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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.
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.
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.
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.
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:
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:
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.