What Has Been The Evolution of the Artificial Intelligence In Oncology Market in Recent Years?
The artificial intelligence in oncology market has seen considerable growth due to a variety of factors.
• The size of the oncology-based artificial intelligence market has witnessed rapid expansion in the past few years. It is expected to escalate from a value of $1.78 billion in 2024 to $2.36 billion in 2025, presenting a compound annual growth rate (CAGR) of 32.4%.
Factors contributing to this notable growth during the historical period include an increase in cancer cases, an upsurge in health-related data, refined clinical trial processes, a heightened desire for bespoke medicine, and improved efficiency in radiology and pathology.
What Is the Forecasted Market Size and Growth Rate for The Artificial Intelligence In Oncology Market Size In The Coming Years?
The artificial intelligence in oncology market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of artificial intelligence in oncology is anticipated to witness substantial growth in the forthcoming years, expanding to $7.6 billion by 2029 at a CAGR of 33.9%.
This surge during the forecasted period is due to factors such as integration with electronic health records (EHR), broader applications related to treatment decision support, patient education, and engagement, regulatory support, and normalization. Significant trends for the projection period include the incorporation of natural language processing (NLP) in healthcare, using AI for biomarker identification, emphasis on understandable AI for clinical use, assimilation of AI in managing population health, partnerships between AI developers and healthcare service providers, and progress in predictive analytics.
What Factors Are Driving Growth In The Artificial Intelligence In Oncology Market?
Anticipations for the AI in oncology market are becoming more positive due to the increasing number of cancer incidences. Cancer involves the rapid, unchecked proliferation of abnormal cells within the body, constituting a diverse set of ailments. The merger of AI and oncology has the potential to bring about a paradigm shift in cancer treatment, making it more individualized, exact, and efficient. For instance, a report by the American Cancer Society Inc., a US-based voluntary health organization, indicated in 2023 that the estimated number of new cancer cases had risen from 1.8 million to 1.9 million. Thus, the escalating number of cancer cases is bolstering the expansion of the AI in oncology market.
Artificial Intelligence In Oncology Market Driver: Rising Adoption Of Cloud-Based Applications And Services By Pharmaceutical Companies
What Are The Main Segments Of The Global Artificial Intelligence In Oncology Market?
The artificial intelligence in oncology market covered in this report is segmented –
1) By Component: Software Solutions, Hardware, Services
2) By Treatment Type: Chemotherapy, Radiotherapy, Immunotherapy, Other Treatment Types
3) By Cancer Type: Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Other Cancer Types
4) By Application: Cancer Detection, Drug Discovery, Drug Development, Other Applications
5) By End-Users: Hospitals, Diagnostic Centers, Pharmaceutical Companies, Research Institutes, Other End Users
Subsegments:
1) By Software Solutions: Diagnostic Software, Treatment Planning Software, Patient Management Software, Data Analytics Platforms
2) By Hardware: AI-Enabled Imaging Devices, High-Performance Computing Systems, Wearable Health Monitors
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services
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What New Trends Are Influencing The Artificial Intelligence In Oncology Market?
Leading organizations in the AI oncology market are concentrating on the invention of innovative software, like cloud-based software, to amplify their effectiveness and deliver enhanced solutions. The pivotal role of cloud-based software in AI oncology applications is evident in its ability to offer a scalable, flexible, and readily available platform for processing and analyzing extensive volumes of medicinal data. In March 2023, Illumina Inc., a biotech firm in the US, introduced Connected Insights, an advanced cloud-based software that facilitates tertiary analysis in oncology applications. By integrating external knowledge databases, Connected Insights simplifies the interpretation and reporting of results from different assay types, empowering labs to extend their utilization of NGS (Next-Generation Sequencing) and hasten the turnaround time for clinical reporting.
Who Are the Key Players In The Artificial Intelligence In Oncology Market?
Major companies operating in the artificial intelligence in oncology market report are:
• Azra AI
• IBM Corporation
• Siemens Healthcare GmbH
• Intel Corporation
• GE HealthCare
• NVIDIA Corporation
• Digital Diagnostics Inc.
• ConcertAI Inc.
• PathAI Inc.
• Median Technologies SA
• Kheiron Medical Technologies Ltd.
• Hampton Research Inc.
• Tempus Labs Inc.
• Paige AI Inc.
• Prognos Health Inc.
• Enlitic
• Inspirata Inc.
• Berg LLC
• Proscia Inc.
• Prognos Health Inc.
• Deep 6 AI Inc.
• Ibex Medical Analytics
• Nanox Imaging Ltd.
• Zebra Medical Vision
• Globavir Biosciences Inc.
What Is The Most Dominant Region In The Artificial Intelligence In Oncology Market?
North America was the largest region in the AI in oncology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in oncology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
