AI In Oncology Market 2030: Key Trends in the U.K.’s Healthcare AI Landscape

Posted on 2024-11-19 by researchinsights in Healthcare // 0 Comments

The global market for AI in oncology was valued at approximately USD 2.80 billion in 2023 and is projected to experience substantial growth, expanding at a compound annual growth rate (CAGR) of 28.92% between 2024 and 2030. Several key factors contribute to this rapid market expansion, including the rising global prevalence of cancer, advancements in cancer diagnostic technologies, improvements in healthcare infrastructure, and an increasing demand for early and accurate cancer detection.

One of the main drivers of market growth is the surge in initiatives by both public and private organizations that are heavily investing in research and development (R&D) to introduce new and innovative technologies in oncology. A prime example of this trend is the launch of Tempus+, a program announced by Tempus, a leader in precision medicine and artificial intelligence (AI) applications. Tempus+ utilizes real-world data to enhance collaborative precision oncology research, with a community of leading researchers and institutions already engaged in the program. Notable participants include renowned organizations like Baylor College of Medicine, Allegheny Health Network, Stanford Cancer Center, Rush University Medical Center, TriHealth, and several others, all working together to advance cancer research through this program.

In addition, the increasing approval of AI-powered medical devices by regulatory authorities is expected to further propel market growth. For instance, in January 2024, the U.S. Food and Drug Administration (FDA) granted approval for DermaSensor, the first AI-driven medical device designed to detect skin cancer. This regulatory milestone underscores the growing acceptance of AI technologies in clinical settings, highlighting their potential to transform cancer detection and treatment.

Gather more insights about the market drivers, restrains and growth of the Global AI In Oncology Market

Regional Insights

North America AI in Oncology Market Trends

North America held a dominant position in the AI in oncology market, capturing a significant revenue share of 43.6% in 2023. This strong market performance is largely attributed to the region’s advanced digital infrastructure, favorable regulatory and reimbursement policies, and growing government initiatives aimed at promoting the adoption of AI technologies within the healthcare sector. The increasing incidence of various cancers is further driving the demand for more sophisticated therapeutics and diagnostic solutions, which, in turn, supports the growth of the regional market.

A noteworthy example of this trend is Sanofi’s collaboration with Owkin Inc. in November 2021, where the pharmaceutical giant invested USD 180 million into Owkin’s AI-driven efforts to advance its oncology pipeline. This partnership is a reflection of the increasing emphasis on AI in research and development to innovate cancer therapies and improve clinical outcomes.

U.S. AI in Oncology Market Trends

Within North America, the U.S. held the largest revenue share of the AI in oncology market in 2023. This market segment is experiencing substantial growth, driven by the increasing demand for AI applications that are transforming the landscape of medicine, particularly in research, diagnostics, and cancer treatment.

A key driver of this growth is the U.S. Food and Drug Administration’s (FDA) active role in facilitating the approval and adoption of AI-enabled devices in clinical settings. According to a December 2023 FDA factsheet, the agency has authorized, cleared, or approved over 690 AI-enabled medical devices, marking a significant milestone in the integration of AI in healthcare and oncology.

Canada AI in Oncology Market Trends

In Canada, the AI in oncology market is also witnessing robust growth, with a compound annual growth rate (CAGR) of 26.8%. This growth is primarily driven by the increasing number of cancer cases in the country. Furthermore, AI technologies are rapidly reshaping the Canadian healthcare system, especially in oncology, with substantial support from government initiatives and funding programs.

The Canadian Cancer Society (CCS) plays a pivotal role in promoting AI in oncology by funding research teams focused on early detection and cancer care innovations. In December 2023, the CCS funded four research teams dedicated to exploring AI applications in early cancer detection, prevention, and personalized care, signaling a strong commitment to leveraging AI in improving patient outcomes.

Asia Pacific AI in Oncology Market Trends

The Asia Pacific (APAC) region is expected to experience the fastest growth in the AI in oncology market over the projected period. The primary factors driving this growth include the increasing adoption of digital technologies in diagnostic laboratories and hospitals, a growing aging population, and a rising prevalence of cancer across the region.

According to data from Globocan, in 2020, there were approximately 19 million new cancer cases globally, with the Asia Pacific region accounting for 9.7 million of those cases. This statistic underscores the urgent need for innovative diagnostic and treatment solutions, including AI-powered tools, to address the cancer burden in the region. Furthermore, leading companies are actively collaborating with regional institutions to improve cancer care. A notable example of such collaboration is GE Healthcare’s partnership with the National Cancer Centre Singapore in June 2022, aimed at utilizing AI to enhance cancer care outcomes in the region.

China AI in Oncology Market Trends

China led the AI in oncology market in the APAC region, capturing a substantial revenue share of 22.6% in 2023. The country’s strong market position is driven by ongoing research initiatives and advancements in machine learning (ML), image analysis, and data processing, all of which contribute to improving the accuracy and efficiency of AI applications in oncology.

In China, collaborations between research institutions and private-sector companies are pivotal in translating AI research into real-world clinical applications. These efforts facilitate the integration of AI technologies into clinical practices, which is expected to further enhance cancer diagnosis and treatment capabilities across the country.

India AI in Oncology Market Trends

India’s AI in oncology market is seeing significant growth, fueled by a combination of factors, including the increasing prevalence of cancer, the need for advanced diagnostic and treatment solutions, and the growing adoption of AI technologies within the healthcare sector to improve patient outcomes. With over 1.7 million people currently living with cancer in India, there is a pressing demand for AI-driven solutions to support early detection, diagnosis, and personalized treatment.

In addition, advancements in healthcare infrastructure and digitalization initiatives are supporting the widespread integration of AI technologies in oncology. These efforts are enhancing the capacity of healthcare providers to offer more effective and efficient cancer care, particularly in underserved areas where access to high-quality diagnostics and treatment options may be limited.

Japan AI in Oncology Market Trends

Japan’s AI in oncology market is being driven by several factors, including the country’s commitment to maximizing the societal benefits of AI technology, rather than imposing overly restrictive regulations. This supportive regulatory environment is fostering innovation and collaboration within the sector. Additionally, strategic partnerships between technology companies and hospitals are playing a crucial role in advancing AI applications in oncology.

For example, in August 2023, BostonGene, NEC Corporation, and Japan Industrial Partners formed a joint venture called BostonGene Japan, Inc., based in Tokyo. This collaboration aims to leverage AI to advance cancer research and treatment in Japan, further cementing the country’s position as a key player in the global AI in oncology market.

Browse through Grand View Research’s Healthcare IT Industry Research Reports.

The global digital healthcare supply chain management market size was estimated at USD 2.9 billion in 2023 and is projected to grow at a CAGR of 9.0% from 2024 to 2030.
The global ePharmacy market size was valued at USD 60.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 20.4% from 2023 to 2030.

Key AI In Oncology Company Insights

Key players are adopting new product development, partnership, and merger & acquisition strategies to increase their market share. Market players such as Azra AI; IBM; Siemens Healthcare GmbH; Intel Corporation; and others dominated the market. These key players have been developing novel technologies to cater to different end-use applications.

Key AI In Oncology Companies:

The following are the leading companies in the AI in oncology market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these AI in oncology companies are analyzed to map the supply network.

Matched content

Editor’s pick