Global AI in Oncology for Analytical Solutions Market
As stated in our extensive report, the Global AI in Oncology for Analytical Solutions Market accounted for USD 549.6 Million in 2022 and is projected to reach a value of USD 4852.6 Million by 2030.
The significant factor compelling this market’s growth is the increase in cancer prevalence, the technological development of cancer diagnosis and healthcare infrastructure, and the increasing demand for early and accurate cancer diagnosis. Additionally, increasing initiatives by public and private organizations to invest in R&D for the adoption of new technologies is expected to boost AI in Oncology for Analytical Solutions market growth. In addition, the use of artificial intelligence has further increased due to the lack of medical professionals to achieve better results for patients. One of the main drivers for the exponential growth of the overall market is the prevalence of cancer worldwide. According to the WHO, cancer is the most common cause of death worldwide, killing almost one in six people, which is 10 million of the world’s population.
Technological advancements and the incorporation of artificial intelligence in applications such as classification, detection, segmentation, characterization, and tracking will further stimulate market growth. Government and private investments in oncology to adopt AI will improve the diagnosis and treatment scenario to provide effective oncology solutions. One of the key aspects that supported the growth of the market during the pandemic was the increased adoption of artificial intelligence in the diagnosis, treatment, and analysis of complex data sets, which helped to minimize the burden on hospital infrastructure and doctors.
Key factors influencing AI in Oncology for Analytical Solutions Market Growth
The growth of the global AI in Oncology for Analytical Solutions market can be attributable to the following:
- Major factor expected to drive the market growth during the forecast period of 2023-2030 is the high prevalence of cancer globally. In addition, a third of cancer deaths in the world are caused by an increase in body mass index, high tobacco consumption, and low physical activity. Thus, the increasing prevalence of cancer worldwide is likely to increase the adoption of artificial intelligence for its accurate diagnosis, contributing to the growth of the AI in Oncology for Analytical Solutions market.
- 2. In recent years, the use of artificial intelligence in radiographic imaging of breast cancer for its early detection and diagnosis has become increasingly common. Federal agencies have increased the approval of various medical devices based on artificial intelligence and machine learning (ML) for breast cancer diagnosis, which is boosting the growth of the market.
- The adoption of AI in oncology has reduced the total cost of cancer treatment without affecting the quality of care, which is driving demand in this area. For example, according to a study by the American Society of Clinical Oncology, the costs of medical oncology in the United States will decrease by about 5% in 2022. As a result, the adoption of AI in oncology in the United States has increased in the region, which accelerates regional growth.
- Market players are implementing various growth strategies to boost their business, facilitating global Artificial Intelligence in the Oncology market. For example, in November 2022, Exscientia collaborated with the University of Texas to advance new small molecule oncology therapies. Such collaboration and product launches will further promote market growth.
North America Region Forecast to Lead the Global Market in the Estimated Period
North America AI in Oncology for Analytical Solutions market is expected to hold a major market share in the global AI in Oncology for Analytical Solutions Market. Due to factors such as digital infrastructure and favorable government and profit regulations. For example, according to an article published in Elsevier in September 2022, artificial intelligence will reduce the time of MRI scanning, reducing costs and saving time, and improving patient outcomes. In the United States, the government provides direct reimbursement policies to democratize access to health care to improve overall health. Thus, the increase in government benefits in the United States is one of the main factors influencing the growth of the market studied in North America.
The overall AI in Oncology for Analytical Solutions Market sales have been favorably impacted by the growing application of AI in Oncology for Analytical Solutions Market for treatment and diagnosis of cancer.
The well-known players of the Global AI in Oncology for Analytical Solutions Market include Azra AI (U.S.), International Business Machine (U.S.), Siemens Healthineers (Germany), Intel Corp. (U.S.), GE Healthcare (U.S.), NVIDIA (U.S.), Digital Diagnostics Inc. (U.S.) and others.