AI in Cancer Diagnosis Market Size: Market Challenges and Opportunities
AI in Cancer Diagnosis Market Expected to Grow from 2024 to 2031
AI in Cancer Diagnosis Market Outlook, Scope & Overview:
SNS Insider indicates that the AI in cancer diagnosis market was valued at USD 195 million in 2023 and is expected to reach USD 1238.79 million by 2031, growing at a CAGR of 26% over the forecast period 2024-2031.
Technological Advancements to Drive Growth of AI in Cancer Diagnosis Market
The adoption of artificial intelligence (AI) in cancer diagnosis techniques will continue to influence global market revenues. Healthcare professionals are increasingly integrating AI-based diagnostics due to their ability to provide higher accuracy and speed in cancer detection.
As a technology segment, AI-based cancer diagnosis currently accounts for a significant revenue share of the global cancer diagnostics market. This segment is anticipated to increase at a year-over-year growth rate of 26% in 2024 over 2023 and reach USD 500 million in revenues. In terms of market volume, a substantial number of AI-based diagnostic systems are expected to be deployed in 2024.
AI-Based Cancer Diagnosis – Market Dynamics
Drivers:
AI-based cancer diagnosis is one of the latest advancements in cancer diagnostic systems and is considered a prominent technology segment in the global market for cancer diagnostics. The use of AI-based diagnostics has increased in various aspects of medical testing and cancer detection. Oncology and radiology are some of the key clinical verticals that extensively use AI-based cancer diagnostic systems. As a result, AI-based cancer diagnosis is emerging as an important and the most enhanced diagnostic system in private clinics, hospitals, and research centers. Moreover, the demand for AI-based diagnostic systems has increased in genetic testing, pathology analysis, and precision medicine. Additionally, the rising number of cancer cases globally and the need for early and accurate diagnosis will continue to drive the growth in the demand for AI-based cancer diagnostic systems in the global market.
Restraints:
The complexities and costs associated with developing and implementing AI-based cancer diagnostic systems are perceived as the main restraints challenging the growth of the segment in the global cancer diagnostics market. Unlike traditional diagnostic methods, AI-based diagnostics require high technical expertise and computational resources, leading to higher development costs and complexity. Owing to this, several healthcare providers are cautious about adopting these systems extensively, thereby limiting the adoption of AI-based cancer diagnosis.
The challenges related to data privacy, interpretability of AI algorithms, and regulatory compliance are also factors hindering the widespread adoption of AI-based cancer diagnostic systems. Additionally, the integration of AI technologies into existing healthcare infrastructure poses technical challenges and requires significant investments, which can also limit the growth of AI-based cancer diagnosis technology in the global cancer diagnostics market.
AI-Based Cancer Diagnostic Systems – Market Outlook
The effective diagnostic outcomes from the use of AI-based cancer diagnostic systems in healthcare have boosted the prominence of the technology in the global market. AI-based cancer diagnostics products and devices are observed as the fastest-growing technology segment in the global market. AI-based cancer diagnosis has gained prominence in North America and Europe, which are leading regions in the global cancer diagnostics market.
Global AI in Cancer Diagnosis Market
The upsurge in the deployment of AI-based cancer diagnostic systems in North America is expected to register a CAGR of over 30% during the forecast period. As a result, the AI-based cancer diagnosis segment in North America is expected to account for USD 800 million by the end of 2031. In Europe, the growth in demand for AI-based cancer diagnosis technology is expected to expand at a CAGR of over 25% and reach USD 500 million over the next eight years. At a similar CAGR, the AI-based cancer diagnosis market in the Asia Pacific region is expected to attain over USD 300 million by the end of the forecast period.
Key Players in the AI-Based Cancer Diagnosis Market
Major companies in the AI-based cancer diagnosis market include IBM Watson Health, Google Health, Microsoft Healthcare, and Tempus Labs. These companies are at the forefront of developing advanced AI algorithms and diagnostic systems for cancer detection and management.
In the year 2023, AI-based cancer diagnosis held a significant market share of the global cancer diagnostics market. At an estimated CAGR of 26% during 2024-2031, the AI-based cancer diagnosis segment is projected to continue its rapid growth throughout the forecast period and become one of the most prominent technology sub-segments in the global cancer diagnostics market.
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