Artificial Intelligence In Oncology Market Insights: In-Depth Look at Growth Trends, Market Size, and Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Are the Primary Drivers Supporting the Market Growth of theArtificial Intelligence In Oncology Market?
The anticipated increase in cancer cases is expected to boost the AI in oncology market’s growth. Cancer, a disease identified by the unregulated growth and division of abnormal cells, is a complex set of illnesses. Incorporating AI into oncology could potentially transform cancer treatment by making it more accurate, personalized, and efficient. An illustration of this is in 2023; a report from the American Cancer Society Inc., a US nonprofit health organization, estimated that new cancer cases rose from 1.8 million to 1.9 million. Hence, the escalation in cancer incidence is propelling the AI in oncology market’s growth. Increasing preferences for cloud-based applications and services by pharmaceutical companies have become a significant factor contributing to the expansion of the AI in oncology market. Owing to their multiple benefits, the use of cloud-based applications and services in oncology has seen consistent growth. Cloud computing allows researchers to access and analyze extensive data sets like genomics, proteomics, metabolomics, transcriptomics, and clinical and epidemiological data. This is significantly helpful in expediting cancer research for precision medicine. To illustrate, in June 2024, according to the UK-based NGO, AAG IT Services, in a 2022 survey, 89% of organizations were using multi-cloud solutions for their storage and workloads, while only 9% used a single public cloud, and 2% relied solely on a private cloud. The rising adoption of cloud-based applications and services by pharmaceutical companies is thus expected to propel the growth of the artificial intelligence in oncology market.
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#What Growth Opportunities Will Drive the Artificial Intelligence In Oncology Market’s CAGR Through 2034?
In the past few years, the market size for artificial intelligence in oncology has seen an immense growth. The market, which is expected to increase from $1.78 billion in 2024 to $2.36 billion in 2025, will exhibit a compound annual growth rate (CAGR) of 32.4%. Factors contributing to the growth during the historical period include increasing cancer cases, expansion of data in healthcare, optimization of clinical trials, a surge in demand for individualized medicine, as well as improved efficiency in radiology and pathology.
Anticipations are high for the artificial intelligence in oncology market as it’s projected to undertake tremendous growth in the upcoming years. By 2029, it’s estimated to reach an impressive $7.6 billion, with a compound annual growth rate (CAGR) of 33.9%. Factors like electronic health records (EHR) integration, increased usage in patient involvement as well as education, treatment decision support, regulatory aid, and standardization are the driving force behind this projected growth. The forecast period will also see some significant trends like the amalgamation of natural language processing (NLP) in healthcare, the application of AI in detecting biological markers, the emphasis on explainable AI for clinical acceptance, the integration of AI for population health management, and advancements in predictive analytics. Additionally, collaborations between AI software developers and healthcare providers will also add fuel to the growth.
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What Are the Latest Innovations Influencing theArtificial Intelligence In Oncology Market?
Leading corporations in the AI in the oncology market are honing in on the creation of inventive software, particularly cloud-based software. This is being done to boost effectiveness and deliver improved solutions. Essentially, cloud-based software becomes a vital element in AI utilization in oncology, paving the way for an adjustable, scalable, and user-friendly platform for processing and scrutinizing hefty amounts of medical data. To illustrate, in March 2023, Illumina Inc., a biotechnology corporation based in the US, unveiled Connected Insights. This is a novel cloud-based software, designed to facilitate tertiary analyses for oncology applications. Leveraging the integration with external knowledge bases, Connected Insights optimizes the interpretation of results from varying assay types, making it easier for labs to increase their NGS (Next-Generation Sequencing) usage, ultimately accelerating the time it takes for clinical reporting.
Who Are the Major Industry Players Accelerating Growth in theArtificial Intelligence In Oncology Market?
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.
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Which Primary Segments of the Artificial Intelligence In Oncology Market Are Driving Growth and Industry Transformations?
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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Which Regions Are Key Players in the Growth of the #What Are the Primary Drivers Supporting the Market Growth of theArtificial Intelligence In Oncology Market?# Market?
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
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