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Evolving Market Trends In The Artificial Intelligence In Oncology Industry: Innovative Cloud-Based Software Revolutionizes AI In Oncology Market
Artificial Intelligence In Oncology
What Is the Expected Artificial Intelligence In Oncology Market Size During the Forecast Period?
The market size for artificial intelligence in oncology has experienced significant growth in recent times. The forecast predicts an increase from $1.78 billion in 2024 to $2.36 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 32.4%. This growth in the historical period is due to factors such as an increase in cancer cases, an abundance of data in healthcare, the optimization of clinical trials, the demand for personalized medicine, and improved efficiency in radiology and pathology.
The market size for artificial intelligence in oncology is anticipated to witness significant expansion in the coming years, reaching $7.6 billion in 2029 with a compound annual growth rate (CAGR) of 33.9%. Varieties of factors contribute to this growth projected in the forecast period, including the incorporation with electronic health records (EHR), the growing applications in support of treatment decisions, patient involvement and education, regulatory assistance, and uniformity. Key trends that will dominate in the forecast period encompass the integration of natural language processing (NLP) in the healthcare sector, the application of AI for biomarker discovery, the emphasis on comprehendible AI for clinical acceptance, the inclusion of AI in managing population health, partnerships between AI developers and healthcare providers, and advancements in predictive analytics.
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What Are the High-Growth Segments in the 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 Key Drivers Are Expected to Influence Future Artificial Intelligence In Oncology Market Growth?
The anticipated surge in cancer cases is predicted to drive the expansion of the AI in oncology market. Cancer, typified by unregulated growth and division of aberrant cells, is a complex set of diseases. Incorporating AI in the field of oncology can potentially transform cancer treatment by making it more accurate, individualized, and efficient. In 2023, for instance, the American Cancer Society Inc., a US-based philanthropic health organization, reported a hike in the projected new cancer instances from 1.8 million to 1.9 million. Hence, the escalating incidence of cancer cases is fuelling the advancement of the AI in oncology market. Artificial Intelligence in Oncology Market Driver: Increasing Adherence to Cloud-Based Applications and Services by Pharmaceutical Firms
Which Companies Hold the Largest Share Across Different Artificial Intelligence In Oncology Market Segments?
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 Trends Are Driving Growth in The Artificial Intelligence In Oncology Market?
Key players in the AI oncology market are concentrating their efforts on the creation of inventive software like cloud-based software to boost their effectiveness and offer enhanced solutions. Cloud-based software is instrumental in oncology AI applications as it provides an adaptable, scalable, and easy-access platform to process and analyze extensive volumes of medical data. For instance, Illumina Inc., a biotech firm based in the US, introduced Connected Insights, a novel cloud-based software, in March 2023. This allows tertiary analysis for oncology applications. Connected Insights integrates external knowledge bases for easier interpretation and reporting of results from various assay types, thereby enabling labs to increase their use of NGS (Next-Generation Sequencing) and hasten the turnaround time for clinical reporting.
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What Are the Emerging Geographies for The Artificial Intelligence In Oncology Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Artificial Intelligence In Oncology Market?
2. What is the CAGR expected in the Artificial Intelligence In Oncology Market?
3. What Are the Key Innovations Transforming the Artificial Intelligence In Oncology Industry?
4. Which Region Is Leading the Artificial Intelligence In Oncology Market?
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