By 2030, the market for artificial intelligence (AI) in cancer diagnostics is expected to be worth $996.1 million, growing at a 26.3% CAGR. This rise is being fueled by a number of causes, including the drive to lower healthcare costs and the growing significance of big data in the healthcare industry.
The market is growing as a result of the acceptance of precision medicine and falling hardware prices. Due to its adaptability, AI technology is frequently used in many areas of healthcare, particularly in diagnostics. Along with this rise, there is a scarcity of healthcare workers and an increase in the incidence of cancer.
Important market players like Microsoft, Flatiron, Thera pixel, and Tempus are anticipated to positively influence market growth by putting these strategies into practice through acquisitions, collaborations, expansions, and the introduction of new products.
The demand for technologically advanced and cost-effective equipment in the market is anticipated to increase as a result of the government’s increased financing for and activities toward the development of healthcare infrastructure.
Software solutions will account for the biggest market share (43.7%) in 2022, thanks to the advancement of AI-based software for cancer diagnosis. Due to factors like sedentary lifestyles, rising alcohol and cigarette consumption, and physical inactivity, the “other cancers” group is the most common cancer type (33.6% revenue share).
With a market share of 57.7% in 2022, hospitals will be the largest end-users in the industry, driven by both technology developments and a scarcity of medical experts.
With a 56.0% market share in 2022, North America will rule the world thanks to the adoption of healthcare IT solutions, a developed healthcare industry, and the availability of funds for AI development.
The research includes company profiles of significant industry participants and offers insights into the market’s competitive environment.
Overall, the market for AI in cancer diagnostics is expected to increase significantly due to a number of factors, such as the rising incidence of cancer, the demand for effective diagnostics, and the development of AI technology.