Artificial Intelligence in Cancer Diagnosis & Therapy Market Size to Reach USD 367.90 Million in 2030 | Emergen Research
The global Artificial Intelligence in cancer diagnosis & therapy market size was USD 367.9 Million in 2021 and is expected to register a revenue CAGR of 34.4% during the forecast period, according to latest analysis by Emergen Research.Rising demand for precision medicine and early cancer detection, along with the introduction of technologically advanced AI systems are some of the major factors driving the growth of this market. According to the World Health Organization (WHO), cancer is one of the leading causes of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Moreover, as per the same source, about 70% of all cancer deaths occur in low- and middle-income countries. Thus, increasing prevalence of cancer is one of the major factors expected to drive the growth of this market over the forecast period.
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Cancer is a disease caused by the abnormal growth of cells. It is one of the leading causes of death worldwide. Early detection and treatment of cancer can improve the chances of survival. Artificial intelligence (AI) is a branch of computer science that deals with the simulation of intelligent behavior in computers. AI techniques are used to diagnose and treat cancer. AI-based systems are able to identify patterns in data that are not obvious to humans. These systems can also be used to predict the likelihood of cancer development and progression.
AI is being used in cancer diagnosis and therapy. AI-based systems are able to detect small abnormalities in images that are not detectable by humans. AI is also being used to develop new drugs and personalized therapies for cancer.
Some Key Highlights From the Report
- Some major companies in the global market report include Pfizer Inc., Therapixel, SOPHiA Genetics, Janssen Global Services, LLC., PathAI, IBM, Microsoft, Oracle, OncoHealth, and Oncora Medical.
- The machine learning segment held the largest market share of over 40.0% in 2019 and is expected to maintain its leading position over the forecast period. Machine learning technology assists in analyzing large data sets to enable precise identification of cancer at early stages. Moreover, machine learning aids in the development of personalized cancer therapies by providing insights into tumorigenesis and progression.
- The oncology segment accounted for the largest market share of over 35.0% in 2019. Increasing incidence of cancer is one of the major factors driving the growth of this market segment. According to the National Cancer Institute, around 1,735,350 new cancer cases are expected to be diagnosed in the U.S. in 2019.
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- The immunotherapy segment of the global AI in cancer diagnosis and therapy market is projected to grow at the highest CAGR during the forecast period. The increase in demand for immunotherapy can be attributed to its advantages over other cancer treatment methods, such as chemotherapy. Immunotherapy helps the body's immune system to fight cancer cells more effectively. It is used in the treatment of various types of cancer, including lung cancer, breast cancer, and ovarian cancer.
- The chemotherapy segment is anticipated to account for the largest share of the global AI in cancer diagnosis and therapy market in 2020. Chemotherapy is the most widely used cancer treatment modality. It uses drugs to kill or slow the growth of cancer cells. Chemotherapy is used to treat various types of cancer, including lung cancer, breast cancer, and ovarian cancer.
- The North America region held the largest market share of over 30.0% in 2019 and is expected to maintain its leading position over the forecast period. The large share of this regional segment can be attributed to the presence of key market players and rising prevalence of cancer in this region. According to the American Cancer Society, around 1,762,450 new cancer cases are expected to be diagnosed and 606,880 people are expected to die of cancer in the U.S. in 2019.
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Emergen Research has segmented the global AI in cancer diagnosis & therapy market based on surgery type, cancer type, end-use, and region:
- Surgery Type Outlook (Revenue, USD Million; 2019-2030)
- Precision Therapy
- Gene Therapy
- Sonodynamic Therapy
- Cancer Type Outlook (Revenue, USD Million; 2019-2030)
- Breast Cancer
- Lung Cancer
- Melanoma Cancer
- Colorectal Cancer
- Prostate Cancer
- End-Use Outlook (Revenue, USD Million; 2019-2030)
- Cancer Research Center
- Diagnostic Labs
- Regional Outlook (Revenue, USD Million; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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