The global market for AI in cancer diagnosis is valued at approximately USD 1.07 billion in 2024. It is projected to reach USD 2.61 billion by 2034, growing at a compound annual growth rate (CAGR) of 9.35% over the next decade.
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In July 2022, the FDA released an updated list of over 178 new AI-based medical devices, bringing the total to more than 500, with more than 75% of these devices used in radiology.
Artificial intelligence (AI) is reshaping healthcare, especially in the field of cancer diagnostics, by enhancing the speed, accuracy, and efficiency of diagnoses. The AI in cancer diagnostics market is experiencing rapid growth, driven by factors such as the increasing global prevalence of cancer, the rising demand for precision medicine, and advancements in machine learning and big data analytics. This article explores the current state and future prospects of the AI in cancer diagnostics market.
AI is used in several key areas of cancer diagnosis, including medical imaging, genomics, and liquid biopsy. Of these, medical imaging holds the largest share of the market, thanks to the availability of vast imaging data, improvements in image recognition algorithms, and the growing reliance on imaging for cancer diagnosis. In terms of AI technologies, machine learning is the leading approach, making up the largest market share. Machine learning algorithms can process vast amounts of data to detect patterns that may be invisible to the human eye, greatly enhancing the accuracy and efficiency of cancer diagnoses.
North America Leads with Rising Cancer Cases
North America held the largest share of the AI in cancer diagnostics market in 2023. This dominance is driven by a combination of factors, including a high incidence of cancer, advancements in technology, and the presence of major industry players. In 2022, the American Cancer Society reported nearly 2 million new cancer cases in the United States, while Canada saw approximately 230,000 new diagnoses. Additionally, favorable government policies and regulatory approvals play a crucial role in market growth. The U.S. Food and Drug Administration (FDA) has approved several AI-assisted diagnostic tools for detecting cancers of the brain, breast, lung, prostate, skin, and thyroid.
Asia-Pacific: Fastest-Growing Market Driven by Supportive Policies
The Asia-Pacific region is expected to experience the fastest growth in the AI in cancer diagnostics market in the coming years. Key factors driving this growth include a rapidly expanding population, rising cancer cases, increasing investments and collaborations, and supportive government initiatives. The Chinese government has actively promoted AI in healthcare, targeting a 7% annual growth in R&D spending, with a focus on AI as part of its 2021-2025 Five-Year Plan. McKinsey estimates that AI could contribute around $5 billion to the economy. In India, the “Ayushman Bharat Digital Mission” supports the use of AI models, promoting a digitized healthcare ecosystem and further accelerating market development.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/ai-in-cancer-diagnosis-transforming-cancer-care
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