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AI In Oncology For Analytical Solutions Market Size, Industry Share, Analysis 2024-2033
AI In Oncology For Analytical Solutions Market Size
According to The Business Research Company's, The ai in oncology for analytical solutions market size has grown exponentially in recent years. It will grow from $0.8 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 34.5%. The growth in the historic period can be attributed to increasing healthcare data availability, rising awareness and acceptance, advancements in machine learning algorithms, government initiatives and funding, clinical acceptance.
The ai in oncology for analytical solutions market size is expected to see exponential growth in the next few years. It will grow to $3.47 billion in 2028 at a compound annual growth rate (CAGR) of 34.1%. The growth in the forecast period can be attributed to rising demand for personalized medicine, increasing healthcare awareness, integration of multi-omics data, regulatory refinement, telemedicine and remote diagnostics. Major trends in the forecast period include collaborations and partnerships, continuous technological advancements, industry collaborations, research and development initiatives, advancements in technology.
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Market Drivers and Trends:
The rising prevalence of cancer is expected to propel the growth of AI in oncology for the analytical solutions market going forward. Cancer refers to a group of diseases characterized by the uncontrolled growth and spread of abnormal cells. AI in oncology for analytical solutions is used in cancer care to provide personalized treatment, early detection, and improved patient outcomes due to its ability to process large amounts of complex data quickly and efficiently. For instance, in October 2022, Macmillan Cancer Support, the UK-based health care charity organization, estimated that there were 3 million people having cancer in 2020, and it is estimated that it will rise to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. Therefore, the rising prevalence of cancer is driving the AI in oncology for analytical solutions market.
Major companies operating in the AI in oncology for analytical solutions market are focusing on the development of AI advancements, such as new real-world data platforms to accelerate cancer research and advance generative AI models in oncology. A real-world data platform refers to a system that integrates and manages observational data from various sources outside of typical clinical research settings, such as electronic health records, health insurance claims, patient surveys, and disease registries. For instance, in October 2023, the Central Ohio Transit Authority, a US-based company, launched Vista, a new real-world data platform to speed up cancer research and enhance generative AI models in oncology. This platform intends to provide a more complete and uniform approach to managing cancer research data by merging several databases, including the data portal database and the genomic database. Additionally, Vista is expected to facilitate data sharing, improve data quality, and support various applications in the field of oncology and other areas of healthcare.
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Major Key Players of the Market:
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
AI In Oncology For Analytical Solutions Market 2024 Key Insights:
• The ai in oncology for analytical solutions market is expected to grow to $3.47 billion in 2028 at a compound annual growth rate (CAGR) of 34.1%.
• Rising Cancer Prevalence Fuels Growth Of AI In Oncology For Analytical Solutions Market
• Advancements In AI For Oncology Focus On Real-World Data Platforms
• North America was the largest region in the AI In oncology for analytical solutions market in 2023.
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