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Rising Cancer Prevalence Fuels Growth Of AI In Oncology For Analytical Solutions Market: An Emerging Driver Transforming The AI In Oncology For Analytical Solutions Market Landscape
AI In Oncology For Analytical Solutions
What Is the Projected Growth of the AI In Oncology For Analytical Solutions Market?
There has been a remarkable growth in the market size of AI in oncology for analytical solutions in the latest years. It is predicted to expand from $1.07 billion in 2024 to $1.44 billion in 2025, revealing a compound annual growth rate (CAGR) of 34.4%. The historical growth can be linked to several factors such as a surge in available healthcare data, improved awareness and acceptance, progress in machine learning algorithms, government initiatives and funding, and clinical approval.
The market size of AI in oncology for analytical solutions is forecasted to experience a dramatic increase in the years to come. The market will swell to $4.66 billion in 2029, with a compound annual growth rate (CAGR) of 34.1%. Factors contributing to this projected growth in the forecast period include the increased demand for personalized medicine, heightened awareness of healthcare, the amalgamation of multi-omics data, reformation in regulations, the advent of telemedicine, and remote diagnostics. Along this period, major trends anticipated include collaborations and partnerships, incessant progress in technology, industry-wide cooperation, initiatives focused on research and development, and further technological breakthroughs.
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What Are the Different AI In Oncology For Analytical Solutions Market Segments?
The AI in oncology for analytical solutions market covered in this report is segmented -
1) By Component: Data Licensing Services, Software Solutions, Analytics and Other Services
2) By Treatment Type: Chemotherapy, Radiotherapy, Immunotherapy, Other Treatments
3) By Cancer Type: Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Kidney Cancer, Non-Hodgkin Lymphoma, Bladder Cancer
Subsegments:
1) By Data Licensing Services: Oncology Data Licensing, Genomic Data Licensing
2) By Software Solutions: AI-Based Imaging Software, Diagnostic Software, Clinical Decision Support Software
3) By Analytics And Other Services: Predictive Analytics Services, AI Training And Support Services, Data Analysis Services
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What Are the Primary Drivers Shaping the AI In Oncology For Analytical Solutions Market?
The growth of AI in oncology for analytical solutions in the market is anticipated to be driven by the increasing incidence of cancer. Cancer is a group of diseases typified by the unruled expansion and dispersion of defective cells. AI in oncology for analytical solutions is employed in cancer care to offer tailor-made treatment, prompt detection, and superior patient results due to its capability to promptly and proficiently process a massive quantity of intricate data. For example, the National Cancer Institute, a US Government agency, projected in May 2024 that roughly 2 million new cancer cases are anticipated to be identified in the US, with projections of over 611,000 deaths. By 2040, the estimate for new cancer cases globally is set to increase to 29.9 million, with cancer-related fatalities anticipated to reach 15.3 million. Consequently, the growing occurrence of cancer is propelling the AI in oncology for analytical solutions market.
Which Companies Are Leading in the AI In Oncology For Analytical Solutions Market?
Major companies operating in the AI in oncology for analytical solutions market report are 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
What Are the Major Trends Shaping the AI In Oncology For Analytical Solutions Market?
Leading firms in the AI in oncology analytical solutions market are concentrating on creating AI innovations, such as the development of new real-world data platforms aimed at expediting cancer research as well as promoting generative AI models in oncology. Real-world data platforms are systems designed to gather and manage observational data from numerous sources beyond the usual clinical research environments, including electronic health records, health insurance claims, patient surveys and disease registries. For example, in October 2023, the Central Ohio Transit Authority, based in the US, introduced Vista, a new real-world data platform designed to accelerate cancer research and improve generative AI models in oncology. This platform aims to bring a more comprehensive and consistent approach to handling cancer research data by integrating several databases, such as the data portal database and the genomic database. Furthermore, Vista is anticipated to promote data sharing, enhance data quality and support a variety of applications in oncology and other healthcare sectors.
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What Are the Top Revenue-Generating Geographies in the AI In Oncology For Analytical Solutions Market?
North America was the largest region in the AI In oncology for analytical solutions market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai in oncology for analytical solutions 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 AI In Oncology For Analytical Solutions Market?
2. What is the CAGR expected in the AI In Oncology For Analytical Solutions Market?
3. What Are the Key Innovations Transforming the AI In Oncology For Analytical Solutions Industry?
4. Which Region Is Leading the AI In Oncology For Analytical Solutions Market?
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