For years, artificial intelligence (AI) has caught society's interest and created excitement about its potential to improve our lives. AI is already a part of our everyday lives, as well as our communications with media, transportation, and interactions. AI applications in healthcare are obtaining the traction as a way to improve the illness diagnosis, management, and the creation of efficacious treatments. Given the massive number of patients diagnosed with cancer and the great quantity of data collected throughout treatment, AI applications to enhance the oncologic care are of particular interest. Throughout the medical operations, artificial intelligence helps medical practitioners in retrieving information, interpreting pictures, and planning therapy. It also makes healthcare workers' jobs calmer.
According to the report analysis, ‘Global Artificial Intelligence in the Cancer Market : Segmented by Product Type (Surgery, Radiotherapy, Chemotherapy, Immunotherapy, Phototherapy, Targeted therapy, Gene Therapy, Sonodynamic Therapy); Cancer Type (Breast cancer, Lung cancer, Melanoma cancer, Colorectal cancer, Prostate cancer, Others); By End User (Diagnosis, Therapy, Prognosis, Health Management, Research) and Region – Global Analysis of Market Size, Share & Trends for 2019–2020 and Forecasts to 2030’ states that some of the major variables assisting revenue growth in the market include an augment in the inflow of patient health-related digital data, increasing need to minimize healthcare cost, and growing desire for tailored medication. Another imperative reason that has augmented the requirement to study and identify illnesses in their early stages is the increase in the prevalence of chronic diseases such as cancer. Deep learning technology would make it simple to predict the illnesses based on past health data. In addition, content analytics, Natural Language Processing (NLP) technologies, and Artificial Intelligence (AI) can aid in the patient's speedy diagnosis.
In addition, to assist the end-users overcome the shortage of radiologists, convey the value-based care, early disease detection and diagnosis, and preserve a competitive edge in the market, companies are progressively focusing on enlarging their geographical reach and introducing newer, ground-breaking solutions through various strategies, entailing partnerships, product launches, and collaborations.
Furthermore, due to the speedy rise of digital health, healthcare practitioners may now aid patients with ground-breaking treatment techniques. AI technologies deliver the doctors with tools to assist them diagnose and treat patients more proficiently. Doctors, on the other hand, have shown a reluctance to implement new technology. For example, there is a broad belief among medical professionals that AI will eventually replace physicians. Doctors and radiologists feel that qualities such as empathy and persuasion are human abilities, and that technological innovations cannot totally eliminate the requirement for a doctor. Additionally, there is fear that patients may become overly reliant on such technologies and will forego imperative in-person treatments, thereby jeopardizing long-term doctor-patient relationships.
Global Artificial Intelligence in Cancer market is segmented based on regional analysis into five foremost regions. These entail North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Global AI in Cancer in North America controlled the greatest market share during the year 2020. However, The APAC market is projected to grow at the fastest rate over the forecast duration, owing to emerging market growth strategies, enhanced medical diagnostic infrastructure, an ageing population, growing cancer prevalence, favourable government initiatives for AI in healthcare, and an augment in the number of COVID-19 positive patients.
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Ankur Gupta, Head Marketing & Communications