Artificial Intelligence in Oncology Market to Hit US$ 11.52 Billion by 2030 with 29.4% CAGR | MarketsandMarkets™

DELRAY BEACH, Fla., Dec. 20, 2024 /PRNewswire/ -- The global AI in oncology market, valued at US$1.92 billion in 2023, is forecasted to grow at a robust CAGR of 29.4%, reaching US$2.45 billion in 2024 and an impressive US$11.52 billion by 2030. The growth is attributed to the increasing healthcare expenditures, rising adoption of advanced healthcare infrastructure worldwide, growing prevalence of solid tumors and blood cancers globally and the adoption of AI for such cancer's early detection and prevention. In addition, the growing regulatory approvals for AI based software and tools and further its incorporation with radiographic imaging to enhance breast cancer diagnosis is the key factors driving market growth. For instance, in November 2022, Google Health partnered with iCAD to showcase its AI model for mammography into real world clinical practice to reduce the breast cancer burden worldwide with a major focus on underserved regions by improving its diagnosis, enhancing screening access and reducing diagnostic delays.

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By application, the drug discovery segment holds significant share in AI in oncology market. This large share is anticipated due to the rising burden of cancer coupled with technological advancements that enhance understanding of disease mechanisms. Further, this segment is classified into drug discovery target identification & validation lead identification & optimization de novo drug design. Some other major drivers for the drug discovery segment include the emphasis on personalized medicine, increased investment, and supportive regulatory frameworks.  For instance, in July 2023, the Institute of Cancer Research (ICR) in London, IDIBELL in Barcelona, and Vivan Therapeutics have joined forces to develop precision cancer drugs using AI and experimental models. The partnership focuses on overcoming drug resistance, particularly in cancers with KRAS mutations.

Pharmaceutical and biotechnology companies hold a significant share in the AI in oncology market by end-user segment. Companies have been putting in much effort in new cancer drug discovery and development and their clinical trials, having strong drugs in their pipelines. For instance, in 2024 as per the American Association for Cancer Research, the FDA issued 14 approvals for cancer therapies between January and March 2024, including innovations in immunotherapy, targeted therapy, and chemotherapy, reflecting the scope of the segment attributed to its significant share.

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The major players in the AI in oncology market with a significant global presence are Siemens Healthineers (Germany), GE Healthcare (US), ConcertAI (US), Medtronic (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Oracle(US), NVIDIA Corporation(US), Koninklijke Philips N.V. (Netherlands), PathAI, Inc. (US), CureMetrix, Inc. (US), Mindpeak GmbH (Germany), Paige AI, Inc. (US), Predictive Oncology (US), Exscientia (UK), Insilico Medicine (US), Iktos (Paris), Tempus (US), Azra AI (US), CureMatch, Inc. (US), OncoLens (US), Triomics (US), Clinakos. (US), Perthera, Inc (US), Cellworks Group, Inc. (US), and biomy, Inc. (Japan). The market players have adopted strategies such as acquisitions, collaborations, partnerships, mergers, product/service launches & enhancements, and approvals to strengthen their position in the biosimulation market. The product and technology innovations have helped the market players expand globally by enhancing treatment efficacy, improving patient outcomes, and addressing unmet medical need.

Siemens Healthineers:

Siemens Healthineers is one of the leading healthcare companies globally that help healthcare provider worldwide to offer affordable high-quality care of patients. With a track record of 120 years, the company is consistently delivering groundbreaking solutions and offers diverse range of portfolio, including laboratory diagnostics, medical imaging, healthcare IT, therapeutic and molecular diagnostics, and consulting services.

Further, Siemens Healthineers is supporting the AI use in healthcare, particularly in cancer care for early detection, diagnosis, and therapy planning. Recently, the company developed AI-Rad Companion and Ethos Therapy that provides automated support in imaging, therapy planning, and adaptive treatments, reducing diagnosis time and enhancing treatment quality.

Further, the company has global footprint with a strong local presence, supported by over 600,000 installed systems and more than 4,400 collaborations worldwide with 46,000 employees worldwide, ensuring timely and efficient services.

GE Healthcare:

GE HealthCare specializes in medical technology, digital solutions, and care innovations, at a global level supporting over 1 billion patients annually and operating in more than 160 countries. The company offers comprehensive portfolio including monitoring devices, intelligent devices, and imaging diagnostics with more than 200 imaging software applications. GE HealthCare is supporting the use of AI to enhance cancer care. For instance, company's AI- driven initiatives such as the Health Companion project and AI Innovation Lab, help in aiding personalized treatment planning. The company also supports AI tools for breast cancer recurrence prediction, maternal care advancements, and multimodal X-ray diagnostics. Moreover, GE Healthcare has over 80 FDA-approved AI devices.

Medtronic:

Medtronic is one of the major players in the medical devices and therapies market with more than 95,000 employees and presence in over 150 countries. The company helps to alleviate pain, extend life, and restore health by offering diverse solutions portfolio including diabetes care, cardiac and vascular care, minimally invasive therapies, surgical innovations, and spine and neurological treatments. Medtronic highly supports the use of AI in cancer care for early detection and diagnosis. For instance, to improve colorectal cancer detection, the company launched GI Genius intelligent that helps to identify polyps in real-time during colonoscopy procedures.

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