Press release
Global AI in Oncology Market Know the Scope and Trends
According to the latest research by InsightAce Analytic, the Global AI in Oncology Market is valued at US$ 1.2 Bn in 2023, and it is expected to reach US$ 4.5 Bn by 2031, with a CAGR of 18.8% during the forecast period of 2024-2031.
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Utilizing advanced algorithms and machine learning techniques, artificial intelligence (AI) in oncology elevates cancer diagnosis, treatment, and patient care. By analyzing vast medical datasets, AI discerns nuanced patterns to offer tailored treatment suggestions, thereby optimizing patient outcomes. Tools like machine learning algorithms, deep learning techniques, NLP, computer vision, and genomics analysis contribute to this comprehensive approach, improving diagnostic accuracy and treatment outcomes while optimizing healthcare efficiency.
The importance of AI in oncology stems from its diverse capabilities. By enhancing diagnostic accuracy through pattern recognition and tailoring treatment recommendations to individual patient data, AI improves patient outcomes. Furthermore, AI enables proactive interventions by identifying health risks from patient data, enhancing overall patient care. Additionally, AI streamlines healthcare processes, reducing costs and serving as a transformative influence in oncology and broader healthcare contexts.
List of Prominent Players in the AI in Oncology Market:
• Berg
• CancerCenter.AI
• Concert AI
• GE Healthcare
• IBM Watson Health
• iCAD
• JLK Inspection
• Median Technologies
• Path AI
• Roche Diagnostics
Market Dynamics:
Drivers:
The rising incidence of various cancers globally, such as lung, breast, prostate, colorectal cancer, and brain tumors, serves as a significant driver for the AI in oncology market. With statistics provided by the American Cancer Society in 2024, including an estimated 234,580 new cases of lung cancer and 125,070 deaths in the US alone, this trend is underscored. Additionally, the World Health Organization's revelation of nearly 20 million new cancer cases reported annually worldwide further highlights the pressing need for advanced solutions in oncology. Leveraging AI algorithms for precision medicine approaches, analyzing complex genomic and patient data, alongside advancements in medical imaging and data analytics, is crucial for enhancing cancer diagnosis, treatment planning, and overall patient care.
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Challenges:
The integration of artificial intelligence (AI) in oncology faces several challenges that impede its widespread adoption and effectiveness in clinical settings. Difficulty in obtaining large, high-quality, multi-institutional datasets and the lack of standardization in data collection within electronic health records (EHRs) inhibit the development and utilization of AI models. Moreover, inconsistent or poor-quality imaging data can lead to erroneous diagnoses and treatment plans, hindering patient outcomes. Labour-intensive tumor segmentation and annotation processes further limit the adoption of AI solutions. Additionally, the lack of standardization and interoperability across healthcare systems poses obstacles to translating AI into real clinical settings. Furthermore, the multidisciplinary nature of AI implementation, requiring collaboration between oncologists, radiologists, and data scientists, presents challenges.
Regional Trends:
North America emerges as a leading region in the advancement of AI technologies within oncology, driven by several key factors. With a projected 2,001,140 new cancer cases and 611,720 cancer deaths in 2024 in the United States alone, North America benefits from an advanced healthcare infrastructure, boasting cutting-edge medical imaging technologies and robust electronic health records. Moreover, the region's significant investment in research and development, facilitated by numerous research institutions and universities, fuels innovation in AI algorithms and technologies tailored for oncology. Additionally, North America's large patient population affected by cancer fuels demand for advanced diagnostic and treatment solutions, met by the adoption of AI technologies. Supported by a strong regulatory framework, including favorable reimbursement policies, North America sets the stage for widespread adoption and integration of AI in oncology, ultimately improving patient outcomes and reducing healthcare costs.
Recent Developments:
• In May 2024, ConcertAI launched CARA AI, its advanced predictive and generative AI suite, at the 2024 ASCO Annual Meeting, offering multi-modal data management and fostering collaborative research efforts across translational to clinical development stages. Additionally, ConcertAI introduced an update to its SmartLinQ oncology quality management platform, TriaLinQ.
• In May 2024, GE Healthcare introduces Revolution RT, its new AI-enhanced oncology solution, marking a "new era" in radiation therapy computed tomography (CT). Revolution RT features innovative hardware and software to enhance imaging accuracy and streamline simulation workflows, aiming to personalize and simplify the oncology care pathway for clinicians and patients. The technology debuted at the European Society for Therapeutic Radiology and Oncology 2024 Congress in Glasgow, Scotland.
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Segmentation of AI in Oncology Market-
By Type of Cancer
• Solid malignancies
• Breast cancer
• Lung cancer
• Prostate cancer
• Colorectal cancer
• Brain tumor
• Others
By End User
• Hospitals
• Pharmaceutical companies
• Research Institutes
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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