Kings Research today released its latest market intelligence report titled “Global AI in Cancer Diagnostics Market: Size, Share, Trends & Forecast 2024–2031.” The report offers a rigorous assessment of the AI in cancer diagnostics landscape, delving into segments by cancer type, application, end users, and geography, while profiling competitive dynamics and adoption forces.
According to Kings Research, the global AI in cancer diagnostics market was valued at USD 1,340.0 million in 2023, projected to grow from USD 1,598.1 million in 2024 to USD 6,487.9 million by 2031, corresponding to a compound annual growth rate (CAGR) of 22.16% over the forecast period.
A notable trend in the market is the increasing adoption of AI-powered diagnostic tools in clinical settings. For instance, in England, the implementation of the "C the Signs" AI tool across approximately 1,400 GP practices led to a significant improvement in cancer detection rates, rising from 58.7% to 66.0%. This tool analyzes patient medical records to identify patterns indicative of cancer risk, facilitating earlier and more accurate diagnoses. (Source: https://www.theguardian.com/)
Artificial intelligence (AI) in cancer diagnostics refers to the application of machine learning, deep learning, and natural language processing algorithms to analyze medical data, including imaging, pathology, and genomics, to detect and diagnose cancer more accurately and efficiently. AI technologies assist in identifying patterns and anomalies in medical images, predicting disease progression, and personalizing treatment plans, thereby improving patient outcomes.
Kings Research identifies five principal growth accelerators:
- Rising Cancer Incidence and Mortality Rates
The global burden of cancer continues to increase. About 20 million new cases of cancer were diagnosed in 2022, and the disease caused 9.7 million deaths globally. Based only on expected population growth, it is estimated that there would be 35 million cases of cancer by 2050. Early detection is critical for improving survival rates, driving the demand for advanced diagnostic technologies. (Source: https://www.cancer.org/)
- Advancements in AI and Machine Learning Technologies
Recent advancements in AI and machine learning algorithms have significantly improved the accuracy and efficiency of cancer diagnostics. These technologies can analyze large datasets quickly, identifying patterns that may be missed by human clinicians, leading to earlier and more accurate diagnoses.
- Integration of AI with Medical Imaging
AI-powered tools are increasingly being integrated with medical imaging technologies, such as radiology and pathology, to enhance image analysis and interpretation. This integration allows for more precise detection of tumors and abnormalities, facilitating timely interventions.
- Government Initiatives and Funding
Governments worldwide are investing in AI research and development to advance healthcare technologies. For instance, the U.S. National Cancer Institute (NCI) has been funding AI-related cancer research projects to accelerate the development of innovative diagnostic tools.
For executives in medical devices, diagnostics, and healthcare IT, the AI in cancer diagnostics market offers strategic opportunities:
- Enhanced Diagnostic Accuracy: AI algorithms can analyze complex medical data, leading to more accurate and timely diagnoses.
- Improved Patient Outcomes: Early detection and personalized treatment plans facilitated by AI can lead to better patient outcomes and survival rates.
- Operational Efficiency: AI can automate routine tasks, reducing the workload on healthcare professionals and allowing them to focus on more complex cases.
- Competitive Advantage: Companies that invest in AI technologies can differentiate themselves in the market by offering innovative and effective diagnostic solutions.
Regional Outlook
- North America: North America is expected to dominate the AI in cancer diagnostics market due to the presence of advanced healthcare infrastructure, high adoption rates of new technologies, and significant investments in AI research and development.
- Asia-Pacific: The Asia-Pacific region is anticipated to witness the fastest growth in the AI in cancer diagnostics market. Factors contributing to this growth include increasing healthcare expenditures, rising cancer incidence rates, and the adoption of AI technologies in emerging economies.
Competitive Landscape
Key players shaping the AI in cancer diagnostics space include Siemens Healthineers AG, GE HealthCare, Quest Diagnostics Incorporated, Paige AI, Inc., Ibex Medical Analytics Inc., F. Hoffmann-La Roche Ltd, Mindpeak GmbH, Lunit Inc., Tempus AI, Inc., CancerCenter.ai, Azra AI, Freenome Holdings, Inc., Onc.AI, Kheiron Medical Technologies Limited, and Median Technologies.
These companies are actively involved in developing and deploying AI-powered diagnostic solutions, collaborating with healthcare providers, and investing in research to advance cancer diagnostics.
The full Kings Research report includes detailed segmentation by cancer type, application, end users, and geography, plus subregional forecasts, competitor profiling, SWOT analyses, and adoption pathways. To request a sample, download the full report, or explore bespoke consulting services, please visit https://www.kingsresearch.com/ai-in-cancer-diagnostics-market-1626.
About Kings Research
Kings Research is a global market intelligence and consulting firm specializing in medical devices, life sciences, and healthcare innovation. We empower decision-makers, corporates, investors, and governments with evidence-based insights grounded in public data and domain expertise.
All data in this press release are based on Kings Research’s proprietary modeling, cross-validated against publicly available research, government sources, and industry publications. Key external references include the World Health Organization (WHO), U.S. National Cancer Institute (NCI), and National Institutes of Health (NIH).