What Has Been the Growth of the AI In Oncology For Analytical Solutions Market So Far?
The ai in oncology for analytical solutions market has seen considerable growth due to a variety of factors.
• Recent years have seen significant expansion of the AI in oncology for analytical solutions market. The market, which is projected to balloon from $1.07 billion in 2024 to $1.44 billion in 2025, represents a compound annual growth rate (CAGR) of 34.4%.
The driving factors behind such growth during the historical period include the increased availability of healthcare data, growing understanding and acceptance, advancements in machine learning algorithms, governmental measures and financial assistance, and acceptance in the clinical community.
How Will the AI In Oncology For Analytical Solutions Market Size?
The ai in oncology for analytical solutions market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for AI in oncology analytical solutions is projected to experience exponential growth in the upcoming years, reaching a value of $4.66 billion in 2029, with a compound annual growth rate (CAGR) of 34.1%.
This growth during the prediction period can be linked to the increasing demand for customised medicine, enhanced healthcare awareness, integration of multi-omics data, regulatory improvements, telemedicine, and remote diagnostics. Key trends in the projection period entail cooperative efforts and partnerships, constant technological progress, collaborative industrial efforts, research and development ventures, and technological advancements.
Which Drivers Are Accelerating Growth In The AI In Oncology For Analytical Solutions Market?
The anticipated increase in cancer cases is predicted to spur the expansion of artificial intelligence (AI) in oncology for the analytical solutions market. Cancer constitutes a collection of illnesses marked by the rampant growth and expansion of abnormal cells. AI, when utilized for analytics in oncology, aids in tailoring cancer treatment plans, ensuring early detection, and enhancing patient outcomes due to its capacity to efficiently handle copious amounts of intricate data. For example, the National Cancer Institute, a government agency in the U.S., projected in May 2024 that around 2 million new cancer diagnoses are expected in the U.S. in 2024, with projected deaths surpassing 611,000. It's estimated that by 2040, the global incidence of new cancer cases will increase to 29.9 million and cancer-related deaths will escalate to 15.3 million. Hence, the increasing occurrence of cancer is propelling the growth of AI in the domain of oncology analytics.
What Key Areas Define The Segmentation Of The Global AI In Oncology For Analytical Solutions Market?
The AI in oncology for analytical solutions market covered in this report is segmented –
1) By Component: Data Licensing Services, Software Solutions, Analytics and Other Services
2) By Treatment Type: Chemotherapy, Radiotherapy, Immunotherapy, Other Treatments
3) By Cancer Type: Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Kidney Cancer, Non-Hodgkin Lymphoma, Bladder Cancer
Subsegments:
1) By Data Licensing Services: Oncology Data Licensing, Genomic Data Licensing
2) By Software Solutions: AI-Based Imaging Software, Diagnostic Software, Clinical Decision Support Software
3) By Analytics And Other Services: Predictive Analytics Services, AI Training And Support Services, Data Analysis Services
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How Are Emerging Trends Reshaping The Dynamics Of The AI In Oncology For Analytical Solutions Market?
Major corporations involved in the AI in oncology analytical solution sector are prioritizing the progression of AI advancements like novel real-world data platforms to expedite cancer studies and foster generative AI models in oncology. A real-world data platform is a system that amalgamates and oversees observational data gathered from diverse sources beyond standard clinical research environments, like electronic health records, health insurance claims, patient surveys, and disease registries. For example, the Central Ohio Transit Authority, a company based in the US, introduced Vista, an innovative real-world data platform in October 2023, to hasten cancer research and augment generative AI models in oncology. This platform aims to offer a more comprehensive and uniform method of managing cancer research data by combining multiple databases, such as the data portal database and the genomic database. Moreover, Vista is projected to aid data sharing, elevate data quality, and bolster various applications in oncology and other healthcare domains.
Who Are the Key Players In The AI In Oncology For Analytical Solutions Market?
Major companies operating in the AI in oncology for analytical solutions market report are:
• IBM Watson Health
• NVIDIA Corporation
• Siemens Healthineers
• GE Healthcare
• Tempus
• DeepMind Health
• Paige.AI
• PathAI
• Aidoc
• Nucleai
• HeartFlow
• OWKIN
• SOPHiA Genetics
• Imagen Technologies
• Butterfly Network
• Atomwise
• Enlitic
• Inspirata
• 3Scan
• Zebra Medical Vision
• Ibex Medical Analytics
• Vuno Inc.
• Proscia
• Google Health
• Huiying Medical
What Is The Most Dominant Region In The AI In Oncology For Analytical Solutions Market?
North America was the largest region in the AI In oncology for analytical solutions market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai in oncology for analytical solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
