Artificial Intelligence (AI) in Cancer Diagnostic Market Research Report: Forecast (2021-2026)
The integration of artificial intelligence technology, such as machine learning, predictive analysis, etc., in a complete process of cancer treatment in a human body from diagnosis to post-treatment surveillance is referred to as AI in Cancer Diagnostics.
The Global Artificial Intelligence (AI) in Cancer Diagnostic Market is anticipated to grow at a CAGR of around 40.1% during the forecast period, i.e., 2021-26, says MarkNtel Advisors in their research report. The rising number of cancer cases worldwide is the most prominent factor contributing to the market growth. Additionally, the rapidly growing number of startup companies providing services on almost the same base all across the globe drives the market growth.
The research report “Global Artificial Intelligence (AI) in Cancer Diagnostic Market Analysis, 2021” also states that the automated capabilities of AI offer the potential to enhance diagnostics and treatment quality. Hence, the demand for integrating artificial intelligence technology in cancer diagnostics is significantly increasing, which would fuel the overall market growth in the coming years.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, UK, France, Italy, Spain, Russia|
|Asia-Pacific: China, India, Japan, South Korea, Australia and Others|
|South America: Brazil, Mexico|
|Middle East & Africa: Saudi Arabia, South Africa|
|Key Companies Profiled||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.|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19 Outbreak on Global Artificial Intelligence (AI) in Cancer Diagnostic Market
Last year, almost all economies in the world faced around a 30% slump. The usage of AI in cancer diagnostics also experienced a slight dip due to the shift in the healthcare industry's focus towards solving the current problem of the Coronavirus pandemic. The COVID-19 crisis impacted cancer patient visits for treatment.
Further, the pandemic resulted in delays in diagnosis, suspension of screening programs, health system closures, and reduced access to a healthcare facility. These factors led to a short-term decline in cancer incidence, increasing advanced-stage diagnoses, and cancer mortality.
Screening & Diagnosis Acquired the Largest Share of the Global Artificial Intelligence (AI) in Cancer Diagnostic Market
Based on the Application, the market bifurcates into Screening & Diagnosis, Tumor Identification, Treatment, and Surveillance. AI in Cancer Diagnostics proved to be very useful in screening & detection globally during 2016-19. Thus, screening & detection acquired the largest share in the overall market. AI technology is known to scan tumors and abnormalities that a human eye cannot. It notably reduces the risk or chance of missing any detail that might be necessary during the treatment.
In 2021, Ibex Medical Analytics, an Israeli startup company, raised approximately USD 38 million for rapidly spreading AI-driven cancer diagnostics in labs & healthcare sectors across North America & Europe. Hence, the awareness of the application of AI in cancer diagnostics would surge the market share of screening and detection in the AI in Cancer Diagnostics Market globally, cites MarkNtel Advisors in their research report, “Global Artificial Intelligence (AI) in Cancer Diagnostic Market Analysis, 2021.”
By Cancer Type:
Breast Cancer is the Most Common Cancer Among Women
Based on the Cancer Type, the market segments into Breast Cancer, Prostate Cancer, Lung Cancer, Colorectal Cancer, Cervical Cancer, and Others, including Pancreatic, Skin, Blood, etc. Among these segments, Breast cancer is the most common cancer among women worldwide and the second most common cancer in total. According to WHO, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally last year.
By the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past five years, making it the world’s most widespread cancer. Hence, it immensely signifies the requirement of AI in cancer diagnostics for breast cancer treatment. Further, according to WHO, early diagnostics of cancer can severely reduce the risk of fatality and increase the chance of complete cure, which can be achieved easily by integrating AI technology in the screening & detection of breast cancer.
Diagnostics Centers Attained the Largest Share of Artificial Intelligence (AI) in Cancer Diagnostic Market
Based on the End-User, the market bifurcates into Hospitals, Medical Research Institutes, Diagnostics Centers, and Contract Research Organizations. Of these segments, Diagnostic Centers accounted for the majority share in Global AI in Cancer Diagnostics Market during 2016-19. It primarily attributes to the considerable adoption of AI technology for the screening & detection of cancer in the human body.
Diagnostic centers include necessary equipment and trained staff & medical professionals that can assist them in the process of diagnosis. Legitimate diagnostic centers & diagnoses play a crucial role in identifying disease at an early stage. If the disease gets diagnosed at the initial stages, it reduces the risk of trial & error treatment, and the patient is further not exposed to harmful X-rays. Hence, the integration of AI helps pinpoint & evaluate the cancer type and evaluate a personalized treatment plan.
North America Held the Largest Market Share
The AI in Cancer Diagnostics Market observed a notable growth in line with the increasing inclination towards AI technology for the healthcare sector across North America during 2016-20. A majority of startup companies operating in the same market have a decent hold in the region. One of Microsoft system’s Inner eyes has displayed proven results of imaging and analyzing prostate cancer in minutes.
North America is expected to be the leading region for AI in the Cancer Diagnostics Market. According to Canadian Cancer Statistics, 43% of women and 45% of men in Canada would have cancer in their lifetime. Nevertheless, to combat this problem, the country is actively adopting AI across the healthcare industry.
Increasing Rate of Accuracy & Efficiency in Diagnosis to Boost the Market Growth
The primary factor driving the market is the mounting number of cancer patients. The correct classification pattern of cancer is a real-world medical problem. Cancer has become one of the prime causes of mortality across the world. Hence, research into cancer diagnosis has become a critical issue for the scientific community.
The key problem in cancer treatment is its early detection. Often, cancer is detected in the later stages of the disease, when it has affected the function of vital organ systems and has spread in the entire body. Hence, early detection of cancer is very crucial. Using AI algorithms helps enhance diagnostic accuracy and provides quantitative metrics for better analysis.
Lack of Knowledge of AI Usage in Healthcare Industry Might Hinder the Market Growth
AI in Cancer diagnostics involves dealing with large datasets and knowledge of applications & potential drawbacks of deep learning technology. Hence, lack of knowledge & training of AI systems is the biggest barrier that could hamper the market growth in the coming years. Moreover, the use of AI may also violate privacy due to the potential access to critical personal information like genomic sequences, which can further restrain the market growth.
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 Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Artificial Intelligence (AI) in Cancer Diagnostic Market is forecast to grow at a CAGR of 40.1% during 2021-26.
A. 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 are a few of the leading players in the Global Artificial Intelligence (AI) in Cancer Diagnostic Market.
A. The ‘Screening and Detection’ segment is likely to attain the highest CAGR and maintain its significant market share during the forecast period.
A. Adoption of advanced technologies in the healthcare industry and an increasing number of cancer patients across the globe are the major factors fueling the market growth.
A. Post-COVID-19 impact, the Global Artificial Intelligence (AI) in Cancer Diagnostic Market will recover steadily owing to the increased adoption of advanced technologies in the healthcare sector to offer proper assistance to the patients.