AI In Oncology Market Size, Share & Analysis Report, 2024-2033
The global AI in oncology market size was estimated at USD 3.19 billion in 2023 and is projected to hit around USD 40.49 billion by 2033, growing at a CAGR of 28.93% during the forecast period from 2024 to 2033.
Key Takeaways:
AI In Oncology Market Growth
The growth of the market is attributed to increasing prevalence of cancer, technological advancement in cancer diagnostics & healthcare infrastructure, and an increasing demand for early and accurate diagnosis of cancer.
The growing initiatives undertaken by public and private organizations to invest in research and development (R&D) for introduction of novel technologies are further anticipated to fuel the market growth. For instance, in October 2022, Tempus, a company specializing in precision medicine and AI, recently announced a program called Tempus+. This proprietary program utilizes real-world data to power collaborative precision oncology research. A community of researchers, including Baylor College of Medicine, Allegheny Health Network, Stanford Cancer Center, Rush University Medical Center, TriHealth, and others, is already using the Tempus+ program to advance their research. Furthermore, increasing product approval of AI-associated medical devices is anticipated to boost market growth. In January 2024, the U.S. FDA approved the first AI medical device, DermaSensor, to detect skin cancer.
The future of AI applications in cancer care is poised for groundbreaking advancements, encompassing early detection, precision medicine, and personalized treatment plans. AI's ability to analyze vast datasets, identify subtle patterns, and provide real-time insights holds the potential to revolutionize cancer diagnosis and therapy, ushering in a new era of improved patient outcomes and more efficient healthcare delivery.
AI In Oncology Market Report Scope
| Report Attribute | Details |
| Market Size in 2024 | USD 4.11 Billion |
| Market Size by 2033 | USD 40.49 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 28.93% |
| 2023 | |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Component, cancer type, application, end-use, region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | Azra AI; IBM; Siemens Healthcare GmbH; Intel Corporation; GE HealthCare; NVIDIA Corporation; Digital Diagnostics Inc.; ConcertAI; Median Technologies; PathAI |
Segments Insights:
Component Type Insights
Based on component type, the hardware segment held the largest revenue share of 39.9% in 2023. Medical device manufacturers use AI technologies to innovate products to help healthcare providers enhance patient care. One of the major advantages of AI in medical devices is its capability to learn from real-world data and experience and improve its performance. Hence, several key players are investing in launching and advancing AI-based cancer therapy solutions. Moreover, governments are undertaking initiatives to promote the growth of AI-based medical devices. For instance, in January 2021, the U.S. FDA introduced an action plan for AI/ML-based Software as a Medical Device (SaMD). The plan was developed to support innovative work regulating medical devices and additional digital health technologies.
The software solutions segment is anticipated to witness the fastest CAGR from 2024 to 2033. The increasing adoption of AI software solutions by healthcare providers and payers operating in oncology is one of the major factors fueling software solutions segment growth. The software solutions are highly effective at predicting various types of cancer, including brain, breast, liver, lung, and prostate cancer. They offer better accuracy compared to clinicians. Hence, numerous key players are focusing on developing & launching new tools and platforms, increasing the competition in the market. For instance, in October 2023, Philips partnered with Quibim, a company specializing in imaging biomarkers, to launch AI-powered imaging and reporting solutions for Magnetic Resonance (MR) prostate screenings.
Cancer Type Insights
Based on cancer type, breast cancer is the single biggest cancer type holding the largest revenue share in 2023. The dominance of this segment is attributed to increasing prevalence of breast cancer among the population. According to the American Society of Clinical Oncology in 2020, around 2,261,419 new cancer cases were diagnosed globally, and most cases are seen in the U.S. with an estimated 297,790 new breast cancer cases in 2023. Growing cases amongst the population are propelling the need for introduction of technologically advanced products in the market, further propelling the market growth.
The prostate cancer segment is expected to register the fastest CAGR of 29.95% over the forecast period. Prostate cancer generally affects 13 out of every 100 men in the U.S., according to the data published by CDC. Moreover, according to the National Cancer Institute, in 2023, approximately 288,300 new prostate cancer cases were diagnosed, contributing to the segment’s growth. In addition companies are expanding their portfolios by launching new products and services, for instance, in January 2024, Quibim expanded its AI-based prostate cancer solutions portfolio by introducing QP-Prostate, an AI-based detection tool. The tool reduces the processing time and increases accuracy & quality.
Application Insights
Based on application, the diagnostics segment held the largest revenue share of 38.9% in 2023. Cancer diagnostics is an essential starting point for designing relevant therapeutic strategies and clinical management, and its AI-based advancement makes it more efficient and effective. Several companies are developing approaches for early diagnosis that include screening patients at risk with no symptoms & appropriately and rapidly investigating those who do. For instance, in December 2023, Dedalus S.p.A. partnered with Ibex Medical Analytics to launch an end-to-end AI-powered digital pathology solution to detect cancer.
The research & development segment is expected to grow at the fastest CAGR over the forecast period. Modern pharmaceutical companies are increasingly adopting AI to accelerate and improve various aspects of clinical development. While developing and testing a new drug, an extensive volume of data, ranging from terabytes to petabytes, is generated at each phase. Analyzing these huge datasets necessitates complex mathematical operations, a domain in which machine learning, a fundamental component of contemporary AI, demonstrates exceptional proficiency.
End-use Insights
Based on end-use, the hospitals segment led the market with a largest revenue share of 48.6% in 2023. The growth is attributed to the rising adoption of AI-powered solutions by hospitals, the increasing number of companies entering the market to cater to cancer care in hospitals, and positive responses from patients, the market is anticipated to grow significantly during the forecast period.
The segment is also expected to grow at the fastest CAGR over the forecast period, owing to technological advancements in the healthcare sector that have increased over recent years. Digitalizing processes and implementing AI, virtual reality, and immersive technologies are key examples that changed healthcare institutions’ diagnostic, treatment, and data collection processes, including hospitals. Furthermore, hospitals are integrating AI-powered algorithms in cancer therapy to enhance accuracy by avoiding misdiagnosis.
Regional Insights
North America AI in Oncology Market Trends
North America dominated the AI in oncology market with a revenue share of 43.9% in 2023, due to presence of well-developed digital infrastructure, favorable regulatory & reimbursement policies, and rising government initiatives to boost the adoption of AI technology in the healthcare industry. The rising prevalence of various cancers is propelling the need for development of advanced therapeutics and diagnostics which is further enabling growth of the regional market. In November 2021, Sanofi entered into collaboration with Owkin Inc. and invested USD 180 million in Owkin’s AI for advancement of the oncology pipeline.
U.S. AI in Oncology Market Trends
The AI in oncology market of U.S. held with the largest revenue share in the North America in 2023. The market is experiencing significant growth owing to the surging demand for AI applications to revolutionize medicine and advance research, diagnostics, & cancer treatment. Increasing FDA initiatives significantly contribute to the market growth of the U.S. For instance, FDA's efforts as highlighted in a December 2023 factsheet have led to the authorization, clearance, or approval of over 690 AI-enabled devices.
Canada AI in oncology market is experiencing significant growth with a CAGR of 26.8% due to rising cancer cases in the country. Furthermore, AI is rapidly reshaping Canadian healthcare, particularly in oncology, with government support and funding driving significant advancements. The Canadian Cancer Society (CCS) actively backs AI applications, funding research teams focused on early detection and cancer care innovations. For instance, the CCS funded four research teams in December 2023 to innovate early detection, cancer prevention, and care using AI.
Asia Pacific AI in Oncology Market Trends
Asia Pacific AI in oncology market is expected to grow at the fastest CAGR over the projected period. The growth is attributed to rising adoption of digitalization in diagnostic laboratories and hospitals aided by growing geriatric population and an increasing prevalence of cancer among the population. For instance, according to Globocan in 2020, there were an estimated 19 million new cancer cases worldwide, with Asia-Pacific accounting for 9.7 million. Furthermore, key players are taking initiatives to improve cancer care in the region. In June 2022, GE Healthcare collaborated with National Cancer Centre Singapore with an aim to focus on artificial intelligence to improve cancer care.
AI in oncology market in China held the largest revenue share of 22.6% in the APAC region in 2023. Ongoing research initiatives leverage advancements in ML, image analysis, and data processing to enhance the accuracy & efficiency of AI applications in oncology. These collaborations facilitate the translation of research findings into practical solutions, fostering the integration of AI into clinical practices and healthcare systems.
India AI in oncology market’s growth is primarily driven by various factors such as the increasing prevalence of cancer, the growing need for advanced diagnostic & treatment solutions, and the rising adoption of AI technologies in healthcare for improved patient outcomes. Over 1.7 million people in India have cancer. Moreover, advancements in healthcare infrastructure and digitalization efforts support the integration of AI technologies to assist in early detection, diagnosis, and personalized cancer treatment.
Various factors driving Japan's AI in oncology market include the country's commitment to maximizing the positive impact of AI on society rather than imposing strict regulations due to perceived risks. Moreover, collaborations and product launches between technology companies and hospitals are key drivers in Japan's AI in oncology market. For instance, in August 2023, BostonGene, NEC Corporation, and Japan Industrial Partners collaborated to establish BostonGene Japan, Inc., a joint venture based in Tokyo.
Recent Developments
Key AI In Oncology Company Insights
Key players are adopting new product development, partnership, and merger & acquisition strategies to increase their market share. Market players such as Azra AI; IBM; Siemens Healthcare GmbH; Intel Corporation; and others dominated the market. These key players have been developing novel technologies to cater to different end-use applications. For instance, in January 2023, Massive Bio announced the plans to adopt AI use in oncology with development and launch of drug matching product in 2023. Furthermore, key participants in the industry are embracing the strategy of introducing new products to sustain a competitive advantage within the market. For instance, in January 2020, ConcertAI launched eurekaHealth 3.0, combining use-case-aligned RWD and AI technologies to develop real-world evidence services and insights for oncology clinical development.
Some of the prominent players in the AI In Oncology Market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the AI In Oncology market.
By Component Type
By Cancer Type
By Application
By End-use Type
By Region
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Segment Definitions
1.3. Estimates and Forecast Timeline
1.4. Research Methodology
1.5. Information Procurement
1.5.1. Purchased Database
1.5.2. nova one advisor Internal Database
1.5.3. Secondary Sources
1.5.4. Primary Research
1.6. Information Analysis
1.6.1. Data Analysis Models
1.7. Market Formulation & Data Visualization
1.8. Model Details
1.8.1. Commodity Flow Analysis
1.9. List of Secondary Sources
1.10. Objectives
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.2.1. Component outlook
2.2.2. Cancer type outlook
2.2.3. Application outlook
2.2.4. End-use outlook
2.3. Competitive Landscape Snapshot
Chapter 3. AI In Oncology Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Increasing demand for early detection and classification of cancer
3.2.1.1.1.Case study 1
3.2.1.1.2.Case study 2
3.2.1.2. Increasing prevalence of cancer
3.2.1.2.1.Breast
3.2.1.2.2.Barain & CNS
3.2.1.2.3.Kidney
3.2.1.2.4.Non-Hodgkin lymphoma
3.2.1.2.5.Bladder
3.2.1.2.6.Colon & rectum
3.2.1.2.7.Prostate
3.2.1.2.8.Case Study 3
3.2.1.3. Rising adoption of precision medicine
3.2.2. Market Restraint Analysis
3.2.2.1. High procurement and implementation cost
3.2.2.2. Lack of skilled workforce
3.2.2.3. High impact of regulations
3.3. Business Environment Analysis
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Supplier power
3.3.1.2. Buyer power
3.3.1.3. Substitution threat
3.3.1.4. Threat of new entrant
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.4. Impact of COVID-19 on AI in Oncology Market
Chapter 4. AI In Oncology Market Segment Analysis, By Component, 2020 - 2033
4.1. Definition and Scope
4.2. Component Segment Dashboard
4.3. Global AI In Oncology Market, by Component, 2018 to 2030
4.4. Software Solution
4.4.1. Software Solution Market, 2020 - 2033
4.5. Hardware
4.5.1. Hardware Market, 2020 - 2033
4.6. Services
4.6.1. Services Market, 2020 - 2033
Chapter 5. AI In Oncology Market Segment Analysis, By Cancer Type, 2020 - 2033
5.1. Definition and Scope
5.2. Cancer Type Segment Dashboard
5.3. Market Size & Forecasts and Trend Analyses, 2020 - 2033for the following
5.4. Breast Cancer
5.4.1. Breast cancer market estimates and forecast, 2020 - 2033
5.5. Lung Cancer
5.5.1. Lung cancer market estimates and forecast, 2020 - 2033
5.6. Prostate Cancer
5.6.1. Prostate cancer market estimates and forecast, 2020 - 2033
5.7. Colorectal Cancer
5.7.1. Colorectal cancer market estimates and forecast, 2020 - 2033
5.8. Brain Tumor
5.8.1. Brain tumor market estimates and forecast, 2020 - 2033
5.9. Others
5.9.1. Others market estimates and forecast, 2020 - 2033
Chapter 6. AI In Oncology Market Segment Analysis, By Application, 2020 - 2033
6.1. Definition and Scope
6.2. Application Segment Dashboard
6.3. Market Size & Forecasts and Trend Analyses, 2020 - 2033for the following
6.4. Diagnostics (Pathology, Cancer Radiology)
6.4.1. Diagnostics (pathology, cancer radiology) market estimates and forecast, 2020 - 2033
6.5. Radiation Therapy (Radiotherapy)
6.5.1. Radiation therapy (radiotherapy) market estimates and forecast, 2020 - 2033
6.6. Research & Development (Drug Design, Development Process, etc.)
6.6.1. Research & development (drug design, development process, etc.) market estimates and forecast, 2020 - 2033
6.7. Chemotherapy
6.7.1. Chemotherapy market estimates and forecast, 2020 - 2033
6.8. Immunotherapy
6.8.1. Immunotherapy market estimates and forecast, 2020 - 2033
Chapter 7. AI In Oncology Market Segment Analysis, By End-use Type, 2020 - 2033
7.1. Definitions and Scope
7.2. End-use Segment Dashboard
7.3. Market Size & Forecasts and Trend Analyses, 2020 - 2033for the following
7.4. Hospitals
7.4.1. Hospitals Market, 2020 - 2033
7.5. Surgical Centers & Medical Institutes
7.5.1. Surgical centers & medical institutes market estimates and forecast, 2020 - 2033
7.6. Others (Pharmaceutical Companies, Research Institutes & Training Centers)
7.6.1. Others (pharmaceutical companies, research institutes & training centers) market estimates and forecast, 2020 - 2033
Chapter 8. AI In Oncology Market Segment Analysis, By Region, By Component, By Cancer Type, By Application, By End-use, 2020 - 2033
8.1. Definition & Scope
8.2. Regional Market Share Analysis, 2023 & 2030
8.3. Regional Market Dashboard
8.4. Regional Market Snapshot
8.5. SWOT Analysis
8.6. North America
8.6.1. North America Healthcare AI in Oncology Market, 2020 - 2033
8.6.2. U.S.
8.6.2.1. Key Country Dynamic
8.6.2.2. Regulatory Framework
8.6.2.3. Competitive Insights
8.6.2.4. U.S. Healthcare AI in Oncology Market, 2020 - 2033
8.6.3. Canada
8.6.3.1. Key Country Dynamic
8.6.3.2. Regulatory Framework
8.6.3.3. Competitive Insights
8.6.3.4. Canada Healthcare AI in Oncology Market, 2020 - 2033
8.7. Europe
8.7.1. Europe Healthcare AI in Oncology Market, 2020 - 2033
8.7.2. Germany
8.7.2.1. Key Country Dynamic
8.7.2.2. Regulatory Framework
8.7.2.3. Competitive Insights
8.7.2.4. Germany Healthcare AI in Oncology Market, 2020 - 2033
8.7.3. UK
8.7.3.1. Key Country Dynamic
8.7.3.2. Regulatory Framework
8.7.3.3. Competitive Insights
8.7.3.4. UK Healthcare AI in Oncology Market, 2020 - 2033
8.7.4. France
8.7.4.1. Key Country Dynamic
8.7.4.2. Regulatory Framework
8.7.4.3. Competitive Insights
8.7.4.4. France Healthcare AI in Oncology Market, 2020 - 2033
8.7.5. Italy
8.7.5.1. Key Country Dynamic
8.7.5.2. Regulatory Framework
8.7.5.3. Competitive Insights
8.7.5.4. Italy Healthcare AI in Oncology Market, 2020 - 2033
8.7.6. Spain
8.7.6.1. Key Country Dynamic
8.7.6.2. Regulatory Framework
8.7.6.3. Competitive Insights
8.7.6.4. Spain Healthcare AI in Oncology Market, 2020 - 2033
8.7.7. Denmark
8.7.7.1. Key Country Dynamic
8.7.7.2. Regulatory Framework
8.7.7.3. Competitive Insights
8.7.7.4. Denmark Healthcare AI in Oncology Market, 2020 - 2033
8.7.8. Sweden
8.7.8.1. Key Country Dynamic
8.7.8.2. Regulatory Framework
8.7.8.3. Competitive Insights
8.7.8.4. Sweden Healthcare AI in Oncology Market, 2020 - 2033
8.7.9. Norway
8.7.9.1. Key Country Dynamic
8.7.9.2. Regulatory Framework
8.7.9.3. Competitive Insights
8.7.9.4. Norway Healthcare AI in Oncology Market, 2020 - 2033
8.8. Asia Pacific
8.8.1. Asia Pacific Healthcare AI in Oncology Market, 2020 - 2033
8.8.2. Japan
8.8.2.1. Key Country Dynamic
8.8.2.2. Regulatory Framework
8.8.2.3. Competitive Insights
8.8.2.4. Japan Healthcare AI in Oncology Market, 2020 - 2033
8.8.3. China
8.8.3.1. Key Country Dynamic
8.8.3.2. Regulatory Framework
8.8.3.3. Competitive Insights
8.8.3.4. China Healthcare AI in Oncology Market, 2020 - 2033
8.8.4. India
8.8.4.1. Key Country Dynamic
8.8.4.2. Regulatory Framework
8.8.4.3. Competitive Insights
8.8.4.4. India Healthcare AI in Oncology Market, 2020 - 2033
8.8.5. South Korea
8.8.5.1. Key Country Dynamic
8.8.5.2. Regulatory Framework
8.8.5.3. Competitive Insights
8.8.5.4. South Korea Healthcare AI in Oncology Market, 2020 - 2033
8.8.6. Australia
8.8.6.1. Key Country Dynamic
8.8.6.2. Regulatory Framework
8.8.6.3. Competitive Insights
8.8.6.4. Australia Healthcare AI in Oncology Market, 2020 - 2033
8.8.7. Thailand
8.8.7.1. Key Country Dynamic
8.8.7.2. Regulatory Framework
8.8.7.3. Competitive Insights
8.8.7.4. Thailand Healthcare AI in Oncology Market, 2020 - 2033
8.9. Latin America
8.9.1. Latin America Healthcare AI in Oncology Market, 2020 - 2033
8.9.2. Brazil
8.9.2.1. Key Country Dynamic
8.9.2.2. Regulatory Framework
8.9.2.3. Competitive Insights
8.9.2.4. Brazil Healthcare AI in Oncology Market, 2020 - 2033
8.9.3. Mexico
8.9.3.1. Key Country Dynamic
8.9.3.2. Regulatory Framework
8.9.3.3. Competitive Insights
8.9.3.4. Mexico Healthcare AI in Oncology Market, 2020 - 2033
8.9.4. Argentina
8.9.4.1. Key Country Dynamic
8.9.4.2. Regulatory Framework
8.9.4.3. Competitive Insights
8.9.4.4. Argentina Healthcare AI in Oncology Market, 2020 - 2033
8.10. MEA
8.10.1. MEA Healthcare AI in Oncology Market, 2020 - 2033
8.10.2. South Africa
8.10.2.1. Key Country Dynamic
8.10.2.2. Regulatory Framework
8.10.2.3. Competitive Insights
8.10.2.4. South Africa Healthcare AI in Oncology Market, 2020 - 2033
8.10.3. Saudi Arabia
8.10.3.1. Key Country Dynamic
8.10.3.2. Regulatory Framework
8.10.3.3. Competitive Insights
8.10.3.4. Saudi Arabia Healthcare AI in Oncology Market, 2020 - 2033
8.10.4. UAE
8.10.4.1. Key Country Dynamic
8.10.4.2. Regulatory Framework
8.10.4.3. Competitive Insights
8.10.4.4. UAE Healthcare AI in Oncology Market, 2020 - 2033
8.10.5. Kuwait
8.10.5.1. Key Country Dynamic
8.10.5.2. Regulatory Framework
8.10.5.3. Competitive Insights
8.10.5.4. Kuwait Healthcare AI in Oncology Market, 2020 - 2033
Chapter 9. AI In Oncology Market - Competitive Analysis
9.1. Recent Developments & Impact Analysis, by Key Market Participants
9.2. Company Categorization
9.3. Company Profiles
9.3.1. Azra AI
9.3.1.1. Overview
9.3.1.2. Financial Performance
9.3.1.3. Service Benchmarking
9.3.1.4. Strategic Initiatives
9.3.2. IBM
9.3.2.1. Overview
9.3.2.2. Financial Performance
9.3.2.3. Service Benchmarking
9.3.2.4. Strategic Initiatives
9.3.3. Siemens Healthcare GmbH
9.3.3.1. Overview
9.3.3.2. Financial Performance
9.3.3.3. Service Benchmarking
9.3.3.4. Strategic Initiatives
9.3.4. Intel Corporation
9.3.4.1. Overview
9.3.4.2. Financial Performance
9.3.4.3. Service Benchmarking
9.3.4.4. Strategic Initiatives
9.3.5. GE HealthCare
9.3.5.1. Overview
9.3.5.2. Financial Performance
9.3.5.3. Service Benchmarking
9.3.5.4. Strategic Initiatives
9.3.6. NVIDIA Corporation
9.3.6.1. Overview
9.3.6.2. Financial Performance
9.3.6.3. Service Benchmarking
9.3.6.4. Strategic Initiatives
9.3.7. Digital Diagnostics Inc.
9.3.7.1. Overview
9.3.7.2. Financial Performance
9.3.7.3. Service Benchmarking
9.3.7.4. Strategic Initiatives
9.3.8. ConcertAI
9.3.8.1. Overview
9.3.8.2. Financial Performance
9.3.8.3. Service Benchmarking
9.3.8.4. Strategic Initiatives
9.3.9. Median Technologies
9.3.9.1. Overview
9.3.9.2. Financial Performance
9.3.9.3. Service Benchmarking
9.3.9.4. Strategic Initiatives
9.3.10. PathAI
9.3.10.1. Overview
9.3.10.2. Financial Performance
9.3.10.3. Service Benchmarking
9.3.10.4. Strategic Initiatives
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