With an aim to counter the increasing number of cancer cases, researchers across the globe have developed AI-based solutions for the early diagnosis of a wide range of cancer indications. Currently, various AI-algorithms are being used in cancer imaging.
The success of currently employed artificial intelligence (AI) solutions has encouraged researchers to explore the potential of such technologies in the healthcare sector, with its prime focus being oncology, to enable the treatment of several prevalent malignancies.
Several AI technologies demonstrating the potential to diagnose precancerous lesions are expected to be capable of reducing mortality rates by improving detection accuracy, speed and providing assistance in clinical decision-making. This is further expected to result in better clinical outcomes. Overall, this domain is anticipated to gain significant traction, in the foreseen future. The Artificial Intelligence in Oncology market is anticipated to grow at a CAGR of 54% claims Roots Analysis.
The report features an extensive study of the current market landscape, offering an informed opinion on the likely adoption of this technology over the next decade. It features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in this domain. In addition to other elements, the study includes:
- A detailed overview of the overall market landscape of players engaged in the development of artificial intelligence in oncology- based software solutions.
- Elaborate profiles of prominent players that specialise in offering artificial intelligence in oncology- based software solutions.
- A competitiveness analysis of artificial intelligence in oncology- based software providers, based on supplier strength, portfolio diversity and portfolio strength.
- An in-depth analysis of patents related to artificial intelligence in oncology- based software solutions, filed / granted till date.
- An analysis of the partnerships that have been established in this domain, in the recent past.
- A detailed analysis of various investments made by players engaged in this domain, during the period 2017–2021.
- A detailed analysis of the current and future market based on blue ocean strategy, covering a strategic plan / guide for emerging players in this domain to help unlock an uncontested market.
- A detailed market forecast, featuring analysis of the current and projected future opportunity across key market segments (listed below)
Type of Cancer
- Solid Malignancies
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Brain Tumor
Type of End-User
- Pharma Companies
- Research Institutes
Key Geographical Regions
- North America
- Asia Pacific
- Rest of the World
Key Companies Covered in The Report
- Ibex Medical Analytics
- Tempus Labs
- Kheiron Medical Technologies
Important Market Key Points Insights
- Presently, more than 70+ industry players are engaged in the development of artificial intelligence in oncology- based software solutions in different regions of the globe; a relatively larger proportion of these players are small firms.
- The Artificial Intelligence in Oncology market is dominated by companies based in North America; of these majority were established post 2010. 52% of these provide AI in oncology- based software solutions to hospitals.
- It is worth highlighting that 26% of the players engaged in this domain are using both machine learning and deep learning technologies.
- The rising interest in this rapidly evolving domain can be validated by the partnerships inked in recent years; majority of the deals were signed for technology integration agreements.
- Both established players and new entrants have forged several partnerships; 60% of the companies involved in technology integration agreements are mid- sized.
- In order to tap the lucrative opportunity, venture capital firms / strategic investors have actively supported the ongoing initiatives; over USD 5.9 billion has been invested across 99+ instances in the last 5 years.
- Over the past few years, there has been a steady increase in the patent activity within this domain, growing at a cumulative annualised growth rate of 31%.
- Approximately 2,770 patents have been filed within this domain; of which 1,608 patents have been filed in the US.
- The market opportunity associated with Artificial Intelligence in Oncology is anticipated to witness an annualised growth of over 54%, over the coming decade.
Key Market Insights
Over 76 companies claim to be engaged in the development of AI in oncology software solutions
The AI in diagnostics market is dominated by companies based in North America, primarily in the US; of these, majority were established post 2010 and are small firms. Majority of the companies in this domain offer software solutions to hospitals (52%).
Nearly 2,770 patents have been filed / granted for AI based software solutions targeting oncology
Reflecting the increasing research efforts of several industry players engaged in this domain, around 60% of the patents focused on the AI in oncology domain were filed / granted in North America, primarily in the US. It is also worth noting that the maximum patents were filed (69%) by non-academic players.
Partnership activity in this market has increased 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 in oncology software solution providers, representing over 30% of the total instances. It is worth mentioning that 41% of the partnerships in this domain were inked in 2021.
USD 5.9+ billion has been invested by both private and public investors, since 2017
The maximum funding amount was raised through venture capital (66%), grants (11%) and seed funding (8%), during the period 2017–2022. Interestingly, around 86% of the funding instances were reported by players based in the US.
Europe is anticipated to capture over 30% of the global market share in 2035
In terms of cancer, the AI in the oncology 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 unlikely to change in the foreseen future as well.
Key Questions Answered
- Who are the leading players engaged in the development of AI in oncology-based software solutions?
- Which type of end-users are primarily employing AI in oncology-based software solutions in their regular workflow?
- What kind of partnership models are most commonly being adopted by stakeholders engaged in this domain?
- What is the trend for capital investments in this domain?
- What are the key strategies that can be implemented by emerging players / start-ups to enter into this highly competitive market?
- What is the focus area of big pharma players in this domain?
- Which companies are actively filing patents to drive innovation in the field of AI in oncology?
- What are the key challenges associated within this domain?