AI in Oncology Market Forecast to Reach Multi-Billion Dollar Valuation Driven by Rising Cancer Prevalence

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 revolutionizing the oncology sector by advancing cancer diagnosis, treatment planning, and patient management through sophisticated machine learning algorithms and data analytics. By analyzing vast and complex medical datasets, AI identifies intricate patterns and delivers personalized treatment recommendations, thereby enhancing clinical decision-making and improving patient outcomes. Key technologies-including deep learning models, natural language processing (NLP), computer vision, and genomics-based analysis-play a vital role in increasing diagnostic precision, optimizing therapeutic strategies, and elevating overall healthcare efficiency.

The strategic value of AI in oncology is reflected in its ability to generate precise, data-driven insights that enable more accurate diagnoses and tailored treatment plans aligned with individual patient profiles. AI-powered solutions also facilitate early disease detection by evaluating patient data to identify potential health risks, thereby promoting proactive and preventive care. Moreover, AI-driven automation enhances operational efficiency, reduces healthcare expenditures, and streamlines clinical workflows, establishing AI as a transformative element within oncology and the broader healthcare industry.

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 rising global incidence of cancer-including prevalent forms such as lung, breast, prostate, colorectal, and brain cancers-is a primary catalyst for the expanding adoption of AI technologies in oncology. The American Cancer Society's 2024 report projects approximately 234,580 new lung cancer cases and 125,070 related deaths in the United States alone, underscoring the critical need for advanced oncological solutions. Globally, the World Health Organization (WHO) estimates nearly 20 million new cancer diagnoses each year, further intensifying demand for enhanced diagnostic and therapeutic approaches. The integration of AI-enabled precision medicine-leveraging complex genomic data, medical imaging, and sophisticated analytics-is pivotal in improving cancer detection, treatment optimization, and patient care management.

Market Challenges:
Despite its significant potential, the broad implementation of AI in oncology encounters several obstacles. A major challenge is the scarcity of high-quality, multi-institutional datasets, compounded by inconsistencies in electronic health record (EHR) data capture and interoperability issues. The lack of standardized imaging protocols and data-sharing frameworks further hampers the clinical deployment of AI solutions, potentially resulting in diagnostic inaccuracies and less effective treatment decisions. Additionally, the labor-intensive requirements for tumor segmentation and annotation limit the scalability of AI applications. Effective collaboration among oncologists, radiologists, and data scientists is essential but can be operationally complex within multidisciplinary settings, posing an additional barrier to adoption.

Regional Trends:
North America currently leads the AI oncology market, driven by its well-established healthcare infrastructure, cutting-edge medical imaging technologies, and robust research ecosystem. In 2024, the U.S. is projected to register approximately 2,001,140 new cancer cases and 611,720 cancer-related fatalities, highlighting an urgent imperative for innovative cancer care solutions. The region benefits from substantial investment in research and development, spearheaded by leading academic institutions and biotechnology firms, fueling advancements in AI-powered oncology applications. Furthermore, a favorable regulatory environment-with supportive reimbursement frameworks-facilitates the accelerated integration of AI into clinical practice. Growing demand for accurate and efficient cancer diagnostics and treatments reinforces North America's leadership position in the advancement of AI-driven oncology technologies.

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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

Read Overview Report- https://www.insightaceanalytic.com/report/ai-in-oncology-market-/2529

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This release was published on openPR.