Top 7 Companies in the Global AI in Oncology Market in 2024

The AI in oncology market was valued at USD 2.8 billion in 2023. It is expected to grow at a CAGR of 28.92% during the forecast period of 2024-2032, with the value likely to reach USD 27.5 billion by 2032. The market is driven by the increasing prevalence of cancer across the globe.

Artificial intelligence is promising in oncology as it helps in enhancing early cancer detection and treatment efficacy. It improves the precision and speed of diagnosis, leading to lower mortality rates. Healthcare providers employ AI tools for targeted patient care. The market is segmented into hardware, software, and services, based on the components, out of which hardware is expected to have a significant market share. Advanced computing systems and energy-efficient chips expedite model training and data processing.

The AI market in oncology is growing due to improved early detection capabilities, exemplified by an AI system developed by AIIMS in New Delhi that uses deep learning on 500,000 medical images to enhance diagnostic accuracy and speed. Additionally, the rising global prevalence of cancer, with an estimated 20 million diagnoses in 2022, is further propelling AI's role in oncology by streamlining diagnosis and lowering healthcare costs. The increasing adoption of FDA-approved AI technologies, particularly in radiology and pathology, transforms theoretical concepts into practical clinical applications, contributing to market expansion.

In September 2023, Paige partnered with Microsoft to develop a major AI model utilizing over one billion images from pathology slides to improve cancer diagnosis and treatment. Later in December 2023, AstraZeneca partnered with Absci Corporation in a USD 247 million agreement to employ AI for studying proteins in the development of cancer therapies, aiming to improve the efficiency and speed of biologics discovery. The robust support from health organizations like the FDA and ongoing research and development efforts are anticipated to elevate the market value in the coming years.

Let’s explore the profile of top companies leading the AI in oncology market in 2024.

1.    Azra AI

Azra AI enhances oncology care by swiftly analyzing, identifying, and classifying cancer patients. Headquartered in Franklin, the company has developed an AI platform for identifying and triaging patients needing therapy and follow-up. They participate in CancerX, a prominent initiative to boost innovation in the fight against cancer. They collaborate with organizations to innovate cancer prevention, access screenings, and integrate digital health tools, leading advancements in AI-driven oncology.

2.    Siemens Healthineers AG

Siemens Healthineers, a German medical technology company, delivers healthcare services focused on diagnostic imaging systems, clinical solutions, and minimally invasive procedure systems. It is involved in AI in oncology with innovative AI-driven tools, particularly in early detection and diagnosis. Their AI-rad companion utilizes deep-learning algorithms to support radiologists by identifying abnormalities and segmenting anatomical structures, reducing interpretation time by up to 22%. This automation improves workflow efficiency, enabling healthcare providers to prioritize patient care and enhance early cancer detection and treatment outcomes.

3.    GE HealthCare

GE Healthcare is a multinational medical technology firm providing digital infrastructure, data analytics, and decision support tools for patient diagnosis and monitoring. Their careintellect platform, focused on oncology, uses AI to streamline patient management by giving clinicians a unified view of disease progression and history. This application aids in the proactive identification of patient needs, fostering timely interventions. Its early adoption by institutions indicates significant potential to enhance patient outcomes and operational efficiency in oncology care.

4.    NVIDIA Corporation

Nvidia Corporation, based in Santa Clara, California, partnered with Deepcell in January 2024, enhancing AI-driven cellular analysis crucial for improving cancer diagnostics and treatment. This collaboration utilizes generative AI to deepen understanding of cell morphology, vital in cancer pathology, enabling precise identification of cancerous cells. They focus on oncology innovation and promoting AI-driven solutions in cancer research and treatment, driving market growth.

5.    ConcertAI LLC

ConcertAI LLC specializes in healthcare software, providing an AI technology platform for clinical trial data analytics aimed at improving oncology patient outcomes. The company offers research and testing services and creates medical research tools in oncology. In January 2024, the company partnered with NeoGenomics to develop a large-scale real-world hematology data solution. This collaboration combines their clinical data with NeoGenomics biomarker information, enhancing AI-driven oncology research and facilitating drug development while meeting regulatory standards, thereby driving growth in oncology AI solutions.

6.    Median Technologies

Median Technologies develops medical software for managing and tracking cancerous lesions in CT scans. Their clinical applications support standardized measurements in trials and incorporate AI-driven imaging solutions. The company uses AI, machine learning, and radiomics in its imaging laboratory, to enhance clinical trial analyses, improve patient selection, predict therapy responses, and monitor disease progression, accelerating market insights and oncology innovations.

7.    PathAI

PathAI develops technology to enhance pathologists' diagnostic accuracy. They operate as a software company and provide AI-powered tools for pathology and therapeutic efficacy measurement. In January 2024, they expanded their PathExplore platform, introducing six new oncology indications. This allows for detailed analysis of the tumor microenvironment, addressing challenges in identifying actionable biomarkers and enabling precise treatment options, thus advancing precision oncology and market growth.