Artificial Intelligence In Oncology Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How Rapidly is the Artificial Intelligence In Oncology Market Expected to Expand Between 2025 and 2034 Based on Current Trends?
There has been an immense growth in the market size of artificial intelligence in oncology in the past few years. The market is projected to rise from $1.78 billion in 2024 to a staggering $2.36 billion in 2025, showing a compound annual growth rate (CAGR) of 32.4%. The significant growth during the historic period is due to an increase in cancer rates, the expansion of data in healthcare, the optimization of clinical trials, the growing demand for personalized medicine, and enhanced efficiency in both pathology and radiology.
Expectations are high for the artificial intelligence in oncology market to witness a magnificent surge in the upcoming years. By 2029, the market is predicted to expand to $7.6 billion, boasting a Compound Annual Growth Rate (CAGR) of 33.9%. This significant growth expected in the forecasting period can be attributed to factors such as the integration with electronic health records (EHR) and an increase in applications for treatment decision support, patient engagement, education, regulatory support, and standardization. Key trends to watch during the forecast period are the inclusion of natural language processing (NLP) in healthcare, the usage of AI in biomarker discovery, a growing emphasis on explainable AI for clinical adoption, the integration of AI in population health management, collaborations between AI developers and healthcare providers as well as advances in predictive analytics.
What Factors Are Propelling the Growth of the artificial intelligence in oncology Market from 2025 to 2034?
The anticipated surge in cancer incidents is predicted to drive the AI in oncology market’s expansion. Cancer is a diverse set of diseases marked by uncontrolled abnormal cell proliferation in the body. The inclusion of AI in oncology can bring about a revolution in cancer care by enhancing its precision, personalization, and efficiency. For example, the American Cancer Society Inc., a volunteer health organization in the US, reported an increase in estimated new cancer cases from 1.8 million to 1.9 million in 2023. Hence, the mounting number of cancer cases fuel the growth of the AI in oncology market.
Artificial Intelligence In Oncology Market Driver: Heightened Use of Cloud-based Services And Applications By Pharmaceutical Companies
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Which Key Players Are Shaping the Future of the Artificial Intelligence In Oncology Market?
Major companies operating in the artificial intelligence in oncology market report are:
• Azra AI_x000D_
• IBM Corporation_x000D_
• Siemens Healthcare GmbH_x000D_
• Intel Corporation_x000D_
• GE HealthCare_x000D_
How Are the Latest Trends Influencing the Growth of the Artificial Intelligence In Oncology Market?
Major AI-driven oncology market leaders are striving to advance their efficiency and provide superior solutions by developing revolutionary software, such as cloud-based software. The cloud-based software is a pivotal element for AI in oncology, offering a scalable, flexible, and readily available platform for the processing and analysis of a large quantity of medical data. For instance, in March 2023, a U.S. biotech corporation, Illumina Inc., introduced Connected Insights, a novel cloud-based software that facilitates tertiary analysis for oncology applications. The integration of external knowledge bases in Connected Insights simplifies the decoding and documentation of results originated from various assay types. This assists labs in broadening their NGS (Next-Generation Sequencing) usage and hastening the clinical reporting turnaround time.
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What Are the Major Categories and Their Growth Dynamics 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
What Regions Are At the Forefront of Artificial Intelligence In Oncology Market Expansion?
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
How Is the Artificial Intelligence In Oncology Market Classified and Defined in Market Analysis?
Artificial intelligence in oncology refers to applying artificial intelligence (AI) technologies and techniques in cancer diagnosis, treatment, research, and patient care. The goal of AI in oncology is to improve outcomes for cancer patients by leveraging computational methods to identify patterns, predict outcomes, and support evidence-based decision-making across the continuum of cancer care.
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