Global Artificial Intelligence in Oncology Market, By Component (Software/Platform, Hardware, Services), By Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, and Others), By Treatment Type (Chemotherapy, Radiotherapy, Immunotherapy, and Others), By End User (Hospitals & Clinics, Diagnostic Centers, Biopharmaceutical Companies, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,200 Mn in 2023 and is expected to exhibit a CAGR of 33.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing organic growth strategies, such as product launches by key market players, are expected to drive market growth over the forecast period. For instance, on October 27, 2023, Koninklijke Philips N.V., a Netherlands-based multinational health technology company, announced that it had launched a new AI-based imaging and reporting tool for early detection of prostate cancer.
Global Artificial Intelligence in Oncology Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
The coronavirus (COVID-19) pandemic and resulting lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare sector is one of the sectors that has been majorly impacted by the COVID-19 pandemic. It has also affected the growth of the pharmaceutical businesses of various companies globally due to lockdowns implemented by the governments of several countries. The nationwide lockdowns have led to the closure of industrial establishments, except for the manufacturing of essential commodities, and disruptions in the supply chain of the pharmaceuticals. For instance, during the COVID-19 pandemic, there was a reduction in non-emergency surgical procedure, which impacted the growth of the market. According to an article published by journal of JAMA Network Open, an open access journal, in December 2021, titled 'Trends in US Surgical Procedures and Health Care System Response to Policies Curtailing Elective Surgical Operations During the COVID-19 Pandemic', the pandemic had affected every aspect of medical care, including the surgical treatments. The article analyzed the surgical data in the U.S. from November 2020 through July 2021 and indicated that the initial shutdown period in March 2020 through April 2020 was associated with a decrease in surgical procedure volumes. After the restrictions were lifted, the rate of surgical procedures rebounded to 2019 levels.
Global Artificial Intelligence in Oncology Market: Key Developments
On September 7, 2023, Microsoft Corporation, a U.S.-based multinational technology corporation, announced that it had collaborated with Paige AI, Inc., a company involved in providing generative AI for pathology, to create the world’s largest image-based artificial intelligence (AI) models for digital pathology and oncology.
In October 2022, Model Medicines, a pharmatech company, announced the launch of Galileo, an AI-based drug discovery platform that can be used for both drug discovery for hematological diseases and solid tumors.
Browse 44 Market Data Tables and 41 Figures spread through 180 Pages and in-depth TOC on “Global Artificial Intelligence in Oncology market, By Component (Software/Platform, Hardware, Services), By Cancer Type (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, and Others), By Treatment Type (Chemotherapy, Radiotherapy, Immunotherapy, and Others), By End User (Hospitals & Clinics, Diagnostic Centers, Biopharmaceutical Companies, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Takeaways of the Global Artificial Intelligence in Oncology Market:
- The global artificial intelligence in oncology market is expected to exhibit a CAGR 33.7% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global artificial intelligence in oncology market. Moreover, the increasing prevalence of cancer is also expected to drive the market growth. For instance, according to the data published by the European Commission, a part of the executive of the European Union, in May 2023, there were more than 69,697 new cases of breast cancer in Germany in 2022.
- Among regions, North America segment is expected to be dominant in the global artificial intelligence in oncology market, owing to the presence of major players such as IBM Corporation, Siemens Healthineers AG, Intel Corporation, GE HealthCare, and other key market players contributing to growth in this region.
- Major players operating in the global artificial intelligence in oncology market include Azra AI, IBM Corporation, Siemens Healthineers AG, Intel Corporation, GE HealthCare, NVIDIA Corporation, Digital Diagnostics Inc., ConcertAI, Median Technologies, PathAI, Microsoft, Zebra Medical Vision, and Babylon
