In-Depth Insights into the Artificial Intelligence In Oncology Market: Growth, Trends, and Opportunities for 2025-2034
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What fueled the previous growth in the artificial intelligence in oncology market?
The market size of artificial intelligence in oncology has seen tremendous growth lately. The market, which will surge from a value of $1.78 billion in 2024 to $2.36 billion in 2025, will have a compound annual growth rate (CAGR) of 32.4%. The remarkable growth in the historical period can be credited to factors such as the surge in cancer cases, data expansion in healthcare, advancements in clinical trials, the growing need for customized medicine, and improvements in radiology and pathology.
What will be the artificial intelligence in oncology market size in the future?
Expectations are high for the artificial intelligence market in oncology, with projections suggesting a surge in market size in the upcoming years. By 2029, the market is forecasted to reach $7.6 billion, boasting a compound annual growth rate (CAGR) of 33.9%. This anticipated growth within the forecast period can be traced back to several factors, including the merging of electronic health records (EHR) and a wider scope of application in areas like treatment decision support, patient interaction and education, regulatory backing, and standardization. The forecast period will also witness significant trends like the incorporation of natural language processing (NLP) in healthcare, employing AI for biomarker detection, the growing emphasis on explainable AI for clinical integration, the fusion of AI in population health administration, forming alliances between AI developers and healthcare providers, plus advancements in predictive analytics.
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What main drivers are fueling expansion in the artificial intelligence in oncology market?
The surge in cancer cases is projected to boost the AI in oncology market’s expansion. Cancer, a complex set of diseases characterized by unregulated cell growth and division, could drastically change with AI integration. The mix of AI could bring more accuracy, personalization, and efficiency to cancer treatment. For example, a study by the American Cancer Society Inc., a voluntary health group from the United States, showed new cancer cases growing from 1.8 million to 1.9 million in 2023. Hence, the increasing cases of cancer are fueling the growth of the AI in oncology market. The accelerating adoption of cloud-based applications and services by pharmaceutical companies is another dimension contributing to the AI in oncology market’s advancement. There’s been a consistent increase in the use of cloud-based applications and services in oncology due to the advantages they offer. They aid researchers in accessing and analyzing extensive data, ranging from genomics, proteomics, metabolomics, transcriptomics, to clinical and epidemiological data. This is instrumental in expediting cancer research for precision medicine. In June 2024, AAG IT Services, a non-government organization based in the UK, reported that 89% of surveyed organizations in 2022 employed multi-cloud solutions for their storage and workload, with only 9% using a single public cloud and 2% on a single private cloud. This rise in cloud-based applications and services usage by pharmaceutical companies will, therefore, stimulate the artificial intelligence in oncology market’s growth.
What key areas define the segmentation of the global 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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Who are the dominant players expanding their reach in the artificial 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.
How are evolving market trends shaping artificial intelligence in oncology Strategies?
Leading corporations in the AI in oncology market are concentrating their efforts on crafting innovative software like cloud-based software, to escalate their efficiency and furnish upgraded solutions. The cloud-based software plays an integral part in AI applications in oncology, offering a flexible, scalable and easily available platform that can process and analyze extensive volumes of medical data. For example, in March 2023, Illumina Inc., a biotech firm based in the US, unveiled Connected Insights, a new software based in the cloud, facilitating tertiary analysis for oncology applications. By incorporating external knowledge bases, Connected Insights simplifies the comprehension and result reporting from a variety of assay types, enabling laboratories to broaden their use of NGS (Next-Generation Sequencing) and expedite the timeframe for clinical reporting.
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Which regions are emerging as leaders in the artificial intelligence in oncology 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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