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AI in Oncology Market Size

Report ID: GMI8547
Published Date: Mar 2024
Report Format: PDF

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AI in Oncology Market Size

AI in Oncology Market size was valued at around USD 1.9 billion in 2023 and is estimated to reach over USD 17.9 billion by 2032. Artificial intelligence (AI) in oncology refers to the utilization of machine learning algorithms and data analytics to assist in the diagnosis, treatment, and management of cancer by analyzing vast amounts of biomedical data including medical imaging, genomic sequencing, and patient records.

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AI technologies can provide valuable insights to support clinical decision-making in oncology. The increasing prevalence of cancer is a significant driver for the market. For instance, according to World Health Organization (WHO) in 2020, reported that cancer emerged as a prominent contributor to global mortality, claiming approximately 10 million lives globally. Thus, the demand for effective oncological treatments, early detection technologies, and supportive care services are expected to rise.

Furthermore, market growth is attributed to multiple factors, including the rising need for early cancer detection and classification, expanding adoption of precision medicine, which estimated to reach 112.8 billion by 2027, and rapid advancements in healthcare infrastructure.

AI in Oncology Market Report Attributes
Report Attribute	Details
Base Year:	2023
AI in Oncology Market Size in 2023:	USD 1.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	29.2%
2032 Value Projection:	USD 17.9 Billion
Historical Data for:	2018 – 2023
No. of Pages:	205
Tables, Charts & Figures:	290
Segments covered:	Component, Cancer Type, Application, End-use, and Region
Growth Drivers:	Rising demand for early detection and classification of cancer Increasing prevalence of cancer Growing adoption of precision medicine Surging advancements in healthcare infrastructure
Pitfalls & Challenges:	High procurement and implementation cost High impact of regulations

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The Global AI in oncology industry was valued at around USD 1.9 billion in 2023 and is estimated to reach over USD 17.9 billion by 2032, driven by the increasing prevalence of cancer.

Diagnostics application segment held a market size of USD 341.4 million in 2023 and is expected to grow substantially through 2032, as AI oncology excel at detecting tumors in their earliest stages by analyzing various medical imaging scans including mammograms, CT scanner, and MRI systems.

North America AI in oncology industry accounted for USD 758.1 million in 2023 and is predicted to witness substantial growth over 2024 and 2032, owing to its advanced healthcare infrastructure, including state-of-the-art hospitals, research institutions, and medical facilities.

Azra AI., ConcertAI., Digital Diagnostics Inc., GE HealthCare Technologies Inc., International Business Machines Corporation, Intel Corporation, Median Technologies SA, NVIDIA Corporation, PathAI, Inc., Siemens Healthineers AG are some of the major industry contenders.