21 февраля 2023
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Artificial Intelligence (AI) In Oncology: Current Scenario and Future Potential
In the last decade, the popularity of AI has grown invariably. It has made a considerable impact in the medical sector and oncologic treatment as well, due to a surge in electronic data, breakthroughs in technological infrastructure and groundbreaking research in deep learning neural networks.
AI has demonstrated potential in improving tumor imaging diagnosis and therapy response evaluation, anticipating clinical outcomes, and accelerating drug development and translational oncology. AI has the potential to revolutionize the oncology sector, by overcoming the existing challenges, by leveraging the power of big data to further improve the cancer treatment. Although AI is already being used in oncology clinical practice, ongoing and increased efforts are required to allow AI to reach its full potential.
AI in Oncology Market – Current Market Landscape
Currently, over 76 industry players worldwide are actively engaged in the development of AI in oncology- based software solutions. The market is characterized by a mix of well-established and small firms. Several industry players involved in the development of AI in oncology- based software solutions are majorly providing these services for cancer diagnosis, along with drug development and drug discovery. Majority of the software providers have their platforms on cloud, for end users which include, hospitals, pharmaceutical companies and research institutes. The growing pipeline and the increasing demand for effective diagnosis of cancer indications at an early stage using AI to prevent malignancies, has spurred the establishment of many companies in the last decades; currently, AI in diagnostics market is dominated by companies based in North America, majority of them being small sized.
Mutually Beneficial Partnerships in Order to Expand Capacities to Keep Pace with the Growing Demand
Several partnerships have been established by various stakeholders engaged in the development of Artificial Intelligence in oncology-based software solutions in the past 5 years; there has been a significant increase in partnership activity in this domain, growing at a CAGR of 36%, during the period 2017-2022.
Surge in Funding Activity in this Domain Foreseeing Lucrative Returns
There has been a steady increase in the funding activity within this domain during the period 2017-2022 which amounted to more than USD 5.9 billion.
High Number of Patents are Suggestive of the Widespread Research in this Domain
Several industry and non-industry players are involved in the development of Artificial Intelligence in Oncology- based software solutions. Over 2,770 patents have been granted / filed by academic and industry stakeholders till date.
Future Evolution of AI in Oncology Market
Owing to the anticipated AI in the oncology sector and given the fact that several new players have entered the domain in the last decade, who are actively collaborating with other industry / non-industry players to expand the global reach of this domain the market opportunity associated with AI in oncology is anticipated to grow at a CAGR of 54%.
For additional details, please visit https://www.rootsanalysis.com/blog/ai-in-oncology/ or email sales@rootsanalysis.com
You may also be interested in the following titles:
1. Smart Labels Market: Industry Trends and Global Forecasts, 2022-2035
2. AI-based Digital Pathology / AI Pathology Market: Industry Trends and Global Forecasts, 2022-2035
About Roots Analysis
Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights.
Contact:
Ben Johnson
+1 (415) 800 3415
Ben.johnson@rootsanalysis.com
20 февраля 2023
Rising Demand for Medical Devices CROs
Over the past decade, numerous scientific and technological breakthroughs in the medical device CROs industry have resulted in an accelerated pace of research and innovation within this domain.
Further, the demand for advanced and minimally invasive medical devices has been augmented due to the increase in expenditure on healthcare. However, one of the primary challenges faced by this industry is the complex and time-consuming product development lifecycle of a new medical device. Specifically, the clinical stage is exceedingly resource intensive, involving high costs and greater risks.
Outsourcing Necessity for Medical Devices
New advancements have facilitated the development and enforcement of more informed regulatory guidelines and instructions to ensure the safety of medical devices. Subtle differences in regulatory guidelines issues across various geographical regions need to be considered by medical device developers in order to receive approval in different markets. This has further resulted in longer trials, higher costs (due to rise in patient enrollments), and increased time-to-market. In order to overcome the above-mentioned challenges, medical device developers are actively outsourcing their clinical research and associated operations to contract service providers, which are known to have the required capabilities and expertise.
Companies involved in Offering Medical Device CROs
CROs tend to actively strive to enhance / upgrade their respective capabilities and expertise to meet the strict quality and safety specifications, as well as to keep up with any change in medical device-related regulations. This not only enables them to attract more business opportunities from sponsors, but also grants them an edge over competing service provider entities.
Growing Number of Mergers and Acquisitions Validate the Interest in Medical Device CROs Domain
Over the past few years, the merger and acquisitions activity in the medical devices contract research market has increased gradually. It is worth mentioning that in 2021, more than 12 acquisitions have taken place within this industry.
For additional details, please visit
https://www.rootsanalysis.com/blog/rising-demand-for-medical-devices-cros/ or email sales@rootsanalysis.com
You may also be interested in the following titles:
1. Smart Labels Market: Industry Trends and Global Forecasts, 2022-2035
2. AI-based Digital Pathology / AI Pathology Market: Industry Trends and Global Forecasts, 2022-2035
About Roots Analysis
Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights.
Contact:
Ben Johnson
+1 (415) 800 3415
Ben.johnson@rootsanalysis.com
19 февраля 2023
