The global AI in oncology for analytical solutions market was surpassed at USD 612.36 million in 2022 and is expected to hit around USD 12,813.91 million by 2032, growing at a CAGR of 35.54% from 2023 to 2032.
Report Scope of the AI In Oncology For Analytical Solutions Market
|Market Size in 2022||USD 612.36 million|
|Revenue Forecast by 2032||USD 12,813.91 million|
|Growth rate from 2023 to 2032||CAGR of 35.54%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Azra AI; IBM; Siemens Healthineers; Intel; GE Healthcare; NVIDIA; Digital Diagnostics Inc.; Concert.AI; Median Technologies; Path AI|
The market is being driven by the increasing prevalence of cancer. This is due to the fact that there is a rapid growth in the number of cases globally. It is a leading cause of death globally, and in 2020 alone, it resulted in approximately 10 million deaths, which is almost one-sixth of all deaths according to WHO. World health organization further stated one-third of cancer-related deaths can be attributed to factors such as tobacco use, high body mass index, alcohol consumption, inadequate fruit and vegetable consumption, and lack of physical activity. In low- and middle-income countries, cancer-causing infections, such as human papillomavirus (HPV) and hepatitis, account for approximately 30% of all cases. Due to this, the adoption of Artificial Intelligence (AI) for the accurate diagnosis and treatment of this disease is expected to increase, which will contribute to the growth of the market.
The COVID-19 pandemic has had a mixed impact on the market. On one hand, the pandemic has highlighted the importance of technology in healthcare, including artificial intelligence-powered applications. On the other hand, the pandemic has also disrupted the healthcare system, including cancer care, which has affected the adoption and implementation of AI in oncology. One of the major impacts of the pandemic has been a shift toward telemedicine and remote care. This has led to an increase in the use of AI-powered telemedicine tools for disease diagnosis and treatment planning, as well as remote monitoring of patients. This trend is expected to continue even after the pandemic, as it has demonstrated the potential for artificial intelligence in providing more accessible and efficient care. However, the pandemic has also led to a disruption in cancer care, including delays in diagnosis and treatment due to resource constraints and safety concerns. This has affected the adoption of artificial intelligence in oncology, as it relies on a large amount of data and real-world evidence to be effective. Additionally, the economic impact of the pandemic has led to budget cuts in healthcare, which may affect the investment and development of AI in oncology.
Furthermore, individuals with lung cancer have a higher risk of contracting COVID-19. A report published in December 2022, provides information on deaths recorded in Center for Disease Control and Prevention’s National Vital Statistics System between January 1, 2018, and July 2, 2022, where cancer was listed as the underlying or a contributing cause of death. The data analyzed stated, on an average, about 13,000 cancer-related deaths were reported each week, with this disease listed as the underlying cause in 90% of cases in 2018 and 2019, 88% in 2020, and 87% in 2021. Lockdown restrictions during the pandemic posed significant challenges for patients in terms of diagnosis, treatment, and care. However, modern AI and ML technologies have the potential to enhance the diagnosis, care, and treatment of patients, particularly in such challenging circumstances. Artificial intelligence was utilized to address the backlog of cancer imaging during the pandemic, which reduced the workload on healthcare professionals.
AI In Oncology For Analytical Solutions Market Segmentations:
By Cancer Type