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Insights into Artificial Intelligence In Cancer Diagnostics Market: Global Trends and Analysis
Artificial Intelligence In Cancer Diagnostics Market
The artificial intelligence in cancer diagnostics market size is expected to see exponential growth in the next few years. It will grow to $1.18 billion in 2028 at a compound annual growth rate (CAGR) of 30.8%. The growth in the forecast period can be attributed to clinician shortages, population aging, global telemedicine adoption, integration of ai with electronic health records, growing cancer screening programs. Major trends in the forecast period include rapid advances in ai algorithms, advancements in imaging technology, technological innovations in pathology, advancements in radiomics and radiogenomics, drug development, deep learning, ai for predictive biomarker discovery.
Market Overview -
Artificial intelligence (AI) in cancer diagnostics refers to the use of advanced computational techniques and algorithms to assist in detecting, diagnosing, and characterizing cancer. Artificial intelligence (AI) is used in cancer diagnostics to improve the speed, accuracy, and efficiency of cancer imaging tests and to detect mammographic abnormalities with comparable accuracy to radiologists.
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Revolutionizing Cancer Care Artificial Intelligence Emerges As A Key Player In Advancing Cancer Diagnostics
The rising prevalence of cancer is expected to propel the growth of artificial intelligence in the cancer diagnostics market going forward. Cancer refers to uncontrolled cell growth, which impacts various organs and contributes to significant morbidity and mortality worldwide. Artificial intelligence is utilized in cancer diagnostics for accurate and efficient analysis of medical imaging data, aiding in the early detection and precise classification of cancerous lesions. For instance, in October 2023, according to the European Union Science Hub, a Belgium-based European Commission's joint research center, the number of new cases of cancer increased by 2.3% to 2.74 million in 2022 in comparison to the past 2 years. Similarly, cancer-related mortality increased by 2.4% during the preceding two years. Therefore, the rising prevalence of cancer is expected to propel the growth of artificial intelligence in the cancer diagnostics market.
Competitive Landscape -
Major companies operating in the artificial intelligence in cancer diagnostics market report are Microsoft Corporation, Pfizer Inc., Johnson & Johnson's, Siemens, Roche Holding AG, Google LCC, International Business Machines Corporation, Thermo Fisher Scientific Inc., Oracle Corporation, GE Healthcare, Illumina Inc., Bio Rad Laboratories Inc., Flatiron Health, Tempus Labs Inc., Paige AI Inc., OncoHealth Corporation, Path AI Inc., Aidoc, AliveCor Inc., Sophia Genetics SA, Digital Diagnostics Inc., Prognos Health, Aidence, Kheiron Medical Technologies Limited, Zebra Medical Vision, Niramai, Enlitic Inc., Therapixel, Medial EarlySign Ltd., Freenome, SkinVision B.V.
Ai-Powered Breakthrough In Cancer Diagnostics
Technological advancement is a key trend gaining popularity in artificial intelligence in the cancer diagnostics market. Major companies operating in the market are concentrating on creating innovative tools for various cancer conditions and sustaining their position in the market. For instance, in March 2023, Qritive, a Singapore-based company engaged in AI-powered solutions to support pathologists, launched QAi Prostate, a new AI-powered tool for prostate cancer diagnosis. QAi Prostate can accurately identify prostatic adenocarcinoma regions and classify malignant and benign tumor areas in biopsy tissue samples. The tool provides a detailed summary of the tumor size and percentage for each slide or region of interest (ROI), allowing pathologists to make more informed decisions quickly.
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Key Segments -
The artificial intelligence in cancer diagnostics market covered in this report is segmented -
1) By Component: Software Solutions, Hardware, Services
2) By Cancer Type: Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Other Types
3) By Application: Screening And Diagnosis, Tumor Identification, Surveillance, Treatment
4) By End-User: Hospitals, Medical Research Institute, Diagnostic Centers, Contract Research Organization
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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