Global AI In Cancer Diagnostics Market Size, Share & Industry Trends Analysis Report By End-user (Hospital, Surgical Centers & Medical Institutes), By Component (Software Solutions, Hardware and Services), By Cancer Type, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the AI In Cancer Diagnostics Market
Market Report Description
The Global AI In Cancer Diagnostics Market size is expected to reach $509 million by 2028, rising at a market growth of 28.6% CAGR during the forecast period.
Artificial intelligence is an algorithm or computer program that utilizes data or information to make predictions and conclusions. To develop an algorithm, developers have created a bunch of rules or guidelines for the computer to follow the rules and commands. For an instant, Dr. Turkbey along with his team leveraged the current rules about prostate cancer that showed up on the MRI scan machine.
With the help of the machine crew utilized thousands of MRI research in their algorithm, which concluded many people has prostate cancer whereas many of them didn’t have any signs of cancer. The algorithm enrolls in how to evaluate and understand data while utilizing machine learning or artificial intelligence. Machine learning may utilize data that are not visible to the human brain or eyes.
Moreover, these algorithms keep on updating and being informed as they are exposed to new data. Deep learning along with machine learning and AI in the detection of cancer. It also utilizes Artificial neural networks which replicate how the human brain collects, analyzes, and reacts to the signals from the entire body. Researchers in NCI's intramural research program is utilizing the complete abilities of AI to enhance cancer testing in prostate and cervical cancer.
15 years ago, NCI physicians started executing biopsies backed by Magnetic resonance imaging, allowing researchers to target the areas of the prostate which could be cancerous. MRI biopsy enhanced the detection and treatment performed by prostate cancer professionals. Moreover, AI helps clinicians to record their diagnostic skills as well as makes algorithms available for clinics across the nation to assist with clinical diagnostics and decision-making.
COVID-19 Impact Analysis
The coronavirus had a positive impact on AI in the cancer diagnostic market. The implementation of the AI and machine learning assisted to reduce the workload of the health care and clinical facilities. With the growth of the industry, many international IT juggernauts have stepped with to develop AI tools and software to identify the coronavirus which would later help in detecting cancer symptoms. The shortage of healthcare professionals due to the coronavirus cases drives the adoption of AI solutions for better patient assistance and results. The diagnosis, aftercare, and other procedure were hard to maintain during the pandemic as they were time-consuming.
Market Growth Factors
Increasing technological advancements in the healthcare sector
The technologies and the adoption of artificial intelligence in the detection of cancer diagnostics propel the growth of the healthcare sector. The artificial tools contain the need for low-price diagnostic procedures and quick detection data generation. The demand for technology developments in the healthcare sector for detecting and screening cancer is also anticipated to support industry growth. Moreover, the technological enhancement in healthcare by government spending drives the growth of the health care sectors in emerging nations.
Growing need for early cancer diagnosis
The growing awareness of early cancer diagnostics drives the growth of AI in cancer diagnostics. The rise in the number of government programs to promote healthcare organizations along with healthcare providers to combine AI technologies in their hospitals for the betterment and advance the therapy of the patients. Moreover, the adoption of the technologies helps private organizations and nonprofit organizations to deliver enhanced medical results and the reduced cost of treatment which increases early diagnostic among people.
Market Restraining Factors
Lack of Understanding of AI Use in the Healthcare Sector
Managing huge datasets and databases along with the knowledge & training of AI systems and machine learning is the biggest barrier to deep learning technologies. However, the utilization of AI can also bring the issue of data breaches because it could provide crucial individual data such as genomic sequences. The various issues restricting the growth include the lack of transparency, risk of bias for the AI algorithms, data utilized for training purposes, and problem encounters while AI implementation authority in clinical settings. Philosophical issues are one of the thorniest problems faced in artificial intelligence.
By End-user, the AI in Cancer Diagnostics Market is classified into Hospital, Surgical Centers and Medical Institutes, and Others. The surgical centers & medical institutes segment registered a remarkable revenue share in the AI in cancer diagnostics market in 2021. It is because the adoption of AI has reduced the cases of misleading negatives and positives to deliver enhanced patient results. The evolution of medical education is propelling along with the growth of healthcare. Moreover, the adoption and practice of medicine with the implementation of AI and the utilization of data learning for better invention enhance the growth and decision making in the industry.
Based on the Component, the AI in Cancer Diagnostics Market is segmented into Software Solutions Hardware, and Services. The software solutions segment acquired the highest revenue share in the AI in cancer diagnostics market in 2021. It is because many big competitors are launching new solutions for the diagnosis of cancer. With the help of the software, doctors can efficiently and precisely identify the micro size of cancer or tumor. Moreover, artificial intelligence software is more precise and trustworthy than the human diagnostic system. The software platform provides high-quality analytics, and quick results grow the confidence of the doctors as well as boost productivity along with human safety.
Cancer Type Outlook
On the basis of Cancer Type, the AI in Cancer Diagnostics Market is divided into Breast Cancer, Lung Cancer, Prostate & Colorectal Cancer, Brain Tumor, Skin Cancer & Cervical Cancer and Others. The breast cancer segment procured the largest revenue share in the AI in cancer diagnostics market in 2021. It is because the incidence of breast cancer is growing due to the cells in the breast growing out of control. Breast cancer depends on which cell is infected in the breast which came out as cancer. The breast is made up of three components which include ducts, lobules, and connective tissue.
|Market size value in 2021||USD 90.4 Million|
|Market size forecast in 2028||USD 509 Million|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 28.6% from 2022 to 2028|
|Number of Pages||228|
|Number of Tables||383|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Cancer Type, End-user, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the AI in Cancer Diagnostics Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the largest revenue share in the AI in cancer diagnostics market in 2021. The growing cancer prevalence along with the accessibility of the updated healthcare infrastructure propel the growth of the market. However, the increasing government initiatives and the expenditure in the healthcare sector drive the growth of AI in the medical sector. The growing number of patient’s diagnostic propels the growth of AI in cancer diagnostics in this region.
Free Valuable Insights: Global AI In Cancer Diagnostics Market size to reach USD 509 Million by 2028
KBV Cardinal Matrix - AI In Cancer Diagnostics Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the forerunner in the AI In Cancer Diagnostics Market. Companies such as Flatiron Health (F. Hoffmann-La Roche Ltd.), Paige AI, Inc., PathAI, Inc. are some of the key innovators in AI In Cancer Diagnostics Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Flatiron Health, Paige AI, Inc., PathAI, Inc., Therapixel, Tempus, Inc., SkinVision BV, Cancer Center Sp. z o.o., Medial EarlySign and Kheiron Medical Technologies Limited.
Strategies deployed in AI In Cancer Diagnostics Market
» Partnerships, Collaborations and Agreements:
- Nov-2022: Flatiron Health came into partnership with Caris Life Sciences (Caris), the leading molecular science and Technology Company. Through this partnership, the company aimed at broadening access to precision medicine at the point of care with seamless ordering and receipt of Caris molecular profiling by integrating OncoEMR platform, a leading cloud-based electronic medical record (EMR) tool.
- Aug-2022: PathAI came into partnership with Bristol Myers Squibb, an American multinational pharmaceutical company. Through this partnership, the company aimed at developing drugs by expanding the use of artificial intelligence (AI).
- Jan-2022: Flatiron Health joined hands with NCCHE, a Japanese cancer center that provides cancer medicine. The collaboration is aimed at expanding the company's international presence.
- Nov-2021: Kheiron Medical Technologies teamed up with Stanford University, a private research university. This collaboration aimed at using the expertise of the Stanford Center for Artificial Intelligence in Medicine & Imaging to enhance the use of AI in new areas of Oncology.
- Oct-2021: PathAI came into partnership with Roche, a biotechnology company that develops and provides drugs and diagnostics. Through this partnership, the company aimed at developing and providing its AI pathology through Roche’s uPath enterprise software.
- Jun-2021: Kheiron Medical Technologies entered into a partnership with Atlas Medical, a manufacturer and supplier of quality Diagnostic Reagents and Kits. The partnership is aimed at launching Mia, a solution for breast cancer screening that supports radiologists in detecting cancer more accurately.
- May-2021: Paige joined hands with Quest Diagnostics, an American clinical laboratory that provides diagnostic insights. Through this collaboration, the company aimed at delivering faster, more accurate, and more informed clinical insights by creating new software.
- Mar-2021: Paige came into partnership with Epredia, a global leader in precision cancer diagnostics. Through this partnership, the company aimed at helping pathologists to unlock insights from each sample and provide results to the patient and clinician more quickly by offering a portfolio of software.
- Dec-2020: Tempus joined hands with Bayer, a German multinational pharmaceutical and biotechnology company. The collaboration aimed at providing genomic testing access and tailored treatment approaches for the oncology community.
» Product Launches and Product Expansions:
- May-2022: Therapixel launched MammoScreen – 2D and 3D, an AI-based software that automatically analyzes mammograms and displays a summary report to radiologists, providing breast cancer detection and using prior exams to refine prediction.
- Mar-2022: Paige unveiled Paige Breast Lymph Node, an AI medical device software, designed to increase the accuracy and efficiency in the detection of breast cancer. The launch focused on helping pathologists detecting if breast cancer has metastasized to lymph nodes.
» Acquisition, Joint Venture and Merger:
- Jul-2021: PathAI completed the acquisition of Poplar, the management service organization for Poplar Healthcare PLLC, an industry-leading independent anatomic pathology laboratory services provider. Through this acquisition, the company would be able to integrate testing services into its existing artificial intelligence-powered pathology platform.
Scope of the Study
Market Segments Covered in the Report:
- Surgical Centers & Medical Institutes
- Software Solutions
By Cancer Type
- Breast Cancer
- Lung Cancer
- Brain Tumor
- Skin Cancer & Cervical Cancer
- Prostate & Colorectal Cancer
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- Flatiron Health
- Paige AI, Inc.
- PathAI, Inc.
- Tempus, Inc.
- SkinVision BV
- Cancer Center Sp. z o.o.
- Medial EarlySign
- Kheiron Medical Technologies Limited
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What would be the size of the AI In Cancer Diagnostics Market by 2028?
The global AI In Cancer Diagnostics Market size is expected to reach $509 million by 2028.
What are the key driving factors and challenges in the AI In Cancer Diagnostics Market?
Increasing technological advancements in the healthcare sector are driving the market in coming years, however, Lack of Understanding of AI Use in the Healthcare Sector restraints the growth of the market.
What are the major top companies in the competitive landscape?
Microsoft Corporation, Flatiron Health, Paige AI, Inc., PathAI, Inc., Therapixel, Tempus, Inc., SkinVision BV, Cancer Center Sp. z o.o., Medial EarlySign and Kheiron Medical Technologies Limited.
Which segment is leading the market in 2021?
The Hospital market is leading the Global AI In Cancer Diagnostics Market by End-user in 2021; thereby, achieving a market value of $295.6 million by 2028.
Which region dominated the AI In Cancer Diagnostics Market in 2021?
The North America market dominated the Global AI In Cancer Diagnostics Market by Region in 2021; thereby, achieving a market value of $203.3 Million by 2028.