Unlocking the potential role of artificial intelligence (AI) in cancer

Akash Nithani- FATPOS Global Consulting

October 6, 2021

For years, artificial intelligence (AI) has caught society’s interest and generated excitement about its potential to enhance our lives. AI is already a part of our everyday lives, as well as our interactions with media, transportation, and communications. AI applications in healthcare are gaining traction as a way to enhance illness diagnosis, management, and the creation of successful treatments. Given the enormous number of patients diagnosed with cancer and the large quantity of data collected during treatment, AI applications to improve oncologic care are of particular interest. During medical operations, artificial intelligence assists medical practitioners in retrieving information, interpreting pictures, and planning therapy. It also makes healthcare workers’ jobs easier.

As per the Sr. research analyst Akash Nithani, at FATPOS Global suggested that some of the main variables helping revenue growth in the market include an increase in the inflow of patient health-related digital data, a growing need to minimize healthcare costs, and a rising desire for tailored medication.

Another important reason that has increased the need to study and identify illnesses in their early stages is the rise in the prevalence of chronic diseases such as cancer. Deep learning technology would make it simple to anticipate illnesses based on past health data. Furthermore, content analytics, Natural Language Processing (NLP) technologies, and Artificial Intelligence (AI) can aid in the patient’s rapid diagnosis.

Recent highlights in the Global Artificial Intelligence in Cancer Market

  • In August 2020, Digital Diagnostics Inc., formerly known as IDx, purchased 3Derm Systems Inc. The acquisition intended to expand 3DermTriage’s dermatological telemedicine capabilities and prepare its autonomous AI skin cancer diagnosis device, 3DermSpot, for FDA approval.
  • In September 2019, For creating applications for its Edison AI platform, GE Healthcare signed a Cooperation agreement with five local Chinese software development companies-12Sigma Technologies, Shukun Technology, Biomind, YITU Technology, and Yizhun Medical AI. These important partners are expected to deliver mature software products that would enable GE Healthcare’s digital transition to go smoothly.

How does the expansion of companies drive the global market?

To help end-users overcome the shortage of radiologists, deliver value-based care, early disease detection, and diagnosis, and maintain a competitive edge in the market, companies are increasingly focusing on expanding their geographical reach and introducing newer, innovative solutions through various strategies, including partnerships, product launches, and collaborations.

Medical professionals’ reluctance to use AI-based technology may restraint the global industry

Due to the rapid rise of digital health, healthcare practitioners may now aid patients with innovative treatment techniques. AI technologies provide doctors with tools to help them diagnose and treat patients more efficiently. Doctors, on the other hand, have shown a reluctance to adopt new technology. For example, there is a widespread belief among medical professionals that AI will eventually replace physicians. Doctors and radiologists feel that qualities like empathy and persuasion are human abilities, and that technological advancement cannot totally eliminate the need for a doctor. Furthermore, there is fear that patients may become overly reliant on these technologies and will forego important in-person treatments, thereby jeopardizing long-term doctor-patient relationships.

Targeted Therapy segment to grow with the highest CAGR during 2020-30

Global Artificial Intelligence in Cancer market is segmented by Product Type into Surgery, Radiotherapy, Chemotherapy, Immunotherapy, Phototherapy, Targeted therapy, Gene Therapy, Sonodynamic Therapy. Among these Targeted Therapy is expected to have the highest growth in the forecast period. This can be attributed to the discovery of cancer cells’ molecular targets. Recent developments in cellular technology and gene therapy have improved our understanding of tumor cells and their metabolism at the molecular level, prompting the development of tailored cancer medication treatments.

Lung cancer segment to grow with the highest CAGR during 2020-30

Global Artificial Intelligence in Cancer market is segmented by Cancer Type into Lung, Breast, Melanoma, Colorectal, Prostate, and others. The high prevalence of breast cancer across the world is a key contributor to this segment’s substantial share. However, the lung cancer category is anticipated to grow the most throughout the projection period. The rising prevalence of lung cancer throughout the world, as well as the growing demand for early detection, are driving this segment’s rise.

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Posted in: AI, Biotechnology, Cancer

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