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