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 based cancer 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 this domain. 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 evolve at a steady pace, till 2030.
Scope of the Report
The ‘Artificial Intelligence in Oncology by 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), Key Geographical Regions (North America, Europe, Asia-Pacific and Rest of the World): Industry Trends and Global Forecasts, 2022-2035’ report features an extensive study of the current market landscape and future potential associated with the AI in oncology market, over the next decade. The study also includes an in-depth analysis, highlighting the capabilities of various stakeholders engaged in this domain.
Amongst other elements, the 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 the domain, 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 the domain, 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 this domain to help unlock an uncontested market, featuring thirteen strategic tools that can help software developers to shift towards a blue ocean strategic market.
One of the key objectives of the report was to evaluate the current market size and the future growth potential associated with the AI in oncology market, over the coming years. We have provided informed estimates of the likely evolution of the market in the short to mid-term and long term, for the 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 (Solid Malignancies, Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, Brain Tumor, Others ), [B] Type of End-Users (Hospitals, Pharma Companies, Research Institutes and Others), [C] Key Geographical Regions (North America, Europe, Asia-Pacific and 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)
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.
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?
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 6 Dimensions Capital
- 83North
- 8VC
- Affidea
- Aidence
- Aidoc
- AIRA Matrix
- Alexandria Venture Investments
- AllianceBernstein
- Ally Bridge Group
- Ambra Health
- AmCad BioMed
- aMoon Fund
- Amplify Partners
- Ankur Capital
- Apollo Hospital
- Arterys
- ARUP Laboratories
- Asset Management Ventures
- AstraZeneca
- Athensmed
- Atomico
- Accelerating Technology Purposefully
- AXA Venture Partners
- Axilor Ventures
- Baheya Foundation
- Bain Capital Life Sciences
- BankInvest
- BEENEXT
- Benslie Investment Group
- BERG
- BioAdvance
- Biotheranostics
- Blackford
- Blue Pool Capital
- Boehringer Ingelheim Venture Fund
- Borski Fund
- b-rayZ
- Breyer Capital
- BrightEdge
- Bristol-Myers Squibb
- British Business Bank
- BVF Partners
- C.L. David Foundation
- Cambridge Capital Group
- CancerCenter.ai
- Canon Medical Systems
- Capitol Health
- Casdin Capital
- Catalio Capital Management
- Charles River Ventures
- China Merchant Securities International
- Colorectal Cancer Alliance
- ConcertAI
- Connect Ventures
- Cormorant Asset Management
- Cosmo Pharmaceuticals
- Coutts
- CPP Investments
- Cornerstone Total Return Fund
- CureMatch
- CureMetrix
- D.E. Shaw Research
- D1 Capital Partners
- Dana Farber Cancer Institute
- Danhua Capital
- Data Collective Venture Capital
- Debiopharm Innovation Fund
- Declaration Partners
- Deep Bio
- DeepHealth
- DeepMind
- Delin Ventures
- Dell Technologies Capital
- Densitas®
- DilenyTech
- DocPanel
- Dream Incubator
- East Hi-tech
- EcoR1 Capital
- Emergent Medical Partners
- Enlitic
- Envestors
- European Innovation Council
- European Investment Bank
- European Research Council
- Exor Seeds
- Farallon Capital Management
- Fidelity Management and Research
- Foresite Capital
- Formation 8
- DNA Capital
- Founders Fund
- Foxconn
- Franklin Templeton
- Freenome
- FUJIFILM
- Fund Twenty8
- GE Healthcare
- GE Ventures
- Gebert Rüf Stiftung
- General Atlantic
- General Catalyst
- Generali
- GenWorks Health
- Global Ventures
- Goldman Sachs
- GRAIL
- Greycroft
- Grove Ventures
- Guardant Health
- Guerbet
- Hanfor Capital Management
- Harmonix
- Health Innovations
- HealthCare Konnect
- HealthQuest Capital
- henQ
- Hera-MI
- HERAN Partners
- Hillhouse Capital Group
- Hina Group
- Holland Capital
- Hologic
- Horizon 2020
- Horizon Ventures
- Hoxton Ventures
- HuangPu River Capital
- Huiying Medical
- Ibex Medical Analytics
- IBM Watson Health
- iCAD
- ICBC International
- Icebreaker.vc
- Ikonopedia
- Illumina
- IMM Investment
- Indica Labs
- Information Technology Academia Collaboration
- INKEF Capital
- Innovate UK
- Innovation Endeavors
- Innovation Quarter
- Inobe
- Insight Partners
- Inspirata
- Institut Curie
- Intervest
- IQ Capital
- iSeed Ventures
- Janus Henderson Investors
- JLK Inspection
- Johnson & Johnson
- Kaiku Health
- Kaiser Permanente
- Kakao Ventures
- Kamet Ventures
- Kansen voor West
- KdT Ventures
- Kheiron Medical Technologies
- Korea Health Industry Development Institute
- Kinship Trust
- KT Investment
- Laerdal
- LDPath
- Legend Capital
- Leica Biosystems
- LEO Pharma
- Lightpoint Medical
- Liverpool Heart and Chest Hospital
- Lucida Medical
- Luminous Ventures
- LungLife AI
- Lunit
- M Capital
- Mamotest
- Marubeni Corporation
- MassMutual Ventures
- Maverick Ventures
- Median Technologies
- Medical EarlySign
- Medicover
- MediPath
- Medtronic
- Memorial Sloan Kettering Cancer Center
- Merck
- Metaplanet
- Metsola Ventures
- Mirada Medical
- Mirae Asset Venture Investment
- MobileODT
- Mustard Seed
- MVision AI
- Nanox
- National Center for Research and Development
- National Education Association
- NESTA
- New Enterprise Associates
- NewMargin Ventures
- NewYork-Presbyterian
- Nice University Hospital
- Niramai
- Northpond Ventures
- Northwell Health
- Northzone
- Novarad
- Novo Ventures
- NSG Ventures
- Nuard Ventures
- Nucleai
- Octopus Ventures
- OMERS Ventures
- OMNES
- Oncora Medical
- Onward Assist
- East Netherlands Development Agency
- Optellum
- OrbiMed
- ORI Capital
- Oxford Technology
- Paige
- PathAI
- Perceptive Advisors
- Philips
- PHS Fund
- pi Ventures
- Pillar Companies
- Ping An Global Voyager Fund
- Planven Entrepreneur Ventures
- Polaris Partners
- Prodeko Ventures
- Prognica Labs
- Proscia
- PSP Investments
- Qingsong Fund
- Qlarity Imaging
- Quantib
- Qure.ai
- QView Medical
- RA Capital Management
- Rabo Ventures
- RAD-AID International
- RadLink
- RadNet
- RaySearch Laboratories
- Reaktor Ventures
- Refactor Capital
- Regal Funds Management
- Relay Therapeutics
- Revelation Partners
- Revolution Growth
- Rezolut
- Riverain Technologies
- Roche Diagnostics
- Roche Venture Fund
- Rock Springs Capital
- Sana Kliniken
- Sascan Meditech
- ScreenPoint Medical
- Section 32
- Seno Medical
- Sequoia Capital
- Shinhan Investment
- Siemens Healthineers
- SK Telecom
- Skin Analytics
- SkinVision
- SME Instrument
- SoftBank Vision Fund
- Soleria Capital
- Solis Mammography
- S28 Capital
- St. John's College
- Stanford University
- SymphonyAI
- SyndicateRoom
- T. Rowe Price
- Tara Health
- Tavistock Group
- Telix Pharmaceuticals
- Temasek
- Tempus Labs
- Tencent
- The Jagen Group
- The Netherlands Cancer Institute
- The NorthCap University
- TheraPanacea
- Therapixel
- Think.Health
- Third Rock Ventures
- Thirona
- Thorney Investment
- TRAF Intercontinental
- Tristel
- Turbine
- Tybourne Capital Management
- National Cancer Institute
- Innovate UK
- Unilabs
- University of Oxford
- University of Pittsburgh Medical Center
- University Radiology
- Vaekstfonden
- Vanedge Capital
- Vara
- Varian Medical Systems
- VentureFounders
- Verily Life Sciences
- Vertex Ventures
- VieCure
- Atlantic Labs
- Visiopharm
- Voima Ventures
- Volpara Health
- VoxelCloud
- Whiterabbit.ai
- Wondfo Biotech
- WuXi NextCODE
- xCures
- Xingtai People’s Hospital
- Yizhun Intelligent
Methodology
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