According to Nova one advisor, the global AI In Cancer Diagnostics market size is expected to hit around USD 1.2 billion by 2030 from valued at USD 93.9 million in 2021 and growing at a CAGR of 28.9% from 2022 to 2030.
According to Nova one advisor, the global AI In Cancer Diagnostics market size is expected to hit around USD 1.2 billion by 2030 from valued at USD 93.9 million in 2021 and growing at a CAGR of 28.9% from 2022 to 2030.
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Key Takeaways:
- By component, in 2021, the software solutions segment held the largest share of over 40.0% due to the launch of innovative solutions that help in the early and accurate diagnosis of the condition
- In 2021, the others cancer type segment held the largest share of over 30.0%. The others segment includes cervical, bladder, liver, uterine, and skin cancer, among others. The higher prevalence of these conditions and the use of AI/ML algorithms for accurate diagnosis are some of the factors driving the segment
- In 2021, the hospitals segment held the largest share of over 55.0% owing to the increasing adoption of AI in order to reduce the diagnosis time
- In 2021, North America held the largest share of over 55.0% due to the availability of advanced healthcare facilities and high healthcare expenditure
Report Scope of the AI In Cancer Diagnostics Market
| Report Coverage | Details |
| Market Size | USD 1.2 Billion by 2030 |
| Growth Rate | CAGR of 28.9% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Component, cancer type, end-user, and Region, |
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Growing prevalence of cancer globally is expected to increase the demand for Artificial Intelligence (AI) in cancer diagnostics, thereby contributing to the market growth. According to data published by the American Cancer Society, 1.9 million new cases of cancer were diagnosed and more than 600,000 deaths occurred in 2021 in the U.S. Furthermore, increased number of hospitals and diagnostics centers incorporating AI/ML models for the early detection of the condition and increased adoption of digitalization at the hospitals are expected to be the key drivers for the market.
Increased demand to accurately and effectively diagnose cancer is expected to further increase the adoption of the technology for diagnosis. For instance, according to an article by the NCBI in April 2022, AI-assisted colonoscopy increased the adenoma detection rate to 29% as compared to conventional colonoscopy, which was about 20%. This is important as 1% increase in adenoma detection rate is associated with 3% decrease in colorectal cancer prevalence. AI allows the integration of a wide variety of streams such as genomics, EHR, radiographic images, pathology, and social networks to predict clinical decisions, which is expected to improve patient outcome.
Moreover, several governments have increased their healthcare IT expenditure, which is expected to improve healthcare infrastructure across different geographies. For instance, the healthcare IT spending of the U.S. government increased from 119.5 billion in 2020 to 176.5 billion in 2021. Increasing initiatives undertaken by the government to increase the adoption of AI-assisted technologies for cancer diagnosis are expected to boost market growth. For instance, NITI Aayog, the public policy think tank of the Indian Government, aims to build an Imaging Biobank in association with the Department of Biotechnology, wherein it will create a database of cancer-related pathology and radiology images of more than 20,000 profiles of patients.
An increasing number of initiatives undertaken by the key players in the market along with the emergence of entrepreneurial startups that develop innovative solutions for AI in diagnostics is expected to drive the market. For instance, Xilis, a North Carolina-based startup, is working on the development of a precision oncology development platform for oncologists that helps to improve care outcomes for patients. Moreover, increased funding for these startups by the public and private players is expected to boost market growth.
Regional Insights
North America dominated the market in 2021 with a share of over 56.0%. The higher prevalence of cancer and the availability of advanced healthcare facilities are some of the key factors that contributed to the market growth. Moreover, rising healthcare expenditure by the governments in the region is expected to boost market growth. For instance, the U.S. healthcare expenditure increased by 9.7% to USD 4.1 trillion in 2020. The presence of key players in the region such as Pfizer and Roche is expected to further boost the market growth in the region.
Asia Pacific is projected to expand at a lucrative CAGR of 30.7% during the forecast period owing to factors such as increasing initiatives undertaken by the governments in the region towards the adoption of AI services in order to improve the health outcomes of the patients. For instance, in June 2020, the Australian government announced a USD 19 million package that supports the development of AI technologies for various conditions including cancer and mental health. Further, the increased number of patients diagnosed with cancer in the region is expected to contribute to the market growth. For instance, according to data published by the Ministry of Health and Family Welfare, about 800,000 cases of cancer are detected every year in India.
Some of the prominent players in the AI In Cancer Diagnostics Market include:
- EarlySign
- Cancer Center.ai
- Microsoft
- Flatiron
- Path AI
- Therapixel
- Tempus
- Paige AI, Inc.
- Kheiron Medical Technologies Limited
- SkinVision
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global AI In Cancer Diagnostics market
- Component
- Software Solutions
- Hardware
- Services
- Cancer Type
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Brain Tumor
- Others
- End-user
- Hospital
- Surgical Centers and Medical Institutes
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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