According to a study by Fatpos Global, the use of artificial intelligence in the cancer market is expected to pass USD$5,292mn by 2030 and have a CAGR of 34.4% 2020 - 2030.
The report also suggests that the market will grow, mainly due to the rise in the inflow of patient health-related digital data.
AI in healthcare, from identifying cancer to supporting doctors
Since its conception in the 1950’s, artificial intelligence has improved lives in many ways, from manufacturing machines to perform jobs in a human-like way to increasing efficiency, it’s only natural that AI would impact cancer diagnosis and treatment.
In the new report, Fatpos Global focuses on the capabilities of AI in identifying illnesses early on and using past-health data to forecast possible future illnesses.
According to the report, the key international AI players in the cancer market will be:
- Microsoft Corporation
- Siemens Healthineers
- GE Healthcare
- Digital Diagnostics
Furthermore, AI can be used in supporting doctors and nurses by:
- Collecting information
- Interpreting pictures
- Organising therapy
Using AI to deliver value-based care to cancer patients
“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,” said one of Fatpos Global’s lead analysts.
However, there are some areas where AI cannot help. According to the World Health Organisation, one-third of cancer deaths are caused by:
- High body mass index
- Alcohol consumption
- Poor diet
- Lack of physical activity
Although cancer devastates lives at random, education around the impact of these lifestyles can help prevent cancer.
You can read more about the report here.
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