Intelligence (AI) in oncology market is anticipated to grow at a CAGR of 32.6% during the forecast period (2023-2030). The industry growth is attributed to increased demand for precise cancer diagnosis and early treatment across the global. AI algorithms can accurately assess medical images and data, lowering the possibility of human error in identifying and classifying diseases such as HER2 in breast cancer. Treatment choices can be implemented more successfully as a result of this increased accuracy. Continuous technological innovation by market players is flourishing market growth. For instance, in July 2023, PathAI launched AIM-HER2 breast cancer, an artificial intelligence-powered HER2 scoring algorithm for biopharma research and clinical labs. AIM-HER2 Breast Cancer’s visualizations on AISight utilize the power of additive multiple instance learning (aMIL) heatmaps in addition to predicting slide-level HER2 scores to provide a more comprehensive image.
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The global artificial intelligence (AI) in the oncology market is segmented on the component, cancer type, treatment type, and application. Based on the component, the market is sub-segmented into software, hardware, and services. Based on the cancer type, the market is sub-segmented into breast, cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, and others. Based on the treatment type, the market is sub-segmented into chemotherapy, radiation therapy, immunotherapy, and others. Furthermore, based on application, the market is sub-segmented into cancer detection, drug discovery, drug development, and others. The software subcategory is expected to capture a significant portion of the market share within the component segment. This is attributed to the new entrepreneurial startups that provide innovative solutions to cancer therapy and prediction backed by funding from key industry players. For instance, in September 2023, cancer detection technology startup Adela announced it secured $48 million in funding, bringing its total raise to $108 million. The funding will be used to advance the company’s technology. Adela will also use the proceeds to commercialize its tissue-agnostic measurable residual disease (MRD) product and continue developing its multi-cancer early-detection product, both of which are based on its methylation enrichment platform.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global AI in Oncology Market by Component
- Software
- Hardware
- Services
Global AI in Oncology Market by Cancer Type
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Brain Tumor
- Others (Pancreatic Cancer, and Ovarian Cancer)
Global AI in Oncology Market by Treatment Type
- Chemotherapy
- Radiation Therapy
- Immunotherapy
- Others (Surgery, and Targeted Therapies)
Global AI in Oncology Market by Application
- Cancer Detection
- Drug Discovery
- Drug Development
- Others (Patient Education and Support, and Survivorship and Quality of Life Enhancement)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Amazon Web Service, Inc.
- Azra AI.
- ai
- Clinithink
- ConcertAI LLC
- Exscientia plc
- Hoffmann-La Roche, Ltd.
- Google, LLC
- Ibex Medical Analytics, Ltd.
- IBM Corp.
- Intel Corp.
- Intelligent OMICS Ltd (Intellomx)
- Microsoft Corp.
- Medtronic Plc
- Merck Group
- NVIDIA Corp.
- Owkin, Inc.
- PathAI, Inc.
- Pfizer, Inc.
- Siemens Healthcare GmbH
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in global AI in oncology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.
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