AI in Oncology Market Revenue to Cross USD 9.1 Billion by 2035 | Roots Analysis

Published: February 2024

According to a recently published report by Roots Analysis, the growing preferences of advanced analytical tools for cancer diagnosis is driving AI in the oncology market.

Global AI in Oncology Market Overview

The global AI in oncology market is anticipated to grow at a CAGR of 21.4% from 2023-2035, reaching USD 9.1 billion by 2035.

Artificial intelligence includes computers and machine learning algorithms to mimic the decision-making and problem-solving capabilities of the human. In recent years, artificial intelligence has gained significant traction owing to its ability to detect cancer at an early stage. Cancer has been considered one of the leading causes of death, and according to the report of the International Agency for Cancer Research, by 2030, it is estimated that there will be a rise of 72% in cancer-related deaths across the globe. Early screening of cancer using artificial intelligence based tools can help to reduce the mortality rate. Owing to the significance of AI-driven tools, several researchers have begun to leverage AI technology for the early identification of cancer, enabling healthcare experts to provide the right treatment on time to treat patients. The increasing popularity of AI in oncological studies has significantly raised the demand for AI-driven software solutions for the treatment of various forms of oncological indications. Ongoing advancements in the oncology field and the rising adoption of AI for detailed analysis of cancer are anticipated to drive the market during the forecast period.

The 220 pages report contain detailed Table of Content on “AI in Oncology Market” Type of Cancer, End-user and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035” here:

Market Drivers

AI in the oncology market is likely to be propelled by the growing prevalence of oncological disorders globally. Further, the growing adoption of personalized treatment has increased the demand for early detection software, which is estimated to raise the requirement of artificial intelligence to enhance patient outcomes. Artificial intelligence technology has the potential to identify anomalies that further contribute to real-time diagnosing of cancer. Owing to its ability to analyze huge amounts of data in real-time, several healthcare experts have begun to leverage advanced technology for early diagnosis of cancer, which is anticipated to drive the market during the forecast period.

Market Restraints

Artificial intelligence relies heavily on datasets collected from different sources, including patient information. The security and privacy of patient data are significant concerns while transferring data from one system to another through Internet networks. Moreover, the lack of awareness about AI application in the oncology field and healthcare sector limits the adoption of artificial technology for diagnosing and treatment. The management of enormous amounts of data through deep learning technology can be challenging. Furthermore, the shortage of skilled healthcare professionals for the operation of AI systems is further restricting the growth of AI in oncology market.

Growth Factors

AI in the oncology market continues to grow due to increasing research on artificial intelligence-based tools for early screening of cancer. Additionally, regulatory authorities such as the FDA provide flexibility to utilize artificial intelligence in cancer studies and treatment. Several market players collaborate and enter into partnership deals to increase the development of artificial intelligence software solutions and integrate these tools into the oncology field. The growing adoption of artificial intelligence in oncological studies also becomes a primitive growth factor that drives the market during the forecast period.

AI in Oncology Market Segments

Based on the type of cancer, the AI in the oncology market is segmented into solid malignancies, breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and others.

  • Based on the type of cancer, the AI in oncology market is dominated by solid malignancies, capturing 33.8% of the overall market share by 2035.
  • Breast cancer will grow during the forecast period at a higher compounded annual growth rate (CAGR) of 21.36%.

Based on the type of end-user, AI in the oncology Market is segmented into hospitals, pharmaceutical companies, research institutes, and others.

  • Based on the type of end-user, AI in oncology market is dominated by hospitals, capturing 50% of the overall market share by 2035.
  • Research institutes will grow during the forecast period at a higher compounded annual growth rate (CAGR) of 21.36%.

Based on the key geographical region, the AI in Oncology Market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.

  • Among various geographical regions, Europe is poised to hold a significant share (33%) by 2035.
  • In Europe, the AI in oncology market will grow at a compounded annual growth rate of 22.2% during the forecast period.

Key Companies Profiled

The AI in oncology market report also includes detailed profiles of key players (listed below) that offer AI-based solutions and services for oncology treatment.

  • Berg
  • CancerCenter.AI
  • Concert AI
  • GE Healthcare
  • IBM Watson Health
  • iCAD
  • JLK Inspection
  • Median Technologies
  • Path AI
  • Roche Diagnostics

You Can Download Free Sample PDF Copy of This Report At:

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