The Artificial Intelligence In Cancer Diagnostics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence In Cancer Diagnostics Global Market Report 2024, The artificial intelligence in cancer diagnostics market size has grown exponentially in recent years. It will grow from $0.3 billion in 2023 to $0.4 billion in 2024 at a compound annual growth rate (CAGR) of 34.0%. The growth in the historic period can be attributed to increased cancer incidence, big data availability, rise of personalized oncology, precision medicine initiatives, integration of genomic data.
The artificial intelligence in cancer diagnostics market size is expected to see exponential growth in the next few years. It will grow to $1.18 billion in 2028 at a compound annual growth rate (CAGR) of 30.8%. The growth in the forecast period can be attributed to clinician shortages, population aging, global telemedicine adoption, integration of ai with electronic health records, growing cancer screening programs. Major trends in the forecast period include rapid advances in ai algorithms, advancements in imaging technology, technological innovations in pathology, advancements in radiomics and radiogenomics, drug development, deep learning, ai for predictive biomarker discovery.
The rising prevalence of cancer is expected to propel the growth of artificial intelligence in the cancer diagnostics market going forward. Cancer refers to uncontrolled cell growth, which impacts various organs and contributes to significant morbidity and mortality worldwide. Artificial intelligence is utilized in cancer diagnostics for accurate and efficient analysis of medical imaging data, aiding in the early detection and precise classification of cancerous lesions. For instance, in October 2023, according to the European Union Science Hub, a Belgium-based European Commission’s joint research center, the number of new cases of cancer increased by 2.3% to 2.74 million in 2022 in comparison to the past 2 years. Similarly, cancer-related mortality increased by 2.4% during the preceding two years. Therefore, the rising prevalence of cancer is expected to propel the growth of artificial intelligence in the cancer diagnostics market.
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The artificial intelligence in cancer diagnostics market covered in this report is segmented –
1) By Component: Software Solutions, Hardware, Services
2) By Cancer Type: Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Other Types
3) By Application: Screening And Diagnosis, Tumor Identification, Surveillance, Treatment
4) By End-User: Hospitals, Medical Research Institute, Diagnostic Centers, Contract Research Organization
Technological advancement is a key trend gaining popularity in artificial intelligence in the cancer diagnostics market. Major companies operating in the market are concentrating on creating innovative tools for various cancer conditions and sustaining their position in the market. For instance, in March 2023, Qritive, a Singapore-based company engaged in AI-powered solutions to support pathologists, launched QAi Prostate, a new AI-powered tool for prostate cancer diagnosis. QAi Prostate can accurately identify prostatic adenocarcinoma regions and classify malignant and benign tumor areas in biopsy tissue samples. The tool provides a detailed summary of the tumor size and percentage for each slide or region of interest (ROI), allowing pathologists to make more informed decisions quickly.
The artificial intelligence in cancer diagnostics market report table of contents includes:
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