The global AI in Oncology market is projected to reach USD 11.52 billion by 2030 from USD 2.45 billion in 2024, at a CAGR of 29.4% from 2024 to 2030. The market's growth is fuelled by the growing demand for cost-effective cancer treatments & solutions, streamlining of the drug discovery process, rapid digitization of healthcare records and patient data, the growing volume of cancer cases, and regulatory compliance requirements. 

In March 2024, the journal published by the American Cancer Society stated the following key points:

• More than 80% of AI devices that are FDA-approved are used in cancer detection & diagnosis. These devices have applications in the following: pathology (19.7%), radiology (54.9), and radiation oncology (8.5%). 

• AI aided in decreasing the workload of radiologists in breast cancer screening by 30% and in comparison to healthcare professionals, AI maintained more accuracy.

• AI combined with human evaluations improved cancer detection rates by 8% in various studies. 

• Precision medicine tools powered by AI contributed to the 33% decline in cancer mortality rates over the past 32 years by enabling better diagnoses, tailored treatments, and optimized clinical decision-making.  

However, integration with existing healthcare systems, data privacy, and security constraints pose a significant challenge within this market. 

 “Machine learning held the largest share in technology type in the AI in oncology market in 2023.” 

The AI in oncology market is segmented based on technology into machine learning, natural language processing (NLP), context-aware processing and computing, computer vision, and image analysis (including optical character recognition). The machine learning segment held the largest market share in 2023. Further, the machine learning segment includes deep learning (including convolutional neural networks (CNN), recurrent neural networks (RNN), generative adversarial networks (GAN), graph neural networks (GNN), others), supervised learning, reinforcement learning, unsupervised learning, other machine learning technologies. Among these, deep learning is the largest segment owing to its capability to analyze and process vast and complex datasets including medical images with improved efficiency. Within deep learning technologies such as CNNs are effective for image-based cancer detection, while RNNs and GANs are used to improve the temporal pattern analysis and data synthesis. Moreover, deep learning's scalability, adaptability and precision in analyzing and identifying the subtle patterns in cancer helped in improving the diagnosis, risk predictions and treatment optimization.

“By player type, the integrated solution segment is the largest and is also expected to register the fastest growth over the forecast period.” 

By player type, the AI in oncology market is divided into niche/point solution providers (including platform & service), integrated suite/platform providers (including platform & service), technology providers (only software), and business process service providers. The integrated suite/platform providers segment accounts for the largest and is projected to be the fastest-growing segment over the forecast year. “By player type, the integrated solution segment is the largest and is also expected to register the fastest growth over the forecast period.” The growth is attributed to the fact that these providers offer comprehensive end-to-end solutions to streamline workflows across all treatment sectors of cancer such as detection, diagnosis, monitoring, and treatment planning. Such platforms help to integrate technologies including NLP, computer vision, and machine learning resulting in better clinical decision-making and offering seamless data interoperability.

Moreover, integrated suite/platform helps in decreasing the need for multiple vendors as they are unified systems due to their scalability and flexibility which results in cost effective solution. This holistic approach drives adoption and fuels rapid growth.

“Asia Pacific is estimated to register the highest CAGR over the forecast period.”

The AI in Oncology market is segmented mainly into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The AI in oncology market in Asia Pacific is projected to register at the highest CAGR rate during the forecast period. The growth of this region is due to the development of healthcare infrastructure, and government initiatives to modernize and digitalize the healthcare industry particularly due to rising cancer cases, growth in minimally invasive cancer treatments, and to increase in the survival rate of cancer patients. Countries such as Japan, China, and India are focusing on developing cost-effective solutions in cancer care emphasizing the importance of AI-driven data management to handle sensitive patient information and ensure compliance with regulatory mandates for healthcare data standardization. Various key players and startups in the countries are promoting AI use in cancer such as Niramai, a Bangalore-based health tech startup, developed Thermalytix, an AI-driven breast cancer screening solution. The technology uses non-invasive, radiation-free thermal imaging and machine learning algorithms to detect breast cancer at an earlier stage compared to traditional methods. The solution is designed for all ages and ensures privacy, portability, and high accuracy. It is available in over 30 cities across 200+ hospitals in India and is expanding globally to different countries, thereby, transforming preventive cancer care.