Artificial Intelligence In Oncology Industry Insights 2025 – Market Forecast for Executives and Planners
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How Has the Artificial Intelligence In Oncology Market Size Changed, over the years?
The market for artificial intelligence in oncology has seen remarkable expansion lately. It is projected to expand from a value of $1.78 billion in 2024 to reach $2.36 billion in 2025, showcasing a compound annual growth rate (CAGR) of 32.4%. Growth in the past period can be credited to an increase in cancer cases, a surge in health data, the refinement of clinical trials, the need for individualized treatment, and improvements in radiology and pathology.
How Much Will the Artificial Intelligence In Oncology Market Be Worth in 2029?
The market size of artificial intelligence in oncology is anticipated to experience significant growth in the coming years, reaching a size of $7.6 billion in 2029 at a 33.9% compound annual growth rate (CAGR). The expected growth during the forecast period can be associated with its amalgamation with electronic health records (EHR), increased applications for treatment decision support, patient interaction and learning, regulatory assistance, and standardization. Upcoming trends for the forecast period consist of incorporating natural language processing (NLP) in healthcare, embracing ai for biomarker identification, emphasis on understandable ai for clinical implementation, integration of ai in population health administration, partnerships between ai inventors and healthcare providers, and breakthroughs in predictive analytics.
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Which is the Largest Company 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.
What Are the Main Market Drivers in the Artificial Intelligence In Oncology Industry?
The AI in Oncology market is predicted to expand due to the escalating prevalence of cancer. Cancer, a class of diseases identified by the unchecked division of abnormal cells within the body, has significantly increased. Implementing AI in oncology can reshape cancer treatment by enhancing its accuracy, customization, and effectiveness. For example, the American Cancer Society Inc., a voluntary health organization in the US, reported in 2023 that the predicted number of new cancer cases heightened from 1.8 million to 1.9 million. Consequently, the escalating prevalence of cancer is propelling the AI in Oncology market’s growth. Another significant contributor to the growth of AI in oncology market is the increasing usage of cloud-based applications and services among pharmaceutical companies. The incorporation of these applications and services in oncology has been on the rise due to several benefits. The use of cloud computing allows researchers to access and analyze large-scale data such as genomics, proteomics, metabolomics, transcriptomics, and clinical and epidemiological data, ultimately expediting the cancer research towards precision medicine. A report in June 2024 by AAG IT Services, a non-government organization based in the UK, mentioned that in 2022, 89% of surveyed organizations utilized multi-cloud solutions for their storage and workloads, while 9% used a single public cloud and 2% depend on a single private cloud. Hence, the gradual rise in the incorporation of cloud-based applications and services within pharmaceutical companies will propel the growth of the AI in Oncology market.
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How Is the Artificial Intelligence In Oncology Market Segments Structured?
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 Strategic Trends Are Transforming the Artificial Intelligence In Oncology Market?
The focus of leading corporations in the AI oncology market is on the development of cutting-edge software, including cloud-based software, to augment their effectiveness and deliver superior solutions. Cloud-based software is instrumental in AI oncology applications, offering a scalable, adaptable, and readily available platform to process and analyze extensive medical data. For instance, Illumina Inc., a biotechnology company from the United States, introduced Connected Insights in March 2023. This new cloud-based software enables tertiary analysis for oncology applications. Through the integration of external insights databases, Connected Insights simplifies assay results’ interpretation and reporting, thereby expanding labs’ ability to use NGS (Next-Generation Sequencing) and accelerating clinical reporting times.
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Which Global Regions Offer the Highest Growth 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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This Report Delivers Insight On:
1. How big is the artificial intelligence in oncology market, and how is it changing globally?
2. Who are the major companies in the artificial intelligence in oncology market, and how are they performing?
3. What are the key opportunities and risks in the artificial intelligence in oncology market right now?
4. Which products or customer segments are growing the most in the artificial intelligence in oncology market?
5. What factors are helping or slowing down the growth of the artificial intelligence in oncology market?
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