Cancer is a fatal disease. Therefore, various innovations, researches, and investments have always been on the higher side in this case. In 2020 alone, the number of cases increased to 13.9 million and deaths to 10 million globally, claims Union for International Cancer Control.
According to a new study by MarkNtel Advisors, the Global Artificial Intelligence (AI) in Cancer Diagnostic Market is expected to grow at a CAGR of 40.1% during 2021-26. The primary factors driving the market growth are the mounting prevalence of cancer and the rising demand for advanced technologies for the identification & screening of cancer across the world.
Additionally, spurring acceptance of AI in the healthcare industry fuels the adoption of AI in cancer diagnostics. The proven benefits of AI in cancer diagnostics shall also boost the market growth across the globe, further states the research report, “Global Artificial Intelligence (AI) in Cancer Diagnostic Market Analysis, 2021.”
Screening and Detection Acquired the Largest Share of Global Artificial Intelligence (AI) in Cancer Diagnostic Market
Based on the Application, the market segments into Screening & Diagnosis, Tumor Identification, Treatment, and Surveillance. Of these, Screening & Diagnosis segment held the highest share in the Global Artificial Intelligence (AI) in Cancer Diagnostic Market in the previous few years.
Integration of AI in cancer diagnosis has shown remarkable accuracy in scanning abnormalities that are invisible by the naked eye, which, in turn, reduces the risk of missing any detail and helps in planning appropriate patient-centric treatment. Additionally, the usage of AI in the treatment of cancer has been documenting positive results with the help of a large amount of data acquired from the different treatments of an individual. Hence, the adoption of AI is dramatically increasing for cancer diagnosis across the globe.
“Global Artificial Intelligence (AI) in Cancer Diagnostic Market Analysis, 2021” highlights insights on the market potential & opportunities, along with business strategies to enhance the overall market growth. The report offers an overview of leading market players and their recent developments. Moreover, the report provides incredible market opportunities & emerging trends to help stakeholders make appropriate decisions before investing.
North America is the Dominating Region in the Global Artificial Intelligence (AI) in Cancer Diagnostic Market
The AI in Cancer Diagnostics Market witnessed significant growth across North America in the previous few years, owing to the rising adoption of AI technology across the healthcare industry. Additionally, an increasing number of startups operating the cancer diagnostics market in the region shall also boost the market growth. According to Canadian Cancer Statistics, 43% of women and 45% of men in Canada would have cancer in their lifetime. It implies a surging demand for integrating AI in cancer diagnostics, thereby fueling the overall market growth in the region.
Key Market Competitors
According to MarkNtel Advisors, the leading industry players in the Global Artificial Intelligence (AI) in Cancer Diagnostic Market are Pfizer, Therapixel, Sophia Genetics, Freenome, Tempus, Janssen Pharmaceutica, Path AI, Google Deep Mind, IBM, Microsoft, Cerner Corporation, RaySearch Laboratories, Flatiron, Oncology Analytics, Inc, Oncora Medical, and Others.
Key Questions Answered in the Study