AI in Oncology Market: Global analysis and forecast for 2024-2030

AI in Oncology Market Overview:

AI in Oncology refers to the application of artificial intelligence technologies to the field of cancer care and research. This includes using machine learning, data analytics, and other AI techniques to enhance various aspects of oncology.

 

The AI in the oncology market is rapidly evolving, driven by advancements in predictive analytics, multi-omics integration, and robotic surgery. Predictive analytics utilize AI to analyze patient data and forecast treatment responses, enabling more personalized and effective therapies. Multi-omics integration combines various data types, such as genomics and proteomics, enhancing precision in targeted treatments. Key players like Tempus and Foundation Medicine are at the forefront, offering advanced solutions that drive market growth. AI-driven robotic systems have significantly improved surgical precision and reduced recovery times, with notable adoption in Europe. Automation in labs, exemplified by Roche’s solutions, enhances efficiency and accuracy in diagnostics. Real-time monitoring and adherence tracking are transforming treatment management, with companies like iRhythm Technologies leading in wearable technology.

 

However, the market faces challenges, particularly with AI model interpretability and transparency, crucial for clinical trust and adoption. Breast cancer currently dominates market revenue, while prostate cancer shows the highest growth potential. North America leads the market due to strong infrastructure and support, while Asia Pacific is expected to grow significantly due to demographic and digitalization trends.

 

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AI in Oncology Market Trend:

AI enhances oncology with predictive and multi-omics

AI is revolutionizing personalized treatment plans in oncology through predictive analytics and multi-omics integration. Predictive analytics leverage AI to analyze patient data, including genetic profiles, to forecast treatment responses, leading to more tailored and effective therapies. Multi-omics integration combines genomics, transcriptomics, proteomics, and metabolomics data, offering a broad molecular view of cancer, and strengthening the precision of targeted therapies. This approach drives notable market growth by improving patient outcomes and optimizing treatment strategies. In the US AI in Oncology Market, these advancements are accelerating the adoption of precision medicine, increasing demand for AI-driven solutions. Companies like Tempus and Foundation Medicine are leading this shift.

 

• Tempus uses AI to analyze clinical and molecular data for personalized treatment recommendations, while Foundation Medicine integrates multi-omics data to provide detailed tumor profiling and targeted therapy options. Both are pivotal in advancing personalized oncology care.

AI in Oncology Market Dynamics:

AI in Oncology Market Driver:

Robotic surgery and Automation

AI-driven robotic systems in oncology have significantly enhanced surgical precision, leading to improved patient outcomes and reduced recovery times. In 2023, this technology saw substantial adoption in Europe and especially in the UK AI in Oncology Market. The use of the Da Vinci Surgical System, a leading robotic surgery platform, became more prevalent in European hospitals, such as the Royal Marsden in the UK, which reported intensified surgical precision and faster patient recovery through its use. Automation in laboratories and clinical workflows is also transforming oncology care. In Europe, the integration of AI-powered automation in labs has streamlined processes like tissue analysis and biomarker testing. The implementation of Roche’s Lab Automation Solutions has increased efficiency and accuracy in cancer diagnostics by automating repetitive tasks and controlling large volumes of data.

 

In the UK, the use of AI-driven robotic systems and automation is expected to grow, with hospitals investing in modern technologies to improve surgical outcomes and patient management. These innovations are transforming oncology care by making surgeries less invasive, minimizing human error, and enabling more precise treatment plans.

AI in Oncology Market Opportunity:

Treatment Monitoring and Management

AI-driven real-time monitoring and adherence tracking are revolutionizing treatment management in oncology. Real-time monitoring utilizes wearable devices and sensors to continuously collect health data from patients. This allows healthcare providers to track vital signs, detect anomalies, and adjust treatment plans promptly, improving patient outcomes and reducing hospitalizations. The ability to monitor patients remotely also enhances the efficiency of care delivery and resource management. Adherence monitoring tools, powered by AI, help ensure patients follow their treatment regimens by tracking medication usage and sending reminders.

 

This reduces the risk of non-compliance, which can lead to treatment failures and increased healthcare costs. These technologies enhance patient care and operational efficiency, driving growth in the digital health and oncology sectors. They attract investment and innovation, leading to better patient outcomes and more personalized treatment approaches.

 

• iRhythm Technologies specializes in wearable ECG monitors that use AI to detect arrhythmias and other cardiac issues, contributing to proactive patient management in oncology patients with cardiac concerns.

AI in Oncology Market Challenge:

Interpretability and Transparency Challenge

AI models, especially deep learning systems, often operate as "black boxes," where the decision-making process is opaque, making it challenging to understand how conclusions are reached. This lack of interpretability and transparency is a significant hurdle in clinical settings, where trust and clarity are crucial for adoption and effective use. Clinicians need to understand AI's rationale to trust and integrate these tools into their practices, ensuring they complement rather than undermine clinical judgment.

 

For instance, in oncology, an AI model predicting tumor progression must provide clear reasoning to justify its recommendations, enabling clinicians to make informed decisions. Similarly, AI-driven diagnostic tools must offer transparency to gain regulatory approval and clinical acceptance. Without improved interpretability, these systems may face resistance from healthcare providers, impacting their market uptake and limiting their potential benefits.

AI in Oncology Market Segments:

By Cancer Type: Breast cancer held the largest revenue share among all cancer types in 2023. The increasing prevalence of breast cancer in the population is the cause of the dominance of this sector. The American Society of Clinical Oncology announced in 2020 that around 2,261,419 new cancer cases were diagnosed globally, with a majority seen in the U.S., where an estimated 297,790 new cases of breast cancer are expected in 2023. The rising number of instances in the population is increasing the need for the implementation of more advanced technological products in the marketplace, consequently boosting market growth.

 

The prostate cancer sector is expected to have the highest CAGR of 27.99% in the projected period. Prostate cancer affects around 12% of men in the United States, according to the CDC. Moreover, the National Cancer Institute also stated that approximately 288,300 new cases of prostate cancer were diagnosed in 2023, contributing to the growth of the sector. Moreover, companies are expanding their range of products and services through the introduction of new offerings. In January 2024, Quibim increased its selection of AI-driven prostate cancer solutions by introducing QP-Prostate, an AI-enabled detection tool. The tool reduces processing time while improving accuracy and quality.

AI in Oncology Market Regional Insights:

North America is expected to dominate the global AI in oncology market, capturing a significant share of XX% during the forecast period. The region's strong performance is driven by advanced digital infrastructure, substantial government support, and favorable reimbursement policies. In the United States, the market benefits from extensive investment in healthcare technology and research, along with robust federal and state-level initiatives promoting AI integration in oncology. Similarly, Canada's supportive government policies and investment in healthcare innovation contribute to market growth. Rising reimbursements for AI-driven oncology services are anticipated to further accelerate the adoption of AI technologies in the treatment and management of cancer. These factors collectively foster a conducive environment for the expansion of AI applications in oncology across North America.

 

Asia Pacific AI in oncology market is projected with a revenue share of XX.X% in 2030. Factors such as the growing geriatric population in countries like Japan and India, along with increased digitalization in hospitals and diagnostic facilities, are believed to be key drivers for growth within this region.

 

AI in Oncology Market Competitive Landscape:

Azra AI specializes in AI-driven solutions for oncology, focusing on enhancing imaging and diagnostic precision through advanced machine learning algorithms. Their portfolio includes tools that assist radiologists in detecting and diagnosing cancer with higher accuracy. Azra AI has seen significant growth in partnerships with medical institutions and is recognized for its innovative approach to personalized cancer treatment.

 

IBM offers a broader range of AI solutions within oncology through its Watson Health platform. IBM's business portfolio includes AI for clinical decision support, drug discovery, and patient management. Financially, IBM is a major player with substantial resources, leveraging its cloud infrastructure and extensive data analytics capabilities. Strategically, IBM integrates AI with its existing healthcare technologies to improve patient outcomes and streamline operations. Recent developments include enhanced AI capabilities for predictive analytics and collaborations with research institutions to advance cancer treatment.

 

Recent Development:

• In 2023, Digital Diagnostics.Inc focused on developing AI platforms for more accurate and efficient cancer diagnosis. They released updates to their AI algorithms aimed at improving early detection and risk assessment. Digital Diagnostics expanded its services to include more comprehensive oncology diagnostic solutions, integrating AI into various stages of patient care.
• In 2023, ConcertAI introduced new AI tools designed for personalized oncology treatment planning. Their solutions focus on leveraging AI to tailor treatment strategies based on individual patient data.

 

AI in Oncology Market Scope Table

AI in Oncology Market
Market Size in 2023	USD 2.46 billion.
Market Size in 2030	USD 5.56 billion.
CAGR (2024-2030)	12.35%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segments	By Component Software Solutions Hardware Services
	By Cancer Type Breast Cancer Lung Cancer Prostate Cancer Colorectal Cancer Brain Tumor Others
	By Application Diagnostics Radiation Therapy Research & Development Chemotherapy Immunotherapy
	By End User Surgical Centers and Medical Institutes Hospitals Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

AI in Oncology Market Key Players:

• Azra AI

• IBM
• Siemens Healthcare GmbH
• Intel Corporation
• GE HealthCare
• NVIDIA Corporation
• Digital Diagnostics Inc.
• ConcertAI
• Median Technologies
• PathAI