U.S. AI In Oncology Market Size, Share & Trends Analysis Report By Component (Software Solutions, Hardware), By Cancer Type (Breast Cancer, Lung Cancer), By Application, By End-use, By Region, And Segment) - Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The U.S. AI in oncology market size was estimated at USD 891.90 million in 2023 and is projected to hit around USD 10,745.55 million by 2033, growing at a CAGR of 28.26% during the forecast period from 2024 to 2033.

Key Takeaways:

• Based on components, hardware dominated the market with a revenue share of 39.14% in 2023 and is anticipated to continue its dominance over the forecast period.
• The software solutions segment is anticipated to witness the fastest CAGR from 2024 to 2033.
• Based on cancer type, the others segment held the largest revenue share of 25.14% in 2023 and is anticipated to grow at a lucrative CAGR from 2024 to 2033.
• The prostate cancer segment is expected to register the fastest CAGR from 2024 to 2033.
• The hospitals segment dominated the market with a revenue share of 48.25% in 2023.
• The market to cater to cancer care in hospitals, and positive responses from patients, are expected to boost the market during the forecast period.

U.S. AI In Oncology Market Overview

The U.S. AI in Oncology market is characterized by its dynamic and rapidly evolving landscape, driven by the intersection of cutting-edge technology and the imperative need for innovative solutions in cancer care. This market encompasses a wide array of applications, spanning from early detection and diagnosis to treatment planning and personalized medicine. Leveraging the power of artificial intelligence (AI) and machine learning, healthcare providers are empowered to analyze vast amounts of medical data with unparalleled accuracy and efficiency. The market is propelled by key drivers such as the precision medicine revolution, which enables oncologists to tailor treatment strategies based on the unique genetic makeup of each patient. Furthermore, AI-powered diagnostic imaging techniques have significantly enhanced diagnostic accuracy by detecting subtle abnormalities that may evade human detection. Additionally, the integration of AI-driven solutions into clinical workflows streamlines administrative tasks, reduces manual errors, and optimizes resource utilization. Despite regulatory considerations and challenges regarding data privacy and security, the U.S. AI in Oncology market remains poised for continued growth and innovation, promising a future where cancer diagnosis and treatment are revolutionized by advanced AI technologies.

U.S. AI In Oncology Market Report Scope

U.S. AI In Oncology Market Growth

The growth of the U.S. AI in Oncology market is fueled by several key factors. Firstly, the increasing demand for personalized medicine has propelled the adoption of AI-driven solutions in oncology. These technologies enable healthcare providers to tailor treatment plans based on the unique genetic makeup of each patient, leading to more effective therapies and improved outcomes. Additionally, advancements in diagnostic imaging, powered by AI algorithms, have revolutionized the early detection and diagnosis of cancer, allowing for prompt intervention and better prognosis. Moreover, the integration of AI into clinical workflows has streamlined processes, enhancing operational efficiency and resource utilization within healthcare facilities. These factors, combined with ongoing research and development efforts, contribute to the rapid growth and expansion of the U.S. AI in Oncology market.

U.S. AI In Oncology Market By Component Insights

Based on components, hardware dominated the market with a revenue share of 39.14% in 2023 and is anticipated to continue its dominance over the forecast period. AI hardware refers to physical components and systems tailored to meet the computational demands of AI algorithms. Medical linear accelerators, crucial in oncology for radiotherapy, fall within this scope. For example, Varian's Ethos therapy, an AI-powered adaptive radiotherapy treatment system with a linear accelerator, obtained regulatory clearances in 2019 and 2020. Ethos therapy enhances radiotherapy by providing adaptive treatments within a 15-minute time slot. The growing demand for AI-powered diagnostic solutions in automated detection systems is expected to support the delivery of improved diagnostic precision while interpreting medical images of a patient.

In addition, the growing demand for hardware platforms with high computing power to operate AI-based software contributes to segment growth. The software solutions segment is anticipated to witness the fastest CAGR from 2024 to 2033. The increasing adoption of AI software solutions by healthcare providers and payers operating in oncology is one of the major factors fueling the segment growth. Software solutions are highly effective at predicting various types of cancer, including brain, breast, liver, lung, and prostate cancer. They offer better accuracy compared to clinicians. Hence, numerous key players are focusing on developing & launching new tools and platforms, increasing the competition in the market.

U.S. AI In Oncology Market By  Cancer Type Insights

Based on cancer type, the others segment held the largest revenue share of 25.14% in 2023 and is anticipated to grow at a lucrative CAGR from 2024 to 2033. The dominance of this segment is attributed to increasing prevalence of kidney cancer. According to the Global Cancer Observatory, kidney cancer is among the top 10 types of cancer. Some of the causes for this cancer type include inherited syndromes, high blood pressure, obesity, smoking, old age, long-term dialysis, and a family history of kidney cancer. Common diagnosing techniques include blood tests and imaging procedures, such as CT, Magnetic Resonance Imaging (MRI), and ultrasound. In addition, various awareness programs undertaken by public & private organizations to improve awareness about kidney cancer are expected to support market growth.

The prostate cancer segment is expected to register the fastest CAGR from 2024 to 2033. Prostate cancer generally affects 13 out of every 100 men in the U.S., according to the data published by the CDC. Moreover, according to the National Cancer Institute, in 2023, approximately 288,300 new prostate cancer cases were diagnosed. Some of the risk factors for prostate cancer include age, family history of prostate cancer, diet, smoking, obesity, chemical exposure, and vasectomy. Obesity has a substantial impact on men suffering from advanced & aggressive (fast-growing) prostate cancer. According to certain studies, obesity is also linked with higher chances of death.

U.S. AI In Oncology Market By End-use Insights

The hospitals segment dominated the market with a revenue share of 48.25% in 2023 owing to the rising demand for AI applications to revolutionize medicine and advance research, diagnostics, & cancer treatment. Furthermore, the growing adoption of AI in pathology solutions, especially for cancer diagnostics, is a major market driver. The hospitals segment is expected to grow at the fastest CAGR from 2024 to 2033 due to the rising adoption of AI-powered solutions.

A rising number of companies entering the market to cater to cancer care in hospitals, and positive responses from patients, are expected to boost the market during the forecast period. According to the AI Multiple reports, approximately 12 million individuals in the U.S. are misdiagnosed, of which 44% are misdiagnosed with cancer. The most misdiagnosed cancers are breast cancer, prostate cancer, and thyroid cancer. Hence, integrating AI-powered algorithms in cancer therapy is anticipated to flourish in the hospital segment over the upcoming decade.

U.S. AI In Oncology Market Recent Developments

• In November 2021, Kheiron Medical Technologies received FDA clearance to introduce its Mia IQ software in the U.S. The software, powered by AI & Machine Learning (ML), is designed to identify potential discrepancies in breast positioning & compression and retrospectively review mammograms
• In November 2021, the company integrated TeraRecon as a ConcertAI company, integrating electronic health records, genomic datasets, and medical imaging data into one network of AI-powered workflow. This integration made ConcertAI one of the first unified AI-powered SaaS companies in the U.S.
• In June 2021, ConcertAI collaborated with the U.S. FDA to broaden the usage of real-world data in regulatory decision-making. The U.S. FDA would utilize real-world evidence data in assessing the safety of drugs post-approval
• In June 2023, iCAD, Inc. signed a strategic multiyear commercial agreement with Radiology Partners, one of the largest radiology practices in the U.S. This will allow iCAD to leverage Radiology Partners’ clinical expertise, AI platform, and scale to expand access to the Company’s Breast AI Suite to millions of patients and their physicians

U.S. AI In Oncology Market Top Key Companies:

The following are the leading companies in the U.S. AI in oncology market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these U.S. AI in oncology companies are analyzed to map the supply network.

• Azra AI
• iCAD, Inc.
• IBM
• Siemens Healthcare GmbH
• Intel Corporation
• GE HealthCare
• NVIDIA Corporation
• Digital Diagnostics Inc.
• ConcertAI
• Median Technologies
• PathAI

U.S. AI In Oncology Market Report Segmentation

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. AI In Oncology market.

By Component Type 

• Software Solutions
• Hardware
• Services

By Cancer Type 

• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Colorectal Cancer
• Brain Tumor
• Others

By Application 

• Diagnostics
• Radiation Therapy
• Research & Development
• Chemotherapy
• Immunotherapy

By End-use 

• Hospitals
• Surgical Centers & Medical Institutes
• Others