The Artificial Intelligence In Oncology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence In Oncology Global Market Report 2024, The artificial intelligence in oncology market size has grown exponentially in recent years. It will grow from $1.33 billion in 2023 to $1.78 billion in 2024 at a compound annual growth rate (CAGR) of 33.7%. The growth in the historic period can be attributed to rising cancer incidence, data proliferation in healthcare, clinical trial optimization, demand for personalized medicine, efficiency in radiology and pathology
The artificial intelligence in oncology market size is expected to see exponential growth in the next few years. It will grow to $5.63 billion in 2028 at a compound annual growth rate (CAGR) of 33.3%. The growth in the forecast period can be attributed to integration with electronic health records (ehr), expanded applications in treatment decision support, patient engagement and education, regulatory support and standardization.. Major trends in the forecast period include integration of natural language processing (nlp) in healthcare, utilization of ai in biomarker discovery, focus on explainable ai for clinical adoption, integration of ai in population health management, collaborations between ai developers and healthcare providers, advancements in predictive analytics.
The rising incidence of cancer cases is expected to propel the growth of the AI in oncology market going forward. Cancer is a complex group of diseases characterized by the uncontrolled growth and division of abnormal cells in the body. The integration of AI into oncology has the potential to revolutionize cancer care by making it more precise, personalized, and efficient. For instance, in 2023, according to a report by the American Cancer Society Inc., a US-based voluntary health organization, the estimated number of new cancer cases increased from 1.8 million to 1.9 million. Therefore, the rising incidence of cancer cases is driving the growth of the AI in oncology market.
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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
Major companies operating in the AI in the oncology market are focusing on developing innovative software, such as cloud-based software, to enhance their efficacy and provide improved solutions. Cloud-based software plays a crucial role in AI applications in oncology by providing a scalable, flexible, and accessible platform for processing and analyzing large volumes of medical data. For instance, in March 2023, Illumina Inc., a US-based biotechnology company, launched Connected Insights, a new cloud-based software enabling tertiary analysis for oncology applications. With the help of the integration of external knowledge bases, Connected Insights streamlines the interpretation and reporting of results from various assay types, allowing labs to expand their usage of NGS (Next-Generation Sequencing) and speed up the turnaround time for clinical reporting.
The artificial intelligence in oncology market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence In Oncology Market Characteristics
3. Artificial Intelligence In Oncology Market Trends And Strategies
4. Artificial Intelligence In Oncology Market – Macro Economic Scenario
5. Global Artificial Intelligence In Oncology Market Size and Growth
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26. South America Artificial Intelligence In Oncology Market
27. Brazil Artificial Intelligence In Oncology Market
28. Middle East Artificial Intelligence In Oncology Market
29. Africa Artificial Intelligence In Oncology Market
30. Artificial Intelligence In Oncology Market Competitive Landscape And Company Profiles
Top Major Players:
- Azra AI
- IBM Corporation
- Siemens Healthcare GmbH
- Intel Corporation
- GE HealthCare
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