AI in Oncology Market Report and Forecast 2025-2034

The global AI in oncology market was valued at USD 3.61 Billion in 2024, driven by the increasing prevalence of cancer across the globe. The market is anticipated to grow at a CAGR of 28.92% during the forecast period of 2025-2034, with the values likely to reach USD 45.78 Billion by 2034.

AI in Oncology Market Overview

Artificial intelligence has demonstrated potential in oncology by enabling early cancer detection and identifying effective treatments. AI improves precision and speed in detecting cancer, decreasing death rates for prevalent tumors. Healthcare providers are incorporating AI tools to pinpoint impacted patients and deliver prompt care. The growing research funding and the increasing need for advanced diagnostics are fueling the expansion of the AI in oncology market. It is anticipated to maintain steady growth throughout the projected period.

AI in Oncology Market Growth Drivers

Increasing Prevalence of Cancer to Augment Market Demand

The increase in cancer incidences globally, such as in lung, breast, prostate, skin, and leukemia cases, is poised to fuel the demand for artificial intelligence in the oncology market. According to the World Health Organization's estimation in 2022, around 20 million people were diagnosed with cancer. AI tools aid in examining data to enhance diagnosis, medical care, and lower healthcare expenses.

Improvement in Early Cancer Detection Capabilities Likely to Drive Market Growth

The AI market in oncology is expanding because of improved abilities in detecting cancer at an earlier stage. AIIMS in New Delhi created an artificial intelligence (AI) system for identifying cancer by utilizing deep learning models that were trained on a collection of 500,000 medical images. This technology enhances both the precision of diagnoses and the speed of the process, bolstering market growth.

AI in Oncology Market Trends

The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:

Increasing Adoption of AI Technologies for Oncology Diagnostics

The use of AI in oncology is a significant market trend, with AI tools quickly being utilized for cancer diagnosis. AI applications approved by the FDA, especially in radiology and pathology, are transitioning from theoretical to practical implementation in clinical settings.

Partnerships with Tech Giants

Healthcare and technology firms are increasingly engaging in collaborative initiatives, as demonstrated by the alliance between Apollo Radiology International and Google. These partnerships aim to enhance early cancer detection by merging data analysis and machine learning. This pattern shows an increasing focus on working across different disciplines to tackle cancer care challenges.

Advancements in Precision Medicine

The integration of AI in oncology is advancing personalized treatment in precision medicine by incorporating unique genetic and environmental factors, leading to a significant rise in this market trend.

Real-Time Monitoring

AI in oncology is increasingly leveraging real-time monitoring and wearables to enhance patient care. These technologies enable continuous data collection, allowing for personalized treatment adjustments and early detection of complications. Wearables, integrated with AI, provide real-time insights into patient health, improving clinical decision-making and treatment outcomes.

AI in Oncology Market Segmentation

The market report offers a detailed analysis of the market based on the following segments:

Market Breakup by Component:

• Hardware
• Software
• Services

Market Breakup by Cancer Type:

• Breast Cancer
• Colorectal Cancer
• Lung Cancer
• Brain Tumor
• Prostate Cancer
• Others

Market Breakup by Application:

• Cancer Detection
• Drug Discovery
• Drug Development
• Others

Market Breakup by Treatment:

• Chemotherapy
• Immunotherapy
• Radiotherapy
• Others

Market Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

AI in Oncology Market Share

Segmentation Based on Component to Witness Substantial Growth

Based on the components, the market is segmented into hardware, software, and services, with the hardware segment expected to dominate the market. Sophisticated equipment such as high-performance computing systems and graphical processing units speed up data and algorithm processing, accelerating AI analysis in healthcare. TPUs and FPGAs speed up the training of models. Energy-efficient chips facilitate affordable integration of artificial intelligence in cancer treatment, accelerating market expansion.

AI in Oncology Market Analysis by Region

Based on the region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East/Africa. North America is expected to dominate the market share, which can be attributed to its advanced healthcare system, high cancer rates, and focus on technological innovation. In the healthcare sector, this regional market is at the forefront of implementing AI, as companies and research institutions are propelling rapid progress in the field of oncology.

Leading Players in the AI in Oncology Market

The key features of the market report comprise patent analysis, grants analysis, funding and investment analysis and strategic initiatives by the leading players. The major companies in the market are as follows:

GE HealthCare

GE Healthcare Technologies, Inc. is a US-based multinational medical technology company based in Chicago, Illinois. In November 2023, they introduced MyBreastAI suite, which incorporates three AI applications from iCAD software to assist in breast cancer detection and workflows.

NVIDIA Corporation

In January 2024, NVIDIA teamed up with DeepCell to enhance cell morphology and harness generative AI in cell biology in cancer, stem cell research, gene therapy, and cell therapy. This partnership enabled the company to utilize cutting-edge technology, leading to an enhancement of its capabilities in medical research and innovation.

ConcertAI LLC

ConcertAI acquired CancerLinQ from ASCO in December 2023, as the American Society of Clinical Oncology (ASCO) entered into a cooperation agreement with CancerLinQ. The goal of the collaboration is to improve cancer care and research by utilizing real-world data, artificial intelligence, and advanced technologies to further CancerLinQ's initial objectives.

PathAI

In January 2024, PathAI introduced six additional oncology uses for PathExploreTM, the initial platform to analyze the tumor microenvironment based on H&E-stained whole slide images (WSIs). This expansion provides researchers and clinicians with a more in-depth understanding of different types of cancer.

Other key players in the market include Azra AI, IBM Corporation, Siemens Healthineers AG, Intel Corporation, Digital Diagnostics Inc., Median Technologies, and Medtronic plc.

Key Questions Answered in the AI in Oncology Market Report

• What was the AI in oncology market value in 2024?
• What is the AI in oncology market forecast outlook for 2025-2034?
• What are the regional markets covered in the report?
• What is the market segmentation based on the component?
• What is the market segmentation based on the cancer type?
• What is the market breakup based on the application?
• What is the market breakup based on the treatment?
• What are the major factors aiding the AI in oncology market demand?
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints?
• What are the major trends influencing the market?
• Which regional market is expected to dominate the market share in the forecast period?
• Which country is likely to experience elevated growth during the forecast period?
• Who are the key players involved in the AI in oncology market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?

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