What Has Been the Growth Trajectory for the Artificial Intelligence In Cancer Diagnostics Market in Recent Years?
The artificial intelligence in cancer diagnostics market has seen considerable growth due to a variety of factors.
•In recent years, there has been a dramatic surge in the size of the artificial intelligence market in cancer diagnostics. It is projected to expand from $0.39 billion in 2024 to $0.52 billion in 2025, yielding a compound annual growth rate (CAGR) of 32.6%.
Factors contributing to the growth during this historical era include a rise in cancer cases, the accessibility of big data, the emergence of personalized oncology, initiatives for precision medicine, and the incorporation of genomic data.
How Does the Forecast Look for the Artificial Intelligence In Cancer Diagnostics Market?
The artificial intelligence in cancer diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for artificial intelligence in cancer diagnostics is predicted to experience exponential growth in the upcoming years, reaching $1.55 billion by 2029 with a compound annual growth rate (CAGR) of 31.2%.
Factors contributing to this growth over the forecast period include a lack of clinicians, an aging population, the worldwide adoption of telemedicine, as well as the integration of ai into electronic health records and growing cancer screening programs. The forecast period will see significant trends such as the rapid progression of AI algorithms, advancements in imaging technology, technological innovation in pathology, developments in radiomics and radiogenomics, drug development, deep learning, and AI utilization in predictive biomarker discovery.
What Are the Critical Driver Fuelling the Artificial Intelligence In Cancer Diagnostics Market's Growth?
The increased incidence of cancer is predicted to drive the expansion of artificial intelligence in the field of cancer diagnostics. Cancer, a disease characterized by uncontrolled cell growth affecting various organs, leads to high morbidity and mortality rates across the globe. The use of AI in cancer diagnostics allows for the prompt and precise identification and categorization of cancerous growths through the analysis of medical imaging data. For example, as reported by the World Health Organization, a Swiss intergovernmental organization, in February 2024, around 20 million fresh cases of cancer surfaced in 2022, resulting in nearly 9.7 million fatalities. Approximately 53.5 million people were still alive within five years of a cancer diagnosis. Consequently, the escalating prevalence of cancer is anticipated to spur the development of AI in the cancer diagnostics market.
How Is the Artificial Intelligence In Cancer Diagnostics Market segmented?
The artificial intelligence in cancer diagnostics market covered in this report is segmented –
1) By Component: Software Solutions, Hardware, Services
2) By Cancer Type: Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Other Types
3) By Application: Screening And Diagnosis, Tumor Identification, Surveillance, Treatment
4) By End-User: Hospitals, Medical Research Institute, Diagnostic Centers, Contract Research Organization
Subsegments:
1) By Software Solutions: Imaging Analysis Software, Predictive Analytics Software, Decision Support Systems, Data Management Platforms
2) By Hardware: Imaging Devices, Biomarkers Detection Equipment, Computing Infrastructure
3) By Services: Consulting Services, Implementation Services, Maintenance And Support Services, Training Services
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What New Trends Are Influencing the Artificial Intelligence In Cancer Diagnostics Market?
The surge in technological advancements is defining the trending growth in the artificial intelligence sector of the cancer diagnostics market. Dominant corporations in this space are focusing on developing cutting-edge utilities for a range of cancer ailments to maintain their market stance. To illustrate, Qritive, a firm from Singapore devoted to AI-centric solutions assisting pathologists, unveiled QAi Prostate in March 2023. This next-gen tool for diagnosing prostate cancer utilizes AI to precisely pinpoint areas with prostatic adenocarcinoma and segregate malignant from benign tumor sections within biopsy tissues. QAi Prostate furnishes an exhaustive overview of tumor dimensions and percentages for each slide or area of interest, facilitating prompt and better-informed decision-making by pathologists.
Who Are the Key Players in the Artificial Intelligence In Cancer Diagnostics Market?
Major companies operating in the artificial intelligence in cancer diagnostics market include:
• Microsoft Corporation
• Pfizer Inc.
• Johnson & Johnson's
• Siemens
• Roche Holding AG
• Google LCC
• International Business Machines Corporation
• Thermo Fisher Scientific Inc.
• Oracle Corporation
• GE Healthcare
• Illumina Inc.
• Bio Rad Laboratories Inc.
• Flatiron Health
• Tempus Labs Inc.
• Paige AI Inc.
• OncoHealth Corporation
• Path AI Inc.
• Aidoc
• Sophia Genetics SA
• Digital Diagnostics Inc.
• Prognos Health
• Aidence
• Kheiron Medical Technologies Limited
• Zebra Medical Vision
• Niramai
• Enlitic Inc.
• Therapixel
• Medial EarlySign Ltd.
• Freenome
• SkinVision B.V.
What Is The Most Dominant Region In The Artificial Intelligence In Cancer Diagnostics Market?
North America was the largest region in the artificial intelligence in cancer diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
