Artificial Intelligence (AI) in Cancer Market to Grow at a CAGR of 23.1%

"Report Highlights Market Growth Propelled by Rising Cancer Rates and AI in Drug Discovery, with Breast Cancer Segment Growing at 21.8% Due to Improved Screening and Early Diagnosis"

BOSTON, Dec. 30, 2024 /PRNewswire/ -- According to the latest study from BCC Research, "Artificial Intelligence (AI) in Cancer" is estimated to increase from $2.2 billion in 2024 to reach $6.3 billion by 2029, at a compound annual growth rate (CAGR) of 23.1% from 2024 through 2029.

The report explores AI technology's current and future potential in cancer applications, considering market drivers, restraints, and opportunities. It includes projections through 2029 and examines the competitive landscape. In this report, the market is segmented by application (screening, diagnosis, therapy, drug discovery, etc.), cancer type (breast, lung, prostate, etc.), and end-user (hospitals, diagnostic centers, etc.). It covers the regions of North America, Europe, Asia Pacific, and the Rest of the World. Company profiles offer insights into their business segments, financials, and recent developments.

This report is timely because AI and ML are becoming crucial in cancer care, helping to speed up drug research and improve diagnostic accuracy. It analyzes AI applications in various cancer types and uses, such as diagnosis and therapy, as well as emerging technologies and competitor activities.

The factors driving the market include:

AI in Drug Discovery and Development: AI significantly accelerates drug discovery by considering vast datasets to identify potential drug candidates more quickly and accurately than traditional methods. This leads to faster development of effective cancer treatments, reducing time and costs.

Increasing Incidence of Cancer: The rising number of cancer cases globally drives the demand for advanced diagnostic and treatment solutions. AI offers promising tools to improve early detection, personalized treatment plans, and enhance patient outcomes, making it a critical technology in addressing the growing cancer burden.

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Report Synopsis 

Interesting facts:

• AI is being used more to create personalized cancer treatments.
• AI companies and biotech firms are developing models using machine learning, deep learning, generative AI, and federated learning to help discover new drugs.
• In the future, AI could greatly help doctors, oncologists, and radiologists diagnose cancer faster and more accurately.

The report addresses the following questions:

1.      How large will the market for AI in cancer get, and how fast will it grow?

• The AI in cancer market will grow from $1.8 billion in 2023 to $6.3 billion in 2029, with an annual growth rate of 23.1%.

2.      Which market segments are covered in the report?

• The market is divided by cancer type, application, and end user.

3.      Which type will lead the market by 2029?

• Breast cancer will be the leading segment by 2029.

4.      Which region leads the market?

• North America has the highest market share.

Market leaders include:

• AZRA AI
• CONCERTAI
• GE HEALTHCARE
• ICAD INC.
• LUNIT INC.
• MEDIAN TECHNOLOGIES
• NVIDIA CORP.
• QUEST DIAGNOSTICS INC.
• SIEMENS HEALTHINEERS

Other related reports include:

Global Artificial Intelligence (AI) Market: Investments vs Potential: This report examines the global AI market, breaking it down by solution type and deployment mode. It covers AI technologies like machine learning, computer vision, NLP, and context-aware computing and explores their applications across various industries. The report includes regional analyses, market drivers, current trends, and profiles of major AI providers, with projections from 2024 to 2029.

Artificial Intelligence (AI) in Life Sciences Market: This report examines the global AI market in life sciences, estimating current and past revenues by product, application, end user, and region.

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