How Much Revenue AI In Oncology Market Will Generate Globally Till 2030? |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on February 6th, 2023 The global AI in oncology market size is expected to reach USD 9.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 35.6 % from 2022 - 2030. The use of Artificial intelligence (AI) technologies helps clinicians in the early detection of cancer and plan treatment procedures according to the condition of the patient. The growth of the market is attributed to the rising number of patients diagnosed with cancer. According to data published by the American Cancer Society as of 2021, more than 1.9 million people are estimated to be diagnosed with cancer in the U.S. Moreover, the increasing adoption of AI for diagnostic and therapeutic applications and the rising adoption of digitalization in hospitals and research facilities is anticipated to further boost the adoption of these technologies during the forecast period. The use of AI/ML can be trained to analyze the patient's health information which helps clinicians in quick and accurate diagnosis of cancer. Increasing healthcare expenditure by governments across the world is projected to significantly boost the growth of the market. For instance, healthcare spending by the Australian Government increased from USD 94.5 billion in 2020-21 to USD 98.3 billion in 2021-22. This increase in healthcare expenditure is anticipated to increase the adoption of digital technologies in the hospital and healthcare facilities in order to provide a better patient outcome. Furthermore, the increasing number of startups that provide innovative solutions is supporting market growth. For instance, X-ZELL a Singapore-based startup specializes in early cancer detection by integrating artificial intelligence with next-generation single-cell detection technology to detect cancer at the earliest stages accurately, non-invasively and affordably. Partnerships and collaborations between public and private players is anticipated to boost the adoption of the services. For instance, In August 2021, Verily Lifesciences, a subsidiary of Alphabet Inc. announced a partnership with Jerusalem Hospital in Israel wherein the company aims to use AI to manage and treat diseases. The initiative will focus on using AI to detect and treat colorectal cancer which kills approximately 900,000 patients every year. Artificial intelligence(AI) in oncology helps in faster and accurate diagnosis of cancer which helps to deliver better patient outcomes and this is anticipated to drive the growth of the market during the forecast period. Growing advancements in the healthcare infrastructure and the increasing prevalence of cancer are some of the key factors that are projected to drive market growth during the forecast period. To Request Sample Copy of this report, click the link: Rising number of countries such as the United Kingdom, Finland, Germany, China, Israel, and the United States investing heavily in AI-related research is anticipated to play a significant role in the growth of the adoption of this technology. Increased funding available in these countries by the Venture Capitalists is predicted to further boost the market growth. For instance, funding for the top 50 firms engaged in healthcare-related AI research already crossed about USD 8.5 billion in 2020. Growing number of cancer patients globally is anticipated to be a key contributor to the growth of the market. These growing numbers of cases are anticipated to put a strain on the healthcare system. In addition, hospital facilities have witnessed a significant shortage of healthcare professionals such as nurses and doctors which is anticipated to increase the demand for the technology. According to estimates by WHO, by 2030 healthcare facilities are projected to have a shortfall of 15 million healthcare professionals. With the shortage of these professionals, AI is anticipated to play a key role in the diagnosis and treatment of patients. AI In Oncology Market Report Highlights
Moreover, the rising healthcare costs and increased demand to curb these costs are expected to be other key factors driving the adoption of AI. The implementation of AI algorithms in oncology considerably increases the accuracy of procedures and reduces the costs associated with treatment by helping to avoid unnecessary tests. For instance, according to a study published by Frontiers in June 2021, the incorporation of AI in the diagnosis of colorectal cancer helped to save approximately USD 400 million which was mainly attributed to the early diagnosis of cancer. The COVID-19 pandemic had a positive impact on the market. Increased adoption of AI to diagnose, treat and analyze complex datasets which helped to reduce the burden on the hospital facilities and the clinicians are some of the key factors that helped support the market growth during the pandemic. Moreover, due to the shortage of medical professionals, the use of AI further increased in order to provide better results to patients. List of Key Players of AI In Oncology Market
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