The global AI in oncology market is projected to reach USD 11.52 billion by 2030 from USD 2.45 billion in 2024, at a high CAGR of 29.4% during the forecast period. The AI in oncology market, is driven by a rising demand for advanced health services, precision medicine that leverage artificial intelligence (AI), machine learning (ML), and data analytics.
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By application, the drug discovery segment holds significant share in AI in oncology market. This large share is anticipated due to the rising burden of cancer coupled with technological advancements that enhance understanding of disease mechanisms. Further, this segment is classified into drug discovery target identification & validation lead identification & optimization de novo drug design. Some other major drivers for the drug discovery segment include the emphasis on personalized medicine, increased investment, and supportive regulatory frameworks. For instance, in July 2023, the Institute of Cancer Research (ICR) in London, IDIBELL in Barcelona, and Vivan Therapeutics have joined forces to develop precision cancer drugs using AI and experimental models. The partnership focuses on overcoming drug resistance, particularly in cancers with KRAS mutations.
Pharmaceutical and biotechnology companies hold a significant share in the AI in oncology market by end-user segment. Companies have been putting in much effort in new cancer drug discovery and development and their clinical trials, having strong drugs in their pipelines. For instance, in 2024 as per the American Association for Cancer Research, the FDA issued 14 approvals for cancer therapies between January and March 2024, including innovations in immunotherapy, targeted therapy, and chemotherapy, reflecting the scope of the segment attributed to its significant share.
MARKET DYNAMICS
Drivers
- Increasing incidence of cancer disease
- Growing need for early detection and diagnosis
RESTRAINTS
- High initial costs
- Data integrity & algorithm validation
OPPORTUNITIES
- Radiomics and imaging analysis
- Clinical trial optimization
CHALLENGES
- Limited availability of datasets
- Data privacy and security
The major players in the AI in oncology market with a significant global presence are Siemens Healthineers (Germany), GE Healthcare (US), ConcertAI (US), Medtronic (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Oracle(US), NVIDIA Corporation(US), Koninklijke Philips N.V. (Netherlands), PathAI, Inc. (US), CureMetrix, Inc. (US), Mindpeak GmbH (Germany), Paige AI, Inc. (US), Predictive Oncology (US), Exscientia (UK), Insilico Medicine (US), Iktos (Paris), Tempus (US), Azra AI (US), CureMatch, Inc. (US), OncoLens (US), Triomics (US), Clinakos. (US), Perthera, Inc (US), Cellworks Group, Inc. (US), and biomy, Inc. (Japan). The market players have adopted strategies such as acquisitions, collaborations, partnerships, mergers, product/service launches & enhancements, and approvals to strengthen their position in the biosimulation market. The product and technology innovations have helped the market players expand globally by enhancing treatment efficacy, improving patient outcomes, and addressing unmet medical need.
RECENT DEVELOPMENTS
- June 2024 : ConcertAI collaborated with NVIDIA to enhance translational and clinical development solutions within its CARA AI platform
- September 2024 : F. Hoffmann-La Roche Ltd. collaborated with Qritive in advancing cancer diagnostics and treatment, accelerating pathologists adoption of AI.
- September 2024 : Insilico Medicine collaborated with Inimmune to leverage its proprietary AI platform, Chemistry42, to accelerate the discovery and development of next-generation immunotherapeutics.
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