Wilmington, Delaware, United States, Transparency Market Research Inc. -, Sept. 2, 2024 (GLOBE NEWSWIRE) — The global report AI in the oncology market (AI in the oncology market) is estimated to thrive at a pace CAGR of 16.8% from 2024 to 2034. Transparency Market Research projects that total AI sales revenue in oncology is estimated will reach 7.7 billion dollars by the end of 2034.
By leveraging real-world data from electronic medical records and wearable devices, AI enables insights into patient outcomes, treatment efficacy, and disease progression, improving clinical decision-making and research efforts. AI-powered virtual tumor boards facilitate multidisciplinary collaboration between healthcare professionals, enabling real-time discussion of complex cases, treatment planning, and knowledge sharing to improve patient care outcomes.
AI-powered patient engagement platforms provide patients with personalized healthcare information, treatment education, and support resources, encouraging active participation in their care journey and adherence to treatment regimens. Integration of blockchain technology ensures secure and transparent management of patient data, enabling interoperability, data sharing, and compliance with privacy regulations, fostering trust and collaboration within the healthcare ecosystem.
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AI algorithms analyze social determinants of health data to identify socioeconomic factors that influence cancer outcomes, enabling targeted interventions and support services to address health disparities and improve health equity.
Key findings from the market report
- Lung cancer leads the AI market in oncology due to its high prevalence and the urgent need for accurate diagnostic solutions.
- Diagnosis is a market leader in AI in oncology, with advanced algorithms that improve early detection and accurate identification of cancer diseases.
- Hospitals and clinics lead the AI market in oncology, driving the adoption of AI-powered solutions for cancer diagnosis, treatment planning, and patient care.
Drivers and trends of AI market growth in oncology
- AI enables personalized treatment approaches based on individual patient characteristics, optimizing the effectiveness of cancer therapy and minimizing adverse effects.
- Advanced algorithms improve the accuracy of medical image interpretation, aiding in early cancer detection and treatment planning.
- AI accelerates drug discovery processes by analyzing large data sets, identifying potential therapeutic targets, and optimizing drug development processes.
- AI-powered decision support systems help healthcare professionals make informed treatment decisions, improving patient outcomes and reducing healthcare costs.
- The integration of artificial intelligence technologies with telemedicine platforms facilitates remote consultations, allowing access to specialized oncology care for patients in underserved regions.
Global AI in Oncology Market: Regional Profile
- North AmericaThe United States, in particular, is leading the charge in AI-powered oncology solutions. With a robust healthcare infrastructure, extensive research facilities, and substantial investment in technology, North America fosters a thriving ecosystem for AI applications in cancer diagnosis, treatment, and research. Key players such as Paige.AI and Tempus are leading the charge, collaborating with leading healthcare institutions to pioneer innovative solutions.
- EuropeKnown for its strong emphasis on innovation and research in healthcare, the region has significantly adopted AI in oncology. Countries such as the UK, Germany and France are leveraging AI technologies to enhance the delivery of cancer care services, improve patient outcomes and optimise healthcare resource utilisation. Companies such as Ibex Medical Analytics and PathAI are driving innovation, partnering with academic institutions and healthcare providers to implement AI-powered solutions across the region.
- Asia PacificDriven by rapid technological advancements and increasing investments in the healthcare sector, AI is emerging as a key player in the global oncology market. Countries such as China, Japan, and South Korea are investing heavily in AI-based cancer diagnostics and treatments, aiming to address the growing cancer burden in the region. Collaborations between technology companies, healthcare organizations, and government agencies are driving innovation and shaping the future of cancer care in Asia Pacific and beyond.
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AI market in oncology: competitive landscape
In the competitive oncology AI market landscape, pioneering companies such as Paige.AI, Tempus, and Ibex Medical Analytics are leading the charge. These innovators leverage artificial intelligence to revolutionize cancer diagnosis, treatment planning, and research. Also competing are established players such as IBM Watson Health and Google Health, which leverage their technological expertise and vast data sets to develop AI-based oncology solutions.
Startups like PathAI and DeepMind Health are revolutionizing the industry with new approaches to analyzing medical imaging and genomic data. Collaboration between industry leaders, research institutions, and healthcare providers is driving innovation and fostering a dynamic ecosystem focused on improving patient outcomes in oncology. Some notable players include:
- Paige.AI
- Tempo
- Ibex medical analysis
- RouteAI
- Proscia Inc.
- Deep mind
- SOPHIA GENETICS
- Enlithic
- Forecast status
- Inspired Inc.
Product Portfolio
- Paige.AI is a pioneer in AI-powered pathology solutions, revolutionizing cancer diagnosis and treatment planning. Its advanced platform leverages machine learning to analyze large amounts of pathology data and provide physicians with insights to deliver more accurate and personalized patient care.
- Tempo It uses artificial intelligence and genomic data to revolutionize oncology care. Its platform enables data-driven precision medicine, delivering insights for diagnosis, treatment and research, ultimately improving patient outcomes and accelerating advances in oncology.
- Ibex medical analysis specializes in artificial intelligence-based cancer diagnostic solutions. Its platform, powered by deep learning algorithms, improves pathology workflows and provides accurate and efficient cancer detection to help healthcare professionals make informed clinical decisions.
AI Market in Oncology: Key Segments
By type of cancer
- Lung cancer
- Breast cancer
- Colorectal cancer
- Ovarian cancer
- Others
By application
- Diagnosis
- Treatment selection
- Drug discovery
- Patient care and management
By the end user
- Hospitals and clinics
- Oncology hospitals
- Research Institutes
By region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
More trend reports from Transparency Market Research –
Oncology Nutrition Market (oncology nutrition market)– The global oncology nutrition market is projected to advance at a rapid pace CAGR of 6.2% From 2023 to 2031
Oncology biosimilars market (market Alternatives Vitality for tumors)– The global oncology biosimilars market is projected to expand at a rapid pace CAGR of 27.5% during the forecast period from 2022 to 2025
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