Artificial Intelligence (AI) In Oncology: Current Scenario and Future Potential
In the last decade, the popularity of AI has grown invariably. It has made a considerable impact in the medical sector and oncologic treatment as well, due to a surge in electronic data, breakthroughs in technological infrastructure and groundbreaking research in deep learning neural networks.
AI has demonstrated potential in improving tumor imaging diagnosis and therapy response evaluation, anticipating clinical outcomes, and accelerating drug development and translational oncology. AI has the potential to revolutionize the oncology sector, by overcoming the existing challenges, by leveraging the power of big data to further improve the cancer treatment. Although AI is already being used in oncology clinical practice, ongoing and increased efforts are required to allow AI to reach its full potential.
AI in Oncology Market – Current Market Landscape
Currently, over 76 industry players worldwide are actively engaged in the development of AI in oncology- based software solutions. The market is characterized by a mix of well-established and small firms. Several industry players involved in the development of AI in oncology- based software solutions are majorly providing these services for cancer diagnosis, along with drug development and drug discovery. Majority of the software providers have their platforms on cloud, for end users which include, hospitals, pharmaceutical companies and research institutes. The growing pipeline and the increasing demand for effective diagnosis of cancer indications at an early stage using AI to prevent malignancies, has spurred the establishment of many companies in the last decades; currently, AI in diagnostics market is dominated by companies based in North America, majority of them being small sized.
Mutually Beneficial Partnerships in Order to Expand Capacities to Keep Pace with the Growing Demand
Several partnerships have been established by various stakeholders engaged in the development of Artificial Intelligence in oncology-based software solutions in the past 5 years; there has been a significant increase in partnership activity in this domain, growing at a CAGR of 36%, during the period 2017-2022.
Surge in Funding Activity in this Domain Foreseeing Lucrative Returns
There has been a steady increase in the funding activity within this domain during the period 2017-2022 which amounted to more than USD 5.9 billion.
High Number of Patents are Suggestive of the Widespread Research in this Domain
Several industry and non-industry players are involved in the development of Artificial Intelligence in Oncology- based software solutions. Over 2,770 patents have been granted / filed by academic and industry stakeholders till date.
Future Evolution of AI in Oncology Market
Owing to the anticipated AI in the oncology sector and given the fact that several new players have entered the domain in the last decade, who are actively collaborating with other industry / non-industry players to expand the global reach of this domain the market opportunity associated with AI in oncology is anticipated to grow at a CAGR of 54%.
For additional details, please visit https://www.rootsanalysis.com/blog/ai-in-oncology/ or email sales@rootsanalysis.com
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