The Role of Artificial Intelligence in Cancer Treatment

The AI revolution is reshaping industries, with more smart assistants being used in daily activities and countless artificial intelligence algorithms being integrated across a range of economic sectors.

The technology is being applied in the fields of communication, corporate emails, and social networking. Meanwhile, customer relationship management benefits from AI-powered predictive analytics, as does the security and surveillance field.

However, it is the healthcare and medical sectors that are among the fastest adopters of AI instruments using algorithms, and chatbots in healthcare to analyze patients’ medical data and help doctors to diagnose various conditions, including cancer.

A new report by Research and Markets, The Artificial Intelligence (AI) in Cancer Market, sheds light on the transformative journey of AI in cancer treatment. It offers valuable insights for companies, researchers, and professionals eager to harness the potential of AI in oncology.

In this article, we analyze the growing importance of AI in the diagnosis and treatment of cancer.

A rapidly expanding market

Based on the data the report provides, AI in the cancer market is worth US$2.2 billion, which is the total value of all products, services, and technologies involving AI being sold or used in the cancer field.

Experts believe this figure will grow to US$6.3 billion by 2029, which represents a compound annual growth rate (CAGR) of over 23%, which will be primarily driven by two factors:

1. An increase in the rates of cancer occurrences worldwide
2. Growing application of AI in the diagnosis and treatment of cancer and the discovery of new medication.

Market growth challenges

Despite its potential, several challenges may impede market growth, including:

1. a) False positives: When a test misidentifies a person as having cancer when they do not, AI models are prone to such errors.
2. b) AI bias: Biases in the training data may be unintentionally reflected in or amplified by AI models.
3. c) Data management complexities: AI systems require enormous volumes of high-quality data to function effectively.

The global market for AI in cancer by segments

In the report, the global AI cancer market was segmented according to end-user, region, application, and cancer type:

1. End-user – this segment includes hospitals, pharmaceutical firms, various diagnostic centers, and research facilities.
2. Region – this segment features every region, including North America, Europe, and Asia-Pacific.
3. Application – includes medication discovery, treatment, diagnosis, and screening.
4. Cancer type – the report covers breast, lung, prostate, gastrointestinal, and brain cancers as the most widespread types of cancer.

Key findings by segment

1. By end-user – hospitals held a 55.8% share of the market and this segment is predicted to have a value of US$3.6 billion by 2029.
2. By region – a vibrant ecosystem of AI companies, and educational facilities together with rising incidences of cancer have propelled North America to the top of the market with a 44.8% share.
3. By application – by 2029, the diagnosis segment is predicted to reach US$2.3 billion, growing at a CAGR of 23.7%. Today it boasts a 35.7% market share.
4. By cancer type – in 2023, the breast cancer segment accounted for the highest percentage, and by 2029, it is expected to expand at a CAGR of 21.8%.

Why this report matters

The current report from Research and Markets highlights how influential AI is in vital fields such as healthcare.

Focus on Sustainability and Ethics

The report does not simply highlight the role of AI; it also emphasizes sustainability and ethical AI practices. It addresses the importance of environmental, social, and governance issues in order to align innovation with responsibility.

In addition, the report includes company profiles and vendor landscape assessments to offer insights into market shares, financial information, and product portfolios.

Final thoughts

This report is an essential resource for experts and organizations seeking a better understanding of how AI is transforming oncology.

By leveraging these findings and collaborating with expert network platforms like ENC, businesses and researchers can stay ahead in the fight against cancer and drive breakthroughs in healthcare as the market continues to expand and evolve.