Dublin, July 21, 2023 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) in Oncology Market Report 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The global revenue for the AI in Oncology market is projected to exceed US$2.617 billion in 2023 and is expected to experience robust growth until 2033, according to a new market research report. The report, titled "Artificial Intelligence (AI) in Oncology Market Report 2023-2033," provides comprehensive insights into the industry and its underlying dynamics, helping leading firms identify new revenue opportunities and stay ahead in this rapidly evolving sector.
Accelerated Drug Discovery and Targeted Therapies Driving Market Growth
AI technologies are revolutionizing the drug research and development process in cancer treatment. By leveraging vast volumes of data and smart algorithms, AI is accelerating the identification of potential drug candidates, enhancing their efficacy, and simplifying the development of targeted medications. The adoption of AI in drug development has the potential to significantly reduce the time and cost associated with conventional approaches.
Collaborations between pharmaceutical companies, technology firms, and academic institutions are on the rise due to the development of AI-driven platforms and tools for drug discovery and development. In a notable example, the University of Sydney and Australian business Pharos Therapeutics joined forces in May 2023 to use AI for advancing medication discovery in cancer and rare disorders.
Addressing Standardization Challenges
Standardized data collection and annotation practices are essential for AI-driven oncology research and care. Variations in data collection methods, formats, and annotation protocols can impact the performance and generalizability of AI algorithms. By standardizing these processes, the quality and consistency of data can be improved, leading to more robust AI models. Standardization also facilitates data sharing, collaboration, and reproducibility, enabling meaningful comparisons and advancements in the field.
Initiatives by healthcare institutions and technology companies, such as the Cancer Imaging Archive (TCIA) and the Digital Imaging and Communications in Medicine (DICOM) consortium, aim to standardize data sharing, storage, and annotation practices in oncology imaging. These efforts pave the way for comprehensive frameworks and guidelines to ensure consistency and harmonization of data collection methods.
Key Questions Addressed in the Report
The report provides answers to crucial questions that will help businesses make informed decisions about the AI in Oncology market.
Some of the key questions addressed include:
- How is the AI in oncology market evolving?
- What are the drivers and restraints of the AI in oncology market?
- How will each AI in oncology submarket segment grow by 2033 in terms of revenue?
- What will be the main driver for the overall market from 2023 to 2033?
- Which geographical region will lead the AI in oncology market in 2033?
- Who are the leading players, and what are their prospects over the forecast period?
- How will the industry evolve from 2023 to 2033, considering the current AI in oncology projects?
- What are the best investment options for new product and service lines?
- How can companies ensure they are at the forefront of the AI in oncology market?
Forecasts and Insights for Informed Decision-Making
The comprehensive 289-page report includes 123 tables and 163 charts/graphs that offer valuable insights into the AI in Oncology market. It highlights key lucrative areas in the industry, making it easier for companies to identify potential investment and revenue opportunities.
The report provides revenue forecasts up to 2033 for AI in Oncology market segments, including product type (software, hardware, and services), usage type (cancer research, pre-screening and diagnosis, and treatment), disease type (lung cancer, breast cancer, prostate cancer, colon cancer, and others), and end-users (pharmaceutical and biopharmaceutical companies, research institutes, hospitals and diagnostic centers, and others). Additionally, it offers revenue forecasts for five regional markets and 20 leading national markets.
Leading Companies in the AI in Oncology Market
The report profiles some of the key players in the AI in Oncology market, including Azra AI, Botkin.AI, CloudMedX Health, ConcertAI, Digital Diagnostics AI, Enlitic, GE Healthcare, Google Health, IBM Corporation, iCAD, Intel Corporation, NVIDIA, Owkin, Siemen's Healthineers, SkinVision, and Therapixel.
COVID-19 Impact Analysis
The report also includes an analysis of the impact of COVID-19 on the AI in Oncology market. It discusses four recovery patterns - "V," "L," "W," and "U" - to help businesses understand the potential challenges and opportunities resulting from the pandemic.
For more information about this report visit https://www.researchandmarkets.com/r/5k3og2
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