AI in Oncology Market Size Worth $16.72 Billion By 2032 | CAGR: 33.6%

The global AI in oncology market size is expected to reach USD 16.72 billion by 2032, according to a new study by Polaris Market Research. The report “AI in oncology Market Share, Size, Trends, Industry Analysis Report, By Component Type (Software Solutions, Hardware), By Cancer Type (Breast Cancer, Lung Cancer), By Treatment Type, By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The market is poised for substantial growth due to the rising incidence of cancer, driving the demand for technologically advanced products for cancer diagnosis, treatment, and analysis. For instance, the International Agency for Research on Cancer (IARC) estimates over 20.7 million new cases, in 2023. Furthermore, AI plays a crucial role in early detection, contributing to mortality reduction, particularly through effective screening programs.

AI is revolutionizing the field of oncology by leveraging vast datasets generated through multi-omics analyses, coupled with advancements in deep learning and high-performance computing. This integration of AI into oncology encompasses novel approaches for various stages of cancer management, including detection, screening, diagnosis, and classification. AI is instrumental in characterizing cancer genomics, analyzing the tumor microenvironment, assessing prognostic and predictive biomarkers, and formulating strategies for follow-up care and drug discovery. This comprehensive application of AI is enhancing the precision and efficiency of cancer research and treatment.

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The rapid progression of technology, particularly in terms of accuracy, safety, and automation, is poised to drive market growth in the foreseeable future. AI, as an emerging and transformative technology, plays a crucial role in significantly increasing screening rates in the field of oncology. Consequently, both public and private organizations are directing their focus towards substantial funding and investment in research and development (R&D) initiatives aimed at advancing AI-based oncology screening products.

For instance, in March 2023, Artera secured funding of nearly, USD 90 million. This funding is earmarked for the launch and distribution of the ArteraAI Prostate Test, marking a significant milestone as the first developed test designed to predict therapy outcomes in localized prostate cancer. This illustrates the growing recognition and support for innovative AI-driven solutions in oncology, with the potential to enhance screening efficiency and therapeutic decision-making.

Key industry players are strategically engaging in collaborations and partnerships, with a primary emphasis on the development of innovative products aimed at facilitating early cancer diagnosis, addressing increasing demand, and advancing research and development pipelines. For instance, in December 2022, AstraZeneca initiated a collaboration with Clinithink to embark on an AI project focused on lung cancer. The primary objective of this project is the early detection of lung cancer, thereby contributing to the formulation of more effective treatment strategies.

AI in Oncology Market Report Highlights

• Software solutions segment held the largest share, primarily due to adoption of AI based services for better clinical outcomes
• Brain tumor segment expected to grow at the fastest rate, owing to rising cases of brain tumors and huge unmet medical needs
• North America dominated the market, as the region has better healthcare infrastructure, coupled with AI players offering healthcare solutions
• The global players include Azra AI, IBM, Siemens Healthcare, Intel, GE HealthCare, NVIDIA, Digital Diagnostics, ConcertAI, Median Technologies, and PathAI

Polaris Market Research has segmented the AI in oncology market report based on component, cancer type, treatment type, and region:

AI in Oncology, Component Outlook (Revenue - USD Billion, 2019 - 2032)

• Software Solutions
• Hardware
• Services

AI in Oncology, Cancer Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Colorectal Cancer
• Brain Tumor
• Others

AI in Oncology, Treatment Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Chemotherapy
• Radiotherapy
• Immunotherapy
• Others

AI in Oncology, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

AI in Oncology Market Report Scope