LONDON, Feb. 01, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Artificial Intelligence In Oncology Global Market Report 2024, in the dynamic landscape of healthcare, artificial intelligence is making significant strides, particularly in oncology. The artificial intelligence in oncology market size is projected to experience exponential growth, reaching $1.78 billion in 2024, with a compound annual growth rate (CAGR) of 33.7%. This impressive artificial intelligence in oncology market expansion is attributed to factors such as the rising incidence of cancer, increased data availability in healthcare, optimized clinical trials, demand for personalized medicine, and enhanced efficiency in radiology and pathology.
Key Insights:
- Projected Growth: The artificial intelligence in oncology market is anticipated to witness remarkable growth, surging to $5.63 billion by 2028, with a CAGR of 33.3%. This expansion is fueled by factors such as integration with electronic health records (EHR), expanded applications in treatment decision support, patient engagement and education, regulatory support, and standardization.
- Trends in Forecast Period: Notable trends in the artificial intelligence in oncology market in the forecast period include the integration of natural language processing (NLP) in healthcare, utilization of AI in biomarker discovery, a focus on explainable AI for clinical adoption, integration of AI in population health management, collaborations between AI developers and healthcare providers, and advancements in predictive analytics.
- Cloud-Based Applications: The rising adoption of cloud-based applications and services by pharmaceutical companies is expected to contribute significantly to the growth of AI in the oncology market. Cloud computing facilitates access and analysis of large-scale data, accelerating cancer research for precision medicine.
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Stakeholder Utilization:
- Pharmaceutical Companies: The increasing adoption of cloud-based applications and services among pharmaceutical companies will drive artificial intelligence in oncology. This technology enables efficient data analysis, aiding in genomics, proteomics, metabolomics, transcriptomics, and clinical and epidemiological data.
Major Companies: The artificial intelligence in oncology market report features prominent companies in the artificial intelligence in oncology market, including Azra AI, IBM Corporation, Siemens Healthcare GmbH, Intel Corporation, GE HealthCare, NVIDIA Corporation, Digital Diagnostics Inc., ConcertAI Inc., PathAI Inc., and many more.
Strategic Partnerships: In July 2021, Kheiron Medical Technologies partnered with Atlas Medical LLC to introduce Mia, an AI-enabled breast cancer screening product. This collaboration aims to enhance precision in breast cancer detection and diagnosis.
Regional Insights:
- North America: The largest region in the AI in oncology market in 2023.
- Asia-Pacific: Expected to be the fastest-growing region in the forecast period.
Market Segmentation:
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
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Conclusion: The Artificial Intelligence in Oncology Global Market Report 2023 provides a comprehensive and insightful analysis, equipping stakeholders with the latest industry trends and projections. As we step into the future, this artificial intelligence in oncology market report serves as an invaluable tool for enterprises, healthcare professionals, researchers, and investors looking to navigate the evolving landscape of AI in oncology.
Artificial Intelligence In Oncology Global Market Report 2024 by The Business Research Company provides insights on the artificial intelligence in oncology market size, artificial intelligence in oncology market segments, artificial intelligence in oncology market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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