With an aim to counter the rising number of cancer cases across the globe, artificial intelligence has emerged as the key enabler in cancer treatment to generate better clinical outcomes
According to the World Health Organization (WHO), in the healthcare sector, oncology is one of the important sections primarily because cancer is the second leading causes of mortality worldwide. It is estimated that in 2022, about 1.9 million new cancer cases and 609,360 deaths are expected to occur in the US. Further, estimates indicate that over the next decade, around 21.4 million new patients are likely to be diagnosed with cancer each year. With an aim to counter the rising number of cancer cases across the globe, AI has emerged as the key enabler in cancer treatment to improve detection accuracy, speed, assist clinical decision-making and result in better clinical outcomes
The most successful examples include the detection of precancerous lesions, where treatment reduces the risk of malignant tumors. An AI system can aid in the reduction of diagnostic and treatment errors that are unavoidable in human clinical practice this may reduce testing costs and avoid wasteful therapy-related expenditures. Given the various advantages and technological advancements in the field of AI and its extensive utilization in oncology, stakeholders in this domain are integrating it in their regular workflow.
The current ai in oncology market landscape features the presence of over 76 players that are engaged in offering AI in oncology-based software solutions; of these, most of the players (39%) engaged in this domain were established between 2011-2015. Notable examples are (in alphabetical order) b-rayZ, ConcertAI. Further, the AI in oncology market is currently dominated by the presence of small players (51%). Notable examples of well-established players engaged in this domain include (in alphabetical order) ConcertAI and DeepMind. In fact, most of the service providers are presently headquartered in North America (41%). Further, within Europe, the UK emerged as the prominent base of operations for the players located in the aforementioned region. It is worth mentioning that all the companies engaged in this domain offer AI in oncology-based software solutions to hospitals (52%), followed by those (17%) providing such software solutions to non-industry players (such as research institutes).
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Majority of these service providers are offering AI in oncology-based software solutions for cancer detection (92%) followed by drug development and drug discovery services. Followed by the type of AI technology being used for the service(s) being offered , machine learning is being incorporated by 46% of the service providers followed by deep learning (26%).
The growing pipeline and the increasing demand for effective diagnosis of cancer indications at an early stage using AI to prevent malignacies, has spurred the establishment of many companies in the last decades. Stakeholders claim to offer various AI powered service(s) ; about 26% players have the required capabilities to utilize both machine learning and deep learning. Majority of the companies engaged in this domain offer services to hospitals via its technology; these platforms can be deployed on site or on cloud. It is worth noting 67% of these are deployed on cloud. Moreover, as can be observed in the figure, currently, AI in diagnostics market is dominated by companies based in North America, majority of them being small-sized.
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