Press release
AI in Oncology Market Size Share Growth and Trends Report 2024-2031
The global AI in oncology market is projected to reach at a high CAGR from 2024 to 2031. Artificial intelligence (AI) is revolutionizing oncology by optimizing cancer research, enhancing clinical practices, improving cancer diagnosis, and personalizing treatments. AI facilitates precise cancer stratification, identifies molecular features without high-cost genetic testing, and predicts microsatellite instability through the analysis of hematoxylin and eosin-stained slides.
Market Dynamics:
The increasing initiatives by public and private organizations to invest in research and development (R&D) for novel technologies significantly drive the market. For example, in October 2022, Tempus announced the Tempus+ program, which utilizes real-world data to advance precision oncology research. This program is used by institutions such as Baylor College of Medicine and Stanford Cancer Center.
Moreover, the growing number of AI-associated medical device approvals is expected to boost market growth. In January 2024, the U.S. FDA approved DermaSensor, the first AI medical device for detecting skin cancer.
Developing AI for medical imaging analysis and precision oncology demands substantial investments in hardware, software, neural network development, data storage, and skilled data scientists. The cost of accessing large annotated medical imaging datasets poses a challenge, particularly for startups and smaller companies, which may struggle to secure necessary funding.
Download Sample: https://www.datamintelligence.com/download-sample/ai-in-oncology-market
Segment Analysis:
The software solutions segment accounted for approximately 43.3% of the AI in oncology market share. The growing use of software solutions in optimizing oncological products and outcomes drives market players to develop innovative solutions. Startups are also contributing to growth in cancer treatment and prediction solutions. For instance, MedCognetics received FDA approval in December 2022 for QmTRIAGE, an AI-enabled platform for breast cancer screening designed to reduce imaging costs and time while improving outcomes.
This segment covers various cancer types, including lung cancer, breast cancer, and others, where AI applications are increasingly being implemented.
Applications include diagnosis, treatment, research, and personalized medicine, with AI enhancing each area by providing detailed insights and improving decision-making processes.
End-users encompass hospitals, diagnostic centers, research institutions, and specialty clinics that utilize AI to improve patient care and operational efficiency.
Geographical Analysis:
North America is estimated to hold about 38.4% of the total market share throughout the forecast period. The region benefits from a robust digital infrastructure, favorable governmental and reimbursement regulations, and significant advancements in therapies. Strategic investments also contribute to market growth. For instance, in November 2021, Sanofi-Aventis U.S. LLC announced a USD 180 million investment in Owkin, Inc., an AI precision medicine company, to advance its oncology pipeline, particularly in lung cancer, breast cancer, and multiple myeloma.
To access the complete report: https://www.datamintelligence.com/research-report/ai-in-oncology-market
Competitive Landscape:
The major global players in the AI in oncology market include:
Azra AI, Siemens Healthineers AG, GE Healthcare, NVIDIA Corporation, Digital Diagnostics Inc, ConcertAI LLC, Median Technologies Inc, PathAI, Medtronic
These companies are leading the market with innovations and strategic initiatives to enhance AI applications in oncology, driving improved patient outcomes and more efficient cancer care.
Related Reports:
Software as a Medical Devices Market: https://www.datamintelligence.com/research-report/software-as-a-medical-devices-market
Medication Management Systems Market: https://www.datamintelligence.com/research-report/medication-management-systems-market
Oncology EMR Software Market: https://www.datamintelligence.com/research-report/oncology-emr-software-market
Computer Aided Detection (CAD) Market: https://www.datamintelligence.com/research-report/computer-aided-detection-market
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DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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