These Factors Are Driving Oncology Market: AI, Innovations, Investments, and Mega-Company Led Partnerships
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Recent advancements and report has established that by incorporating AI to assist radiologists in analyzing mammograms, there was a notable 20% increase in the detection of cancers.
AI's role in cancer detection
This integration also led to a significant reduction in doctors' workload, cutting the time spent on reading mammograms by almost half. Conducted between April 2021 and July 2022, the study observed over 80,000 women. Half of these participants had their mammograms reviewed by two radiologists without the aid of AI, while the other half benefited from AI and a radiographer's combined analysis. In situations where AI identified the highest risk, two radiologists were called upon for assessment.
The results were compelling: AI-supported evaluations detected 6 cancers per 1,000 screenings, a slight edge over the 5 per 1,000 detected through traditional methods.
Furthermore, with AI's assistance, radiologists experienced a 44% reduction in reading time. To put this into perspective, for a radiologist who typically examines 50 mammograms an hour, the introduction of AI could lead to a time-saving of four to six months for around 40,000 exams. However, Kristina Lång, the study's lead author from Lund University in Sweden, cautioned that these findings don't necessarily advocate for the immediate and widespread adoption of AI in mammography screening.
The oncology market has witnessed significant transformations in 2023, driven by innovations, investments, and strategic partnerships. The global landscape of cancer care is rapidly evolving, with a focus on integrating advanced technologies and systems to enhance patient outcomes and streamline healthcare processes.
MarketsandMarkets welcomes the developments and we take a look at them here in detail.
The global oncology information system market was estimated to be worth $7.7 billion in 2022 and is projected to grow at a CAGR of 7.6% from 2022 to 2027. This growth is attributed to the increasing incidence and prevalence of cancer worldwide, coupled with the rising need to curtail the cost of cancer care. The market comprises software and services that facilitate comprehensive information and image management, optimizing cancer patient profiles and treatment. These systems are pivotal in predicting treatment outcomes, planning treatments, and exchanging patient information across healthcare organizations.
Which Large Companies Led Partnerships in Oncology?
Several mega-companies have ventured into the oncology space, either through direct investments or strategic partnerships. For instance:
IBM: Known for its prowess in AI and data analytics, IBM's foray into the oncology space has been marked by collaborations and the development of AI-driven tools to assist in cancer diagnosis and treatment.
Google: With its vast resources in AI and machine learning, Google has been actively collaborating with healthcare institutions to develop AI models that can predict patient outcomes, analyze medical images, and optimize treatment plans.
Market Dynamics from MarketsandMarkets
Drivers: The rising incidence of cancer cases worldwide is a significant driver. The American Cancer Society also highlighted over 1.9 million new cancer diagnoses in the U.S. in 2021 alone.
Restraints: A significant challenge is the dearth of skilled IT professionals in the healthcare industry. The demand for healthcare IT professionals currently surpasses the supply, even in developed markets.
Opportunities: The growing healthcare IT market, projected to reach USD 821.1 billion by 2026, offers immense opportunities. The integration of various healthcare IT solutions can reduce operational costs while enhancing the quality of care.
Challenges: Data privacy remains a concern. The increasing cases of cyberhacking pose risks to patient data, making the creation of secure oncology information systems a challenge.
The oncology information system market is segmented based on product and service, application, end-user, and region. Software, including patient information systems, radiology information systems, and oncology electronic medical records, dominates the market. Radiation oncology is the leading application segment, driven by the rising number of radiosurgeries and the vast amount of data generated in radiological departments. Hospitals & diagnostic imaging centers represent the largest end-user segment, attributed to the increasing adoption of oncology information systems and government initiatives to upgrade hospital systems.
The oncology market in 2023 is characterized by rapid advancements, significant investments, and strategic collaborations. With mega-companies like Google, IBM, and Mayo Clinic entering the fray, the future of oncology care looks promising. The integration of advanced oncology information systems is not just a trend but a necessity to enhance patient outcomes, streamline operations, and foster research in the ever-evolving landscape of cancer care.
Which companies are leading Oncology innovations in August 2023?
Highlands Oncology, based in Springdale and known as the region’s largest cancer-care provider, has made a significant move to bring a higher level of care to Northwest Arkansas. They purchased approximately 51 acres in Rogers for $13.6 million. This land will be developed into a cancer care campus anchored by a state-of-the-art, 150,000-square-foot facility. The development is described as a medical technology innovation campus, aiming to provide advanced cancer care in Northwest Arkansas that's unparalleled in the country.
Celyad Oncology SA has secured commitments from an affiliate of Fortress Investment Group, Tolefi SA, and other historical shareholders for a capital increase of approximately EUR 9.8 million. The capital will be used to fund research and development expenses, advance the current pipeline of preclinical CAR-T candidates, develop additional preclinical product candidates using its proprietary non-gene edited short hairpin RNA (shRNA) technology platform, and other general corporate purposes.
Economic Context: The global oncology market is projected to reach $250 billion by 2024, with a compound annual growth rate (CAGR) of 10.6% from 2019 to 2024. This growth is driven by an increasing cancer prevalence, advancements in research, and significant investments in oncology by both private and public sectors. Institutional research plays a crucial role in this landscape, driving innovation, fostering collaboration, and ensuring the translation of laboratory findings to effective patient care.
Role of Institutional Research in Oncology:
Institutions conduct foundational research to understand cancer's underlying mechanisms. They also spearhead clinical trials, testing new treatments' safety and efficacy, leading to potential FDA approvals and widespread adoption.
Bridging laboratory findings with clinical applications, institutions ensure that scientific discoveries are transformed into actionable treatments, enhancing patient outcomes and tailoring therapies to individual needs. Institutions often collaborate with pharmaceutical and biotech firms, accelerating drug development. Additionally, they play a pivotal role in training the next generation of oncologists and researchers, ensuring a continuous influx of expertise into the field.
Research institutions collect and analyze vast amounts of data, leading to new insights and guiding research directions. They're also at the forefront of technological advancements, from imaging techniques to data analytics tools. Beyond research, institutions play a role in shaping health policies, patient care guidelines, and funding priorities, ensuring that the broader ecosystem supports and prioritizes oncological advancements.
How Institutes Propel Oncology Research?
Institutions foster a holistic approach to cancer research, integrating diverse fields like biology, physics, and clinical medicine, ensuring a comprehensive understanding and innovative solutions. Research institutions offer state-of-the-art labs, equipment, and facilities, providing researchers with the tools they need to conduct cutting-edge studies and trials. Through publications, conferences, and seminars, institutions ensure that their findings are shared, reviewed, and built upon, driving the global discourse on cancer research forward.
With their associated medical facilities, institutions can directly engage with patients, facilitating clinical trials, and ensuring that research remains grounded in real-world needs and outcomes. Unlike profit-driven entities, research institutions can undertake extended research projects, delving deep into complex issues and ensuring thorough, comprehensive studies that might span years or decades.
In essence, institutional research is the cornerstone of the oncology sector's growth, ensuring continuous innovation, collaboration, and a patient-centric approach to tackling one of the world's most pressing health challenges.
Which institutes are working on cancer research?
The Sloan Kettering Institute focuses on collaborative research in oncology. They have 23 established Collaborative Research Centers that bring together laboratory scientists and clinicians to spark innovation. They also have partnerships with Rockefeller University and Weill Cornell Medicine.
Centre for Global Oncology
The Centre for Global Oncology aims to promote cancer research, training, fundraising, and infrastructure building in low and middle-income countries. It is a virtual research center at the ICR and their partner hospital, The Royal Marsden.
University of Chicago Cancer Research
The University of Chicago continues to build upon the work of Janet Rowley, who fundamentally changed the way cancer was understood and treated. They are advancing immunotherapy and planning the city’s first freestanding clinical cancer center.
AI in Colorectal Cancer Research
Researchers from Helmholtz Munich and the University of Technology Dresden have developed an AI-based model for biomarker detection in colorectal cancer. This could speed up the analysis of tissue samples and result in faster treatment decisions.
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AI-supported evaluations detected 6 cancers per 1,000 screenings, a slight edge over the 5 per 1,000 detected through traditional methods.
Carefully Progressing Ahead
Kristina Lång, the study's lead author from Lund University in Sweden, cautioned that these findings don't necessarily advocate for the immediate and widespread adoption of AI in mammography screening.