Description
Artificial Intelligence in Cancer Market Product Overview
For years, artificial intelligence (AI) has caught society’s interest and generated excitement about its potential to enhance our lives. AI is already a part of our everyday lives, as well as our interactions with media, transportation, and communications. AI applications in healthcare are gaining traction as a way to enhance illness diagnosis, management, and the creation of successful treatments.
Given the enormous number of patients diagnosed with cancer and the large quantity of data collected during treatment, AI applications to improve oncologic care are of particular interest. During medical operations, artificial intelligence assists medical practitioners in retrieving information, interpreting pictures, and planning therapy. It also makes healthcare workers’ jobs easier.
Market Highlights
Global Artificial Intelligence in Cancer market is expected to project a notable CAGR of XX.X% in 2030
Global Artificial Intelligence in Cancer to surpass USD XXXX billion by 2030 from USD XXXX billion in 2020 at a CAGR of XX.X% in the coming years, i.e., 2021-30. Some of the main variables helping revenue growth in the market include an increase in the inflow of patient health-related digital data, a growing need to minimize healthcare costs and a rising desire for tailored medication.
Another important reason that has increased the need to study and identify illnesses in their early stages is the rise in the prevalence of chronic diseases such as cancer. Deep learning technology would make it simple to anticipate illnesses based on past health data. Furthermore, content analytics, Natural Language Processing (NLP) technologies, and Artificial Intelligence (AI) can aid in the patient’s rapid diagnosis.
Recent highlights in the Global Artificial Intelligence in Cancer Market
In August 2020, Digital Diagnostics Inc., formerly known as IDx, purchased 3Derm Systems Inc. The acquisition intended to expand 3DermTriage’s dermatological telemedicine capabilities and prepare its autonomous AI skin cancer diagnosis device, 3DermSpot, for FDA approval.
In September 2019, For creating applications for its Edison AI platform, GE Healthcare signed a Cooperation agreement with five local Chinese software development companies-12Sigma Technologies, Shukun Technology, Biomind, YITU Technology, and Yizhun Medical AI. These important partners are expected to deliver mature software products that would enable GE Healthcare’s digital transition to go smoothly.
Global Artificial Intelligence in Cancer Market: Segments
Targeted Therapy segment to grow with the highest CAGR during 2020-30
Global Artificial Intelligence in Cancer market is segmented by Product Type into Surgery, Radiotherapy, Chemotherapy, Immunotherapy, Phototherapy, Targeted therapy, Gene Therapy, Sonodynamic Therapy.
Among these Targeted Therapy is expected to have the highest growth in the forecast period. This can be attributed to the discovery of cancer cells’ molecular targets. Recent developments in cellular technology and gene therapy have improved our understanding of tumor cells and their metabolism at the molecular level, prompting the development of tailored cancer medication treatments.
Lung cancer segment to grow with the highest CAGR during 2020-30
Global Artificial Intelligence in Cancer market is segmented by Cancer Type into Lung, Breast, Melanoma, Colorectal, Prostate and others. The high prevalence of breast cancer across the world is a key contributor to this segment’s substantial share.
However, the lung cancer category is anticipated to grow the most throughout the projection period. The rising prevalence of lung cancer throughout the world, as well as the growing demand for early detection, are driving this segment’s rise.
Market Dynamics
Drivers
Expansion of companies
To help end-users overcome the shortage of radiologists, deliver value-based care, early disease detection and diagnosis, and maintain a competitive edge in the market, companies are increasingly focusing on expanding their geographical reach and introducing newer, innovative solutions through various strategies, including partnerships, product launches, and collaborations.
Restraint
Medical professionals’ reluctance to use AI-based technology
Due to the rapid rise of digital health, healthcare practitioners may now aid patients with innovative treatment techniques. AI technologies provide doctors with tools to help them diagnose and treat patients more efficiently. Doctors, on the other hand, have shown a reluctance to adopt new technology. For example, there is a widespread belief among medical professionals that AI will eventually replace physicians.
Doctors and radiologists feel that qualities like empathy and persuasion are human abilities, and those technological advancements cannot totally eliminate the need for a doctor. Furthermore, there is fear that patients may become overly reliant on these technologies and will forego important in-person treatments, thereby jeopardizing long-term doctor-patient relationships.
Global Artificial Intelligence in Cancer Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
NVIDIA
IBM
Intel
Siemens Healthineers
GE Healthcare
Digital Diagnostics
Xilinx
InformAI
Enlitic
Day Zero Diagnostics
Aidence
Butterfly Network, Inc.
Prognos
Zebra Medical Vision
Global Artificial Intelligence in Cancer Market: Regions
Global Artificial Intelligence in Cancer market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.
Global AI in Cancer in North America held the largest market share in the year 2020. However, The APAC market is expected to grow at the fastest rate over the forecast period, owing to emerging market growth strategies, improved medical diagnostic infrastructure, an aging population, rising cancer prevalence, favorable government initiatives for AI in healthcare, and an increase in the number of COVID-19 positive patients.
Global Artificial Intelligence in Cancer Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Global Artificial Intelligence in Cancer Market report also contains analysis on:
Artificial Intelligence in Cancer Segments:
By Surgery
Radiotherapy
Chemotherapy
Immunotherapy
Targeted Therapy
Phototherapy
Gene Therapy
Sonodynamic Therapy
By Cancer Type
Breast cancer
Lung cancer
Melanoma cancer
Colorectal cancer
Prostate cancer
Others
By End User
Diagnosis
Therapy
Prognosis
Health Management
Research
Artificial Intelligence in Cancer Market Dynamics
Artificial Intelligence in Cancer Market Size
Supply & Demand
Current Market Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Artificial Intelligence in Cancer Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD XXXX billion
Revenue forecast in 2030 USD XXXX billion
Growth Rate CAGR of XX.X% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD billion and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product Type, Cancer Type, End-Use, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Microsoft Corporation, NVIDIA, IBM, Intel, Siemens Healthineers, GE Healthcare, Digital Diagnostics, Xilinx, InformAI, Enlitic, Day Zero, Diagnostics, Aidence, Butterfly Network, Inc., Prognos, Zebra, Medical Vision and Other Prominent Players.
Frequently Asked Questions
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