AI in Cancer Diagnostics Market Size to Hit US$ 2.0 Bn, Globally, by 2031, Expanding at a CAGR of 11.2% Says, Transparency Market Research

Wilmington, Delaware, United States, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global AI in cancer diagnostics market is projected to flourish at a CAGR of 11.2% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 2.0 billion is anticipated for the market in 2031. As of 2023, the market for AI in cancer diagnostics is expected to close at US$ 955 million.

The increasing global incidence of cancer cases has created a pressing need for accurate and efficient diagnostic tools, and an increase in awareness about early diagnosis of cancer is likely to drive global AI in cancer diagnostics market demand in the next few years. Advancements in imaging technology and the integration of AI with advanced imaging technologies like MRI, CT scans, and mammography enhances the precision and sensitivity of cancer detection. AI-powered cancer diagnostics process ensures consistent and reliable results,

The availability of large volumes of medical data, including medical images, genetic information, and patient records, provides a foundation for training AI algorithms, AI, with its ability to analyze massive volumes of complex medical data and extract insights, is revolutionizing the landscape of cancer diagnosis. The integration of AI in cancer diagnostics helps in early detection, precise diagnosis, and tailored treatment strategies, ultimately leading to improved patient outcomes, and boosting the market demand.

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Key Takeaways from the Market Study

• As of 2022, the AI in cancer diagnostics market was valued at US$ 859.0 millionBased on application, the screening & diagnosis segment is projected to account for the largest global AI for cancer diagnostics market share
• Based on end-user, the diagnostic center’s segment held a significant market share in AI in the cancer diagnostics market.
• Based on cancer type, the breast cancer segment dominated the global AI in cancer diagnostics as breast cancer is one of the most commonly diagnosed cancers globally, affecting a large number of individuals
  

AI in Cancer Diagnostics: Key Trends and Opportunistic Frontiers

• Continuous advancements in AI technologies, such as deep learning and machine learning, enhance the capabilities and versatility of diagnostic algorithms.
• Increasing application of AI-powered technologies, such as computer-aided detection (CAD) systems, can assist radiologists in analyzing mammograms and other breast imaging modalities, aiding in early detection and diagnosis.

AI in Cancer Diagnostics Market- Regional Analysis

• North America accounted for a significant share of the global AI in the cancer diagnostics market. The growth of the market in the region is attributed to a strong foundation in research & development and encouragement for innovation in AI applications for cancer diagnostics in the region.
• AI in cancer diagnostics in Asia Pacific is expected to witness significant market expansion during the forecast period. Increasing investment in healthcare infrastructure and adopting advanced technologies, including AI, for cancer diagnostics.

Competitive Landscape

The global AI in cancer diagnostics market is consolidated, with the presence of a few market players. Most companies are making significant investments in research & development activities. Transparency Market Research has profiled the following players in its global AI in cancer diagnostics market report:

• Ibex Medical Analytics
• EarlySign
• Cancer Center.ai
• Microsoft
• Flatiron
• Path AI
• Therapixel
• Tempus
• Paige AI, Inc.
• Kheiron Medical Technologies Limited
• SkinVision
• Freenome
• Whiterabbit.ai
• Mindpeak GmbH

Key Developments in the AI in Cancer Diagnostics Market

• In March 2023 – Alverno Laboratories, and Ibex Medical Analytics, announced a new agreement to expand the deployment of Ibex’s GalenTM suite of Artificial Intelligence (AI) solutions to the entire Alverno network across Illinois and Indiana. The deployment includes AI-powered solutions for cancer diagnosis across multiple tissue types and will support Alverno pathologists in providing the utmost quality of care for their patients.
• In February 2022 - Freenome, announced the initiation of Vallania, a clinical study for the refinement and further development of its multiomics platform to detect multiple cancers. The platform uses a routine blood draw and combines both tumor and non-tumor signals with machine learning to detect cancers in the earliest, most treatable stages.

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AI in Cancer Diagnostics Market- Key Segments

Component

• Software Solutions
• Services

Cancer Type

• Breast Cancer
• Prostate Cancer
• Lung Cancer
• Colorectal Cancer
• Cervical Cancer
• Others

Application

• Screening & Diagnosis
• Tumor Identification
• Monitoring
  

End-user

• Hospitals
• Diagnostic Centers
• Medical Research Institutes
• Contract Research Organizations

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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