AI In Cancer Diagnostics Market Size, Share & Trends Analysis Report By Component (Software Solutions, Hardware, Services), By Cancer Type, By End-user, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global AI In Cancer Diagnostics market size is expected to hit around USD 1.2 billion by 2030 from valued at USD 93.9 million in 2021 and growing at a CAGR of 28.9% from 2022 to 2030.

Key Takeaways:

• By component, in 2021, the software solutions segment held the largest share of over 40.0% due to the launch of innovative solutions that help in the early and accurate diagnosis of the condition
• In 2021, the others cancer type segment held the largest share of over 30.0%. The others segment includes cervical, bladder, liver, uterine, and skin cancer, among others. The higher prevalence of these conditions and the use of AI/ML algorithms for accurate diagnosis are some of the factors driving the segment
• In 2021, the hospitals segment held the largest share of over 55.0% owing to the increasing adoption of AI in order to reduce the diagnosis time
• In 2021, North America held the largest share of over 55.0% due to the availability of advanced healthcare facilities and high healthcare expenditure

Growing prevalence of cancer globally is expected to increase the demand for Artificial Intelligence (AI) in cancer diagnostics, thereby contributing to the market growth. According to data published by the American Cancer Society, 1.9 million new cases of cancer were diagnosed and more than 600,000 deaths occurred in 2021 in the U.S. Furthermore, increased number of hospitals and diagnostics centers incorporating AI/ML models for the early detection of the condition and increased adoption of digitalization at the hospitals are expected to be the key drivers for the market.

Increased demand to accurately and effectively diagnose cancer is expected to further increase the adoption of the technology for diagnosis. For instance, according to an article by the NCBI in April 2022, AI-assisted colonoscopy increased the adenoma detection rate to 29% as compared to conventional colonoscopy, which was about 20%. This is important as 1% increase in adenoma detection rate is associated with 3% decrease in colorectal cancer prevalence. AI allows the integration of a wide variety of streams such as genomics, EHR, radiographic images, pathology, and social networks to predict clinical decisions, which is expected to improve patient outcome.

Moreover, several governments have increased their healthcare IT expenditure, which is expected to improve healthcare infrastructure across different geographies. For instance, the healthcare IT spending of the U.S. government increased from 119.5 billion in 2020 to 176.5 billion in 2021. Increasing initiatives undertaken by the government to increase the adoption of AI-assisted technologies for cancer diagnosis are expected to boost market growth. For instance, NITI Aayog, the public policy think tank of the Indian Government, aims to build an Imaging Biobank in association with the Department of Biotechnology, wherein it will create a database of cancer-related pathology and radiology images of more than 20,000 profiles of patients.

An increasing number of initiatives undertaken by the key players in the market along with the emergence of entrepreneurial startups that develop innovative solutions for AI in diagnostics is expected to drive the market. For instance, Xilis, a North Carolina-based startup, is working on the development of a precision oncology development platform for oncologists that helps to improve care outcomes for patients. Moreover, increased funding for these startups by the public and private players is expected to boost market growth.

Report Scope of the AI In Cancer Diagnostics Market

Component Insights

The software solutions segment held the largest share of over 41.0% in 2021. The segment growth can be attributed to the launch of software solutions by players in the market for the diagnosis of cancer. For instance, in March 2022, Paige announced the launch of Paige Breast Lymph Node, an AI medical device software, which aids pathologists to identify if breast cancer has metastasized into lymph nodes. The software is capable of identifying metastases of any size efficiently and accurately.

The software solutions segment is anticipated to grow at a lucrative rate during the forecast period. AI software helps to diagnose cancer more accurately than human diagnosis. For instance, the Galen Platform by Ibex helps to detect and grade multiple types of cancers such as breast, prostate, and gastric cancers. The platform helps to deliver high-quality insights, which help to enhance patient safety, provide faster results, boost productivity, and increase the confidence of physicians.

End-user Insights

The hospitals segment held the largest share of over 56.0% in 2021. Increased adoption of AI solutions in hospitals in order to overcome the shortage of healthcare staff and faster diagnosis of cancer are some of the key factors that contributed to the growth of the market. For instance, Addenbrooke’s Hospital in Cambridge, U.K. became the first hospital to incorporate InnerEye, a deep learning tool from Microsoft Research Cambridge. The tool helps to accurately identify tumors and cut CT processing time and treatment planning by up to 90%.

The surgical centers and medical institutes segment is projected to register the fastest growth rate of 30.3% during the forecast period. Increased adoption of AI for improved and faster diagnosis of cancer and to reduce the number of false positives and negatives in order to provide better patient outcomes is projected to drive the segment during the forecast period.

Cancer Type Insights

The others segment held the largest share of over 31.0% in 2021. The others segment includes other cancer types such as cervical, bladder, liver, uterine, and skin cancer, among others. Adoption of unhealthy lifestyle increased consumption of tobacco and alcohol, and reduced physical activity are increasing the prevalence of these cancer types, which is expected to increase the adoption of AI services. For instance, according to an article by the National Cancer Institute dated August 2020, a computer algorithm developed by the investigators at the National Cancer Institute helped in cervical cancer with more accuracy than other manual methods.

The brain tumor segment is expected to register a lucrative growth rate of 33.1% in the forecast period. The rising prevalence of brain tumors among the global population is expected to be a key factor that is expected to contribute to the growth of the segment. According to the America Cancer Journal, more than 83,000 individuals were diagnosed with a brain tumor in 2021 in the U.S. Moreover, the incorporation of AI for brain tumor diagnosis helps to reduce the diagnosis time as the digital images are generated within minutes. The AI models also help in cancer diagnosis with increased accuracy.

Regional Insights

North America dominated the market in 2021 with a share of over 56.0%. The higher prevalence of cancer and the availability of advanced healthcare facilities are some of the key factors that contributed to the market growth. Moreover, rising healthcare expenditure by the governments in the region is expected to boost market growth. For instance, the U.S. healthcare expenditure increased by 9.7% to USD 4.1 trillion in 2020. The presence of key players in the region such as Pfizer and Roche is expected to further boost the market growth in the region.

Asia Pacific is projected to expand at a lucrative CAGR of 30.7% during the forecast period owing to factors such as increasing initiatives undertaken by the governments in the region towards the adoption of AI services in order to improve the health outcomes of the patients. For instance, in June 2020, the Australian government announced a USD 19 million package that supports the development of AI technologies for various conditions including cancer and mental health. Further, the increased number of patients diagnosed with cancer in the region is expected to contribute to the market growth. For instance, according to data published by the Ministry of Health and Family Welfare, about 800,000 cases of cancer are detected every year in India.

Some of the prominent players in the AI In Cancer Diagnostics Market include:

• EarlySign
• Cancer Center.ai
• Microsoft
• Flatiron
• Path AI
• Therapixel
• Tempus
• Paige AI, Inc.
• Kheiron Medical Technologies Limited
• SkinVision

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global AI In Cancer Diagnostics market

• Component 
• Software Solutions
• Hardware
• Services
• Cancer Type
• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Colorectal Cancer
• Brain Tumor
• Others
• End-user
• Hospital
• Surgical Centers and Medical Institutes
• Others

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global AI In Cancer Diagnostics industry analysis from 2022 to 2030 to identify the prevailing AI In Cancer Diagnostics industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global AI In Cancer Diagnostics industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global AI In Cancer Diagnostics industry trends, key players, market segments, application areas, and market growth strategies.