AI in Oncology For Analytical Solutions Global Market Report 2024

The AI in oncology for analytical solutions market size has grown exponentially in recent years. It will grow from $0.8 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 34.5%. Historical growth can be attributed to increasing availability of healthcare data, rising awareness and acceptance, advancements in machine learning algorithms, government initiatives and funding, and clinical acceptance.

The AI in oncology for analytical solutions market size is expected to see exponential growth in the next few years. It will grow to $3.47 billion in 2028 at a compound annual growth rate (CAGR) of 34.1%. Forecasted growth can be attributed to the rising demand for personalized medicine, increasing healthcare awareness, integration of multi-omics data, regulatory refinement, and the adoption of telemedicine and remote diagnostics. Major trends in the forecast period include collaborations and partnerships, continuous technological advancements, industry collaborations, research and development initiatives, and advancements in technology.

The increasing prevalence of cancer is anticipated to drive the growth of the AI in oncology for analytical solutions market in the future. Cancer encompasses a group of diseases characterized by the uncontrolled growth and spread of abnormal cells. AI in oncology for analytical solutions is utilized in cancer care to deliver personalized treatment, early detection, and enhanced patient outcomes, leveraging its capability to process large volumes of complex data quickly and efficiently. For instance, Macmillan Cancer Support, a UK-based healthcare charity organization, estimated that the number of people with cancer was 3 million in 2020 and is projected to rise to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040, underscoring the increasing prevalence of cancer driving the demand for AI solutions in oncology.

Prominent companies in the AI in oncology for analytical solutions market are focusing on advancing AI technologies, including the development of new real-world data platforms to accelerate cancer research and enhance generative AI models in oncology. A real-world data platform integrates and manages observational data from diverse sources outside of conventional clinical research settings, such as electronic health records, health insurance claims, patient surveys, and disease registries. For instance, in October 2023, the Central Ohio Transit Authority in the US launched Vista, a new real-world data platform designed to expedite cancer research and enhance generative AI models in oncology. Vista integrates multiple databases, including the data portal database and the genomic database, to provide a comprehensive and standardized approach to managing cancer research data. Additionally, Vista is expected to facilitate data sharing, enhance data quality, and support various applications in oncology and other healthcare domains.

In December 2023, ConcertAI, an India-based medical research developer, acquired CancerLinQ, a US-based cancer treatment company specializing in AI-based data and analytics, aiming to establish the leading healthcare learning and research network in oncology. This acquisition seeks to provide members with upgraded quality reporting, industry-leading real-world data, and AI-powered solutions to accelerate clinical trials.

Major companies operating in the AI in oncology for analytical solutions market report are IBM Watson Health, NVIDIA Corporation, Siemens Healthineers, GE Healthcare, Tempus, DeepMind Health, Paige.AI, PathAI, Aidoc, Nucleai, HeartFlow, OWKIN, SOPHiA Genetics, Imagen Technologies, Butterfly Network, Atomwise, Enlitic, Inspirata, 3Scan, Zebra Medical Vision, Ibex Medical Analytics, Vuno Inc., Proscia, Google Health, Huiying Medical.

North America was the largest region in the AI In oncology for analytical solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in oncology for analytical solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the AI in oncology for analytical solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The AI in oncology for analytical solutions market consists of revenues earned by entities by providing services such as consulting services, implementation services, training services, medical imaging analysis services, genomic data interpretation services, and drug discovery and development solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in oncology for analytical solutions market also includes sales of AI-powered imaging tools, drug discovery and development devices, and recurrence monitoring systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

AI in oncology for analytical solutions involves the utilization of artificial intelligence (AI) technology within the oncology field to develop advanced analytical solutions for cancer research, diagnosis, and treatment. This technology aids healthcare professionals in making data-driven decisions, enhancing diagnostic accuracy, and customizing treatment plans.

The primary components in AI in oncology for analytical solutions include data licensing services, software solutions, analytics, and other related elements. Data licensing entails the process of granting or obtaining legal permission to utilize and access data, typically through a contractual agreement between the data provider (licensor) and the data user (licensee). These solutions encompass various treatment types such as chemotherapy, radiotherapy, immunotherapy, and others, catering to a wide array of cancer types including breast cancer, lung cancer, prostate cancer, colorectal cancer, brain tumors, kidney cancer, non-Hodgkin lymphoma, and bladder cancer.

The AI in oncology for analytical solutions market research report is one of a series of new reports that provides AI in oncology for analytical solutions market statistics, including AI in oncology for analytical solutions industry global market size, regional shares, competitors with a AI in oncology for analytical solutions market share, detailed AI in oncology for analytical solutions market segments, market trends and opportunities, and any further data you may need to thrive in the AI in oncology for analytical solutions industry. This AI in oncology for analytical solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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