Artificial Intelligence in Oncology market is anticipated to grow at a CAGR of 54% till 2035
The success of currently employed artificial intelligence (AI) solutions has encouraged researchers to explore the potential of such technologies in the healthcare sector, with its prime focus being oncology, to enable the treatment of several prevalent malignancies
Roots Analysis has announced the addition of “Artificial Intelligence in Oncology Market, 2022-2035” report to its list of offerings.
Several AI technologies demonstrating the potential to diagnose precancerous lesions are expected to be capable of reducing mortality rates by improving detection accuracy, speed and providing assistance in clinical decision-making. This is further expected to result in better clinical outcomes. Overall, this domain is anticipated to gain significant traction, in the foreseen future.
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Key Market Insights
Over 76 companies claim to be engaged in the development of AI in oncology software solutions
The AI in diagnostics market is dominated by companies based in North America, primarily in the US; of these, majority were established post 2010 and are small firms. Majority of the companies in this domain offer software solutions to hospitals (52%).
Nearly 2,770 patents have been filed / granted for AI based software solutions targeting oncology
Reflecting the increasing research efforts of several industry players engaged in this domain, around 60% of the patents focused on the AI in oncology domain were filed / granted in North America, primarily in the US. It is also worth noting that the maximum patents were filed (69%) by non-academic players.
Partnership activity in this market has increased at a CAGR of 36% over the past five years
Technology integration agreements emerged as the most popular type of partnership model adopted by AI in oncology software solution providers, representing over 30% of the total instances. It is worth mentioning that 41% of the partnerships in this domain were inked in 2021.
USD 5.9+ billion has been invested by both private and public investors, since 2017
The maximum funding amount was raised through venture capital (66%), grants (11%) and seed funding (8%), during the period 2017-2022. Interestingly, around 86% of the funding instances were reported by players based in the US.
Europe is anticipated to capture over 30% of the global market share in 2035
In terms of cancer, the AI in oncology market for solid malignancies is likely to capture the maximum share (33%), followed by the share captured by breast cancer (30%), and this trend is unlikely to change in the foreseen future as well.
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Key Questions Answered
- Who are the leading players engaged in the development of AI in oncology-based software solutions?
- Which type of end-users are primarily employing AI in oncology-based software solutions in their regular workflow?
- What kind of partnership models are most commonly being adopted by stakeholders engaged in this domain?
- What is the trend for capital investments in this domain?
- What are the key strategies that can be implemented by emerging players / start-ups to enter into this highly competitive market?
- What is the focus area of big pharma players in this domain?
- Which companies are actively filing patents to drive innovation in the field of AI in oncology?
- What are the key challenges associated within this domain?
The financial opportunity within the AI in oncology market has been analyzed across the following segments
Type of Cancer
- Solid Malignancies
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Brain Tumor
Type of End-User
- Pharma Companies
- Research Institutes
Key Geographical Regions
- North America
- Rest of the world
The opinions and insights presented in the report were influenced by discussions held with multiple stakeholders in this domain. The 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)
- Christian Vestergaard Kaltoft (Chief Executive Officer, Visiopharm)
- David Wilson (Vice President, Marketing and Communications, Enlitic)
- Emily Salerno (Commercial Strategy and Operations Lead, Nucleai)
The research includes detailed list of platforms being developed by key players (some of them are listed below); the report features an overview of the platform, details related to the AI technology employed, oncological indication targeted and information related to the type of platform (cloud-based, on-site).
- Ibex Medical Analytics
- Tempus Labs
- Kheiron Medical Technologies
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