Artificial Intelligence in the Cancer Market : Segmented by Product Type (Surgery, Radiotherapy, Chemotherapy, Immunotherapy, Phototherapy, Targeted therapy, Gene Therapy, Sonodynamic Therapy); Cancer Type (Breast cancer, Lung cancer, Melanoma cancer, Colorectal cancer, Prostate cancer, Others); By End User (Diagnosis, Therapy, Prognosis, Health Management, Research) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Artificial Intelligence in Cancer to surpass USD 5,292.8 billion by 2030 from USD 297.3 billion in 2020 at a CAGR of 34.4% in the coming years, i.e., 2021-30.
For years, artificial intelligence (AI) has caught society's interest and generated excitement about its potential to enhance our lives. AI is already a part of our everyday lives, as well as our interactions with media, transportation, and communications. AI applications in healthcare are gaining traction as a way to enhance illness diagnosis, management, and the creation of successful treatments. Given the enormous number of patients diagnosed with cancer and the large quantity of data collected during treatment, AI applications to improve oncologic care are of particular interest. During medical operations, artificial intelligence assists medical practitioners in retrieving information, interpreting pictures, and planning therapy. It also makes healthcare workers' jobs easier.
Global Artificial Intelligence in Cancer market is expected to project a notable CAGR of 34.4% in 2030
Some of the main variables helping revenue growth in the market include an increase in the inflow of patient health-related digital data, growing need to minimize healthcare cost, and rising desire for tailored medication. Another important reason that has increased the need to study and identify illnesses in their early stages is the rise in the prevalence of chronic diseases such as cancer. Deep learning technology would make it simple to anticipate illnesses based on past health data. Furthermore, content analytics, Natural Language Processing (NLP) technologies, and Artificial Intelligence (AI) can aid in the patient's rapid diagnosis.
Recent highlights in the Global Artificial Intelligence in Cancer Market
Targeted Therapy segment to grow with the highest CAGR during 2020-30
Global Artificial Intelligence in Cancer market is segmented by Product Type into Surgery, Radiotherapy, Chemotherapy, Immunotherapy, Phototherapy, Targeted therapy, Gene Therapy, Sonodynamic Therapy. Among these Targeted Therapy is expected to have the highest growth in the forecast period. This can be attributed to the discovery of cancer cells' molecular targets. Recent developments in cellular technology and gene therapy have improved our understanding of tumor cells and their metabolism at the molecular level, prompting the development of tailored cancer medication treatments.
Lung cancer segment to grow with the highest CAGR during 2020-30
Global Artificial Intelligence in Cancer market is segmented by Cancer Type into Lung, Breast, Melanoma, Colorectal, Prostate and others. The high prevalence of breast cancer across the world is a key contributor to this segment's substantial share. However, the lung cancer category is anticipated to grow the most throughout the projection period. The rising prevalence of lung cancer throughout the world, as well as the growing demand for early detection, are driving this segment's rise.
Expansion of companies
To help end-users overcome the shortage of radiologists, deliver value-based care, early disease detection and diagnosis, and maintain a competitive edge in the market, companies are increasingly focusing on expanding their geographical reach and introducing newer, innovative solutions through various strategies, including partnerships, product launches, and collaborations.
Medical professionals' reluctance to use AI-based technology
Due to the rapid rise of digital health, healthcare practitioners may now aid patients with innovative treatment techniques. AI technologies provide doctors with tools to help them diagnose and treat patients more efficiently. Doctors, on the other hand, have shown a reluctance to adopt new technology. For example, there is a widespread belief among medical professionals that AI will eventually replace physicians. Doctors and radiologists feel that qualities like empathy and persuasion are human abilities, and that technological advancements cannot totally eliminate the need for a doctor. Furthermore, there is fear that patients may become overly reliant on these technologies and will forego important in-person treatments, thereby jeopardizing long-term doctor-patient relationships.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Artificial Intelligence in Cancer market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Global AI in Cancer in North America held the largest market share in the year 2020. However, The APAC market is expected to grow at the fastest rate over the forecast period, owing to emerging market growth strategies, improved medical diagnostic infrastructure, an ageing population, rising cancer prevalence, favorable government initiatives for AI in healthcare, and an increase in the number of COVID-19 positive patients.
Global Artificial Intelligence in Cancer Market is further segmented by region into:
Artificial Intelligence in Cancer Segments:
|Market size value in 2020||USD 297.3 billion|
|Revenue forecast in 2030||USD 5,292.8 billion|
|Growth Rate||CAGR of 34.4% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD billion and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product Type, Cancer type, End-Use, and Region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Microsoft Corporation, NVIDIA, IBM, Intel , Siemens Healthineers, GE Healthcare, Digital Diagnostics, Xilinx, InformAI, Enlitic, Day Zero, Diagnostics, Aidence, Butterfly Network, Inc., Prognos, Zebra, Medical Vision and Other Prominent Players.|
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