AI in Oncology Market Revolutionizing Cancer Care with Precision Diagnostics, Treatment Planning and Improved Patient Outcome

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Oncology Market- (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, Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

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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Artificial intelligence (AI) is transforming the oncology field by enhancing cancer diagnosis, treatment planning, and patient care through advanced machine learning algorithms and data analytics. By processing extensive medical datasets, AI uncovers complex patterns and generates personalized treatment recommendations, thereby improving clinical decision-making and patient outcomes. Technologies such as deep learning models, natural language processing (NLP), computer vision, and genomics-based analysis are crucial in enhancing diagnostic accuracy, optimizing treatment strategies, and improving overall healthcare efficiency.

The strategic significance of AI in oncology lies in its capacity to provide precise, data-driven insights that facilitate more accurate diagnoses and customized treatment approaches tailored to individual patient profiles. AI-powered solutions also enable early disease detection by analyzing patient data to identify potential health risks, thus supporting proactive and preventive care. Additionally, AI-driven automation improves operational efficiency, reduces healthcare costs, and streamlines clinical workflows, positioning it as a transformative force within oncology and the broader healthcare sector.

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

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Market Dynamics of AI in Oncology
Market Drivers:
The increasing global prevalence of cancer, encompassing types such as lung, breast, prostate, colorectal, and brain cancers, is a significant driver of the growing adoption of AI in oncology. According to the American Cancer Society's 2024 report, the United States is projected to see approximately 234,580 new cases of lung cancer and 125,070 related deaths, emphasizing the urgent need for advanced oncology solutions. Additionally, the World Health Organization (WHO) reports nearly 20 million new cancer diagnoses worldwide annually, further highlighting the demand for improved diagnostic and treatment methodologies. The integration of AI-powered precision medicine, utilizing complex genomic data, medical imaging, and advanced analytics, is crucial in enhancing cancer detection, treatment planning, and patient management.

Market Challenges:
Despite its transformative potential, the widespread adoption of AI in oncology faces several challenges. A key barrier is the limited availability of high-quality, multi-institutional datasets, compounded by inconsistencies in electronic health record (EHR) data collection and issues with interoperability. The absence of standardized protocols for imaging and data sharing further complicates the clinical implementation of AI technologies, which could lead to inaccurate diagnoses and suboptimal treatment decisions. Additionally, the labor-intensive nature of tumor segmentation and annotation restricts the scalability of AI applications. Successful integration of AI in oncology requires effective collaboration between oncologists, radiologists, and data scientists, posing an operational challenge in multidisciplinary environments.

Regional Trends:
North America is leading the adoption of AI in oncology, supported by robust healthcare infrastructure, advanced medical imaging technologies, and pioneering research initiatives. In 2024, the United States is expected to record approximately 2,001,140 new cancer cases and 611,720 cancer-related deaths, underscoring the urgent need for innovative cancer care solutions. The region benefits from substantial investments in research and development, facilitated by prominent academic institutions and biotechnology companies, which are driving progress in AI-driven oncology applications. Moreover, a favorable regulatory environment, including supportive reimbursement policies, accelerates the integration of AI into clinical practices. The growing demand for precise, efficient cancer diagnostics and treatments further solidifies North America's leadership in AI-driven oncology advancements.

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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.

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 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.

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This release was published on openPR.