

The AI in oncology market size is estimated to be USD 591.5 million in 2022 and is expected to witness a CAGR of 37.89% during the forecast period 2023-2033. Rising healthcare infrastructure advancements, surge in cancer patients around the world, scarcity of healthcare workforce and growing cancer prevalence are factors contributing to the market growth. Furthermore, rising investments by major countries is expected to support the market growth. However, privacy and data security issues is expected to hinder the growth.

Scarcity of healthcare workforce is predicted to spur the market growth. There is a significant scarcity of healthcare workers in hospital settings, including nurses and doctors, which is expected to increase the need for the technology. By 2030, healthcare facilities are predicted to lack 15 million healthcare professionals, according to predictions by WHO. AI is expected to be essential in the diagnosis and treatment of patients due to the shortage of these personnel. AI is expected to be important in the diagnosis and treatment of patients due to the scarcity of these professionals.

Rising investments by major countries is projected to propel the market growth. It is anticipated that the growing number of countries investing extensively in AI-related research, including the United States, China, Israel, the United Kingdom, Finland, and Germany, will have a considerable impact on the adoption of this technology. The expansion of venture capitalist funding in these countries is predicted to further accelerate market expansion. For instance, in 2020, investment for the top 50 companies working on AI-related healthcare research had already surpassed USD 8.5 billion.

Segmentation

By Component

The market is categorized into hardware, software solutions, and services. In 2022, the software solutions segment accounted for the highest revenue share due to the large number of major players, including AZRA AI, are providing their software to manage and interpret unstructured data and identify the oncology patients who need to be treated and given follow-up care. The software contributes to higher productivity, better workflow, and improved efficiency. The presence of numerous applications, including radiation oncology, diagnostic imaging, and interventional radiology, is expected to fuel expansion in this market. The segment is also predicted to have a lucrative increase over the course of the projection year owing to growing entrepreneurial companies that offer advanced solutions for treating and precisely predicting cancer. For instance, Concr, a company based in the United Kingdom, provides a software platform that uses a machine learning technique to predict tumour growth.

By Cancer Type

The market is categorized into prostate cancer, breast cancer, brain tumor, lung cancer, colorectal cancer, and others. In the global market, the others segment accounted for the largest revenue share in 2022. Bladder cancer, cervical cancer, liver cancer, skin cancer, and uterine cancer are all included in the others segment. The risk of developing cancers is increased by factors including drinking excessive alcohol, eating improperly, smoking, and engaging in lesser physical activities. It is projected that this will increase demand for oncology treatments. Additionally, it is projected that the availability of various AI-based models to identify and treat these tumors, including clinical models, imaging models, and integrated data models, will propel market expansion. For instance, in 2021, researchers at the Cleveland Clinic developed a deep learning model that assisted in predicting survival and health outcomes for hepatocellular carcinoma, a form of liver cancer that produced important outcomes.

By Treatment Type

The market is segmented into radiotherapy, chemotherapy, immunotherapy, and others. In 2022, the chemotherapy segment accounted for the largest revenue share owing to the fact that chemotherapy is a common procedure for cancer treatment, with the American Cancer Society estimating that 60% of patients with Stage 4 bladder cancer receive chemotherapy as part of overall care. For instance, the National University of Singapore and the National University Cancer Institute, Singapore (NCIS) reported positive outcomes when using the CURATE.AI AI platform, which enables clinicians to determine individualised and optimal doses for chemotherapy patients. The market for immunotherapy is expected to grow at the fastest rate, during the projected period. The expansion of the market can be attributed to the rising number of FDA approvals and extensive clinical research demonstrating the efficacy of immunotherapy. Additionally, the use of AI contributes to improving the therapy's precision. For instance, a Sciencedirect article claims that AI aids in the identification of major histocompatibility complex patterns related to immunotherapy response by 91.66%.

Regional Markets

In 2022, North America region accounted for the highest revenue in the AI in oncology market and is expected to maintain its dominance during the forecast period. This is attributed to the availability of digital infrastructure, and favourable government and reimbursement regulations. For instance, the American Society of Clinical Oncology predicts that medical oncology costs would decrease by about 5% in 2022. Additionally, it is anticipated that the region's governments would expand the IT required infrastructure to provide patients with AI solutions by increasing their spending on digital healthcare. Oncology services are expected to become increasingly popular in the region as a result of increasing government reimbursement rates. For instance, Farrer Park Hospital, a private tertiary care facility situated in Singapore, started providing AI-assisted colorectal screening services in June 2022. These services assist in improving the monitoring, diagnosis, screening, and categorization of colorectal polyps and cancer. Asia Pacific region is anticipated to expand during the forecast period. The region's market is expected to increase as a result of factors including the growing elderly population in countries such as Japan and India and increasing usage of digitalization in hospitals and diagnostic facilities.

Competitor Insights

Some of the key players operating in the AI in oncology solutions market are Median Technologies, Azra AI, Intel, GE Healthcare, NVIDIA, Digital Diagnostics Inc., IBM, Concert.AI, Siemens Healthineers, and Path AI.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

For instance, a merger between Imagia Cybernetics, an AI-healthcare provider of oncology solutions, and Canexia Health, an innovation in oncology who streamlines cancer genetic data, was announced.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including component, cancer type, and treatment type from 2023 to 2033.