AI in Oncology Market

AI in Oncology Market: Distribution by Type of Cancer, Type of End-Users and Key Geographical Regions (North America, Europe, Asia-Pacific and Rest of the World): Industry Trends and Global Forecasts, 2022-2035

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AI In Oncology Market Overview

The AI in oncology market is estimated to be worth $1.1 billion in 2023 and is expected to grow to $9.1 billion by 2035. Cancer is the one of the leading cause of deaths, globally, as per the World Health Organization (WHO). Annual statistics reported by the American Cancer Society (ACR) indicate that, in 2022, around 1.9 million individuals are likely to be diagnosed with various types of cancer in the US. During the same year, around 0.6 million cancer-related deaths are anticipated to be reported in the aforementioned region. In this context, it is important to highlight that, according to the International Agency for Cancer Research, by 2030, the number of cancer-related deaths is likely to rise by 72%. This, in turn, is expected to result in an increase of 70% in the global cancer burden, over the next two decades. Amidst the ever growing cancer burden, a number of strategies are being tested by researchers and industry players to help provide relief to the affected individuals. In recent years, artificial intelligence (AI) has emerged as a key enabler in improving the accuracy and speed of cancer diagnosis. Specifically, AI cancer treatment screening has resulted in reduced mortality rates of some prevalent malignancies. One of the most successful examples includes the detection of precancerous lesions, where timely treatment was demonstrated to considerably reduce the risk of malignant tumors. Consequently, several players engaged in the healthcare sector have incorporated AI powered technologies into their regular workflow to enable the identification of affected patients, thereby, ensuring timely treatment. 

Given the various advantages offered by AI technology, players engaged in the pharmaceutical domain have developed AI in oncology-based software solutions for the treatment of a myriad of oncological indications. These solutions help in interpretation and integration of huge volumes of complex data. Further, an AI system lowers the diagnostic and treatment related errors that are likely to occur in human clinical practice, thereby, resulting in reduced testing costs. Experts believe that there has been a significant rise in the revenue generation potential within AI in oncology market. This is further supported by the significant investments being made in this market. In fact, over the past five years, close to USD 6 billion has been invested in companies engaged in the development of AI in oncology-based software solutions. Further, the global spending on AI is forecasted to grow to more than USD 110 billion by 2024. Considering the rising popularity of such solutions in the healthcare industry and the ongoing efforts of software providers to further improve / expand their respective offerings, we believe that the AI in oncology market is likely to witness a steady market growth during the forecast period.

This image highlights the context of Artificial Intelligence in Oncology Market report. Artificial intelligence has emerged as the key enabler to cater to the growing demand for therapeutic solutions, primarily driven by the rising number of cancer cases across the globe This image provides the list of Software Solution Providers. The current market landscape features the presence of over 70 players engaged in the development of AI-based software solutions for the oncology sector This image presents the current market landscape of the players engaged in Artificial Intelligence in Oncology Market. Over 50% of the players use their machine learning powered solutions for diagnostic purposes in hospitals; geographically, the software providers are well distributed

Key Companies in AI in Oncology Market

Examples of key companies engaged in AI in oncology market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Roche Diagnostics, IBM Watson Health, CancerCenter.AI, GE Healthcare, Concert AI, Path AI, Berg, Median Technologies, iCAD and JLK Inspection. This market report includes an easily searchable excel database of all the companies active in the AI in oncology market, worldwide.

Recent Developments in AI In Oncology Market

Several recent developments have taken place in the field of AI in oncology market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

  • In August 2023, Paige collaborated with Ohio State Wexner Medical Center with an aim to study AI tools  for more efficient and accurate diagnosis of prostate cancer.  
  • In July 2023, PathAI launched AIM-HER2 Breast Cancer, an Artificial Intelligence-Powered HER2 Scoring Algorithm, that can be utilized by biopharma research and clinical labs. 
  • In May 2023, the University of Sydney entered into a collaboration with Pharos Therapeutics with an aim to leverage artificial intelligence to enhance drug discoveries for the treatment of cancer and rare diseases. 

Scope of the Report

The ‘AI In Oncology Market by Type of Cancer (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Solid Malignancies, Other Cancers), Type of End-Users (Hospitals, Pharmaceutical Companies, Research Institutes, Other End-Users), Key Geographical Regions (North America, Europe, Asia-Pacific and Rest of the World): Industry Trends and Global Forecasts, 2022-2035’ market report features an extensive study of the current market landscape, market size, market share, market forecast, market outlook and future opportunities associated with the AI in oncology market, over the next decade. The market research report also includes an in-depth analysis, highlighting the capabilities of various stakeholders engaged in AI in oncology market. The table below highlights various market segmentations done in the market report.

Market Segmentations

Report Attribute Details

Forecast Period

2022 – 2035

Type of Cancer

Solid malignancies, breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumor, others

Type of End-Users

Hospitals, pharmaceutical companies, research institutes, others
Key Geographical Regions North America, Europe, Asia-Pacific, Rest of the World

 

Amongst other elements, the market research report features: 

  • A detailed overview of the overall market landscape of companies engaged in the development of AI in oncology-based software solutions, based on several relevant parameters, such as year of establishment, company size (in terms of number of employees), location of headquarters, type of service(s) offered (cancer detection, drug discovery, drug development), type of AI technology used (machine learning, deep learning), type of platform (cloud-based, on-site) and type of end-user (hospitals, pharma companies, research institutes).
  • Elaborate profiles of prominent players (shortlisted on the basis of company competitive analysis score) that specialize in offering AI in oncology-based software solutions. Each profile features a brief overview of the company, along with information on their year of establishment, number of employees, location of headquarters, key executives, proprietary technology platform(s), AI focused service portfolio, recent developments and an informed future outlook.
  • A detailed competitiveness analysis of companies engaged in the development of AI in oncology-based software solutions, based on their supplier strength (in terms of years of experience), portfolio diversity (based on the type of service(s), type of AI technology used, type of platform and type of end-user) and portfolio strength (in terms of number of platforms and target oncological indications).
  • An in-depth analysis of patents related to AI in oncology-based software solutions filed / granted till date, based on several relevant parameters, such as type of patent, publication year, geographical location / patent jurisdiction, legal status, CPC symbols, type of industry, type of applicant and leading players (in terms of number of patents filed / granted). In addition, it features a patent valuation analysis which evaluates the qualitative and quantitative aspects of the patents.
  • A detailed analysis of the partnerships and collaborations inked in AI in oncology market, during the period 2017-2022, based on several parameters, such as year of partnership, type of partnership, most active players (analysis by parent company and analysis by partner company), type of partner, type of cancer and region.
  • An analysis of the funding and investments made within AI in oncology market, during the period 2017-2022, based on several relevant parameters, such as year of funding, type of funding (seed financing, venture capital financing, debt financing, grants, IPOs and other offerings), leading players (in terms of amount invested) and key investors (in terms of number of funding instances) .
  • A detailed analysis of the current and future market based on blue ocean strategy, covering a strategic plan / guide for emerging players in AI in oncology market to help unlock an uncontested market, featuring thirteen strategic tools that can help software developers to shift towards a blue ocean strategic market.
This image represents the competitiveness analysis of companies engaged in the development of AI in oncology-based software solutions. In pursuit of gaining a competitive edge, industry stakeholders are actively upgrading their existing capabilities and enhancing their AI focused service portfolios This image highlights the partnership activity observed in the domain of Artificial Intelligence in Oncology. The growing interest in this market is prevalent from the recent rise in partnership activity; ~50% of the deals were inked to enable utilization and integration of proprietary AI-based technology solutions This image provides information on the funding and investments made within the Artificial Intelligence in Oncology domain. Foreseeing lucrative returns, many public and private investors have made investments worth ~USD 6 billion; 70% of the funding initiatives were led by venture capitalists

The key objective of AI in oncology market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for AI in oncology market during the forecast period. We have provided informed estimates of the likely evolution of the market in the short to mid-term and long term, for the forecast period 2022-2035. Additionally, our year-wise projections of the current and future opportunity have further been segmented based on relevant parameters, such as [A] Type of Cancer (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Solid Malignancies, Other Cancers), [B] Type of End-Users (Hospitals, Pharma Companies, Research Institutes and Other End Users), [C] Key Geographical Regions (North America, Europe, Asia-Pacific and Rest of the World) 

The opinions and insights presented in the market report were influenced by discussions held with multiple stakeholders in AI in oncology market. The market research report features detailed transcripts of interviews held with the following industry stakeholders: 

  • Jon DeVries (Chief Executive Officer, Mirada Medical)
  • Piotr Krajewski (Chief Executive Officer, CancerCenter.AI)
  • Avi Veidman (Chief Executive Officer, Nucleai)
  • Christian Vestergaard Kaltoft (Chief Executive Officer, Visiopharm)
  • David Wilson (Vice President, Marketing and Communications, Enlitic)

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.

This image presents an in-depth analysis of patents related to AI in oncology-based software solutions filed / granted till date. Over 2,770 patents have been granted / filed by academic and industry stakeholders in the last five years, exclusively for the development of AI-based software solutions for oncology This image provides a detailed analysis of the current and future market based on blue ocean strategy. Based on the pioneer-migrator-settler map, we have classified the software providers into different categories; a selection of pioneers are expected to provide valuable offerings to lead the market in the longer term This image highlights the current market size and the future growth potential associated with the AI in oncology market. The market is expected to witness a healthy growth of over 54% in the coming decade; the opportunity is likely to be well distributed across various target indications, types of molecules and different regions

Frequently Asked Questions

Question 1: How is AI being used in oncology?

Answer: Artificial intelligence (AI) enables improved accuracy and speed of cancer diagnosis. Moreover, AI based cancer screening results in reduced mortality rates of some prevalent malignancies, with timely detection of precancerous lesions.

Question 2: How big is the AI in oncology market?

Answer: The AI in oncology market size is estimated to be worth $1.1 billion in 2022.

Question 3: What is the projected market size of AI in oncology market?

Answer: The AI in oncology market is expected to grow to $9.1 billion by 2035.

Question 4: Who are the leading companies in the AI in oncology market?

Answer: Examples of key companies engaged in AI in oncology market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Roche Diagnostics, IBM Watson Health, CancerCenter.AI, GE Healthcare, Concert AI, Path AI, Berg, Median Technologies, iCAD and JLK Inspection.

Question 5: How many companies presently claim to offer AI solutions?

Answer: Presently, over 70 companies claim to offer AI cancer treatment solutions globally.

Question 6: Which region is the hub for companies providing AI solutions in oncology market?

Answer: North America presently harbors the majority of the players providing AI in oncology solutions, with over 40% of the companies being established in this region.

Question 7: Which type of service is primarily offered by companies engaged in the AI in oncology market?

Answer: Majority (92%) of the AI in oncology companies offer cancer detection services for diagnosis of precancerous lesions.

Question 8: What are the investment and funding trends in the AI in oncology market?

Answer: During the period 2017 - 2022, close to USD 6 billion has been invested in companies engaged in the development of AI in oncology-based software solutions.

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