San Francisco, 27 February 2030: The Report Artificial Intelligence In Cancer Diagnostics Market Size, Share & Trends Analysis Report By Component, By Cancer Type, By End-user, By Region, And Segment Forecasts, 2023 - 2030

The global AI in cancer diagnostics market size is expected to reach USD 996.1 million by 2030, growing at 26.3% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing need for lowering healthcare costs, the rising importance of big data in healthcare, improving adoption of precision medicine, and declining hardware costs are key factors driving the growth.

The increasing scope of applications of artificial intelligence (AI) in various healthcare fields, including diagnostics; the rising prevalence of cancer; and the growing shortage of public health workforce are some of the key factors anticipated to fuel the adoption of artificial intelligence (AI) in cancer diagnostics over the forecast period. In addition, the increasing applicability of AI-based tools in cancer care and the rise in venture capital investments is further driving the surge in demand for this technology.

The presence of prominent players in the market such as Microsoft, Flatiron, Therapixel, and Tempus, is anticipated to positively impact the growth. These players are adopting strategies such as acquisitions, collaborations, expansions, and new product launches to increase the reach of their products in the industry and increase the availability of their products & services in diverse geographical areas. For instance, in December 2021, Microsoft announced a partnership with CVS Health to develop innovative solutions for patients to improve their health while empowering healthcare professionals with tools to better service patients.

Furthermore, the rising government support in the form of funding and initiatives for the development of healthcare infrastructure is anticipated to drive the demand for technologically advanced and cost-efficient devices over the forecast period.

The growth is attributed to the rising healthcare IT expenditure globally, the shortage of healthcare professionals, and the increasing demand for early detection and classification of diseases. Moreover, growing government initiatives coupled with the increasing number of startups & collaborations and growing venture capital funding. Cancer diagnosis and treatment have significantly developed over the last decade. The increasing use of technologically advanced solutions for the detection of cancer, majorly at early stages, is contributing to market growth.

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Researchers have been developing artificial intelligence (AI) based tools that have great potential in making imaging more accurate, faster, and informative. The use of AI in oncology is growing, thereby providing healthcare institutions and professionals with better tools for cancer management. Constantly emerging solutions with the help of AI, along with a better diagnosis rate, is anticipated to support adoption, thereby improving the competitive landscape. For instance, as per an article published in News Medical in November 2022, a novel AI-based blood testing technology, known as DELFI, is successful in detecting more than 80% of liver cancers.

AI In Cancer Diagnostics Market Report Highlights

• Based on component, the software solutions segment held the largest market share of 43.7% in 2022. The development of AI-based software solutions for cancer diagnostics is one of the key factors boosting segment growth
• Based on cancer type, the other cancers segment emerged as the largest segment with a revenue share of 33.6% in 2022. Growing adoption of a sedentary lifestyle increased alcohol & tobacco consumption, and physical inactivity are driving the incidence of cancers such as bladder and skin cancers
• Based on end-user, the hospital segment emerged as the largest end-user in the market, with a market share of 57.7% in 2022. The growing shortage of medical professionals and technological advancements in hospitals is expected to drive the segment
• North America dominated the global market with a share of 56.0% in 2022. The rising adoption of healthcare IT solutions, the well-established healthcare sector, and the availability of funding for developing AI capabilities are some of the factors contributing to the growth of the market in the region

The U.S. government launched the Cancer Moonshot initiative to minimize cancer-related mortality by half within 25 years. To encourage investment in Artificial Intelligence (AI) data analysis, the Moonshot program aims to establish a nationwide ecosystem for sharing and analyzing data that includes patients, doctors, and researchers. To expedite research efforts and remove roadblocks to progress by improving data availability, Cancer Moonshot will encourage cooperation among researchers, physicians, philanthropies, patients & patient advocates, and biotechnology & pharmaceutical businesses.

The market is growing at a rapid rate, with untapped opportunities for entrepreneurs. The healthcare space holds a large volume of data from imaging, genomics, and diagnostics, which has led to the emergence of startups over recent years. In addition, the COVID-19 pandemic has boosted digital health, including telehealth diagnostics and rapid testing. Startups in personalized and connected healthcare are receiving recognition by allowing patients to track their health, enabling them to choose & manage their healthcare services.

The COVID-19 pandemic positively influenced the demand for AI technologies and leveraged the potential held by these advanced technologies. Healthcare systems extensively embraced these technologies for quicker & accurate diagnosis and detection of various cancer biomarkers & diagnostic findings as well as made use of tailored data to enhance outbreak management. AI/machine learning algorithms were utilized in the diagnosis sector, wherein these technologically advanced modules were trained using datasets of MRI scans, pathological findings, chest CT images, symptoms, and exposure history to rapidly & accurately diagnose patients suffering from cancer.

The key players are adopting various strategies such as acquisitions, partnerships, collaborations, expansions, and new product launches to strengthen their presence in the global market. For instance, in March 2022, Microsoft announced the acquisition of Nuance Communications, a leader in ambient intelligence and conversational AI across various fields. This acquisition will help improve product offerings for patients by providing affordable, accessible, and effective healthcare solutions. Moreover, in October 2022, Tempus launched Tempus+, enhancing collaborative precision oncology research using real-world data. Tempus+ houses multiple renowned healthcare & research institutes to advance research.