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Oncology Artificial Intelligence Market Expected to Grow at a CAGR of 54% through 2035 | Root analysis

Roots Analysis has announced the addition of the “Artificial Intelligence in Oncology Market, 2022-2035” report to its list of offerings.

The success of artificial intelligence (AI) solutions currently employed has encouraged researchers to explore the potential of these technologies in the healthcare sector, with its primary focus being oncology, to enable the treatment of several prevalent malignancies.

Roots Analysis announced the addition of “Artificial intelligence in the oncology market2022-2035” report to its list of offers.

Several AI technologies demonstrating the potential for diagnosing precancerous lesions should be able to reduce mortality rates by improving detection accuracy and speed and providing clinical decision-making support. This should further translate into better clinical outcomes. Overall, this area is expected to grow in popularity for the foreseeable future.

Key market information

Over 76 companies claim to be engaged in developing AI in oncology software solutions

The AI ​​in diagnostics market is dominated by companies based in North America, primarily in the United States; of these, the majority were created after 2010 and are small businesses. The majority of companies in this field offer software solutions to hospitals (52%).

Nearly 2,770 patents have been filed/granted for AI-based software solutions targeting oncology

Reflecting the growing research efforts of several industry players engaged in this field, approximately 60% of AI-focused patents in oncology have been filed/granted in North America, primarily in the United States . It should also be noted that the maximum number of patents was filed (69%) by non-academic players.

Partner activity in this market has grown 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 among oncology software solution providers, accounting for over 30% of the total number of instances. Note that 41% of partnerships in this area were signed in 2021.

Over USD 5.9 billion has been invested by private and public investors since 2017

The maximum amount of funding was raised through venture capital (66%), grants (11%) and seed funding (8%), during the period 2017-2022. Interestingly, around 86% of funding cases were reported by US-based players.

Europe is expected to capture more than 30% of the global market share in 2035

In terms of cancer, the oncology AI 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 little likely to change in the foreseeable future as well.

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Answers to key questions

  • Who are the major players engaged in the development of AI in oncology-based software solutions?
  • What kind of end users primarily use AI in oncology-based software solutions in their usual workflow?
  • What types of partnership models are most often adopted by actors engaged in this field?
  • What is the trend of capital investment in this area?
  • What are the key strategies that emerging players / start-ups can put in place to enter this highly competitive market?
  • What is the area of ​​intervention of the major pharmaceutical players in this area?
  • Which companies are actively filing patents to drive innovation in oncology AI?
  • What are the main associated challenges in this area?

The financial opportunity in the Oncology AI market has been analyzed in the following segments

type of cancer

  • Solid malignancies
  • Breast cancer
  • Lung cancer
  • Prostate cancer
  • Colorectal cancer
  • Brain tumour
  • Others

End user type

  • Hospitals
  • Pharmaceutical companies
  • Research institutes
  • Others

Key geographic regions

  • North America
  • Europe
  • Asia Pacific
  • Rest of the world

The opinions and ideas presented in the report were influenced by discussions held with multiple stakeholders in this area. The report features detailed interview transcripts with the following industry stakeholders:

  • Jon DeVries (CEO, Mirada Medical)
  • Piotr Krajewski (CEO, CancerCenter.AI)
  • Christian Vestergaard Kaltoft (CEO, Visiopharm)
  • David Wilson (Vice President, Marketing and Communications, Enlitic)
  • Emily Salerno (Head of Business Strategy and Operations, Nucleai)

The research includes a detailed list of platforms developed by major players (some of them are listed below); the report presents an overview of the platform, details related to the AI ​​technology used, the targeted oncology indication and information related to the type of platform (cloud-based, on-premise).

  • Ibex medical analytics
  • Niramai
  • optellum
  • Tempus Laboratories
  • Paige
  • Kheiron Medical Technologies

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