To keep pace with the growing demand, many stakeholders in the ai in oncology market have undertaken strategic initiatives, such as entering into mutually beneficial partnerships and expanding their capacities
During our research, we came across several partnerships that have been established by various stakeholders engaged in the development of artificial intelligence (ai) in oncology-based software solutions, during the period 2017-2022 (till february).
It is worth mentioning that the maximum number of partnerships (26) were inked in 2021. further, these partnerships were analyzed based on various relevant parameters in order to develop more insightful opinions on the prevalent trends in this domain. in fact, it was observed that majority of the partnerships were focused on technology utilization and technology integration agreements. There has been a significant increase in partnership activity in this domain, growing at a CAGR of 36%, during the period 2017-2022.
Moreover, technology integration agreement (30%) emerged as the most popular type of partnership model adopted by players engaged in this domain, followed by technology utilization agreements (18%). In addition to this most of the deals (19%) signed within this domain were instances wherein both the developer and partner were based in Europe. Further, in terms of intercontinental agreements, most of the deals were instances wherein an industry player based in Asia Pacific entered into a partnership with a company headquartered in Europe (15%).
Foreseeing lucrative returns, many public and private investors have made investments, making a surge in funding activity related to ai in oncology there has been a steady increase in the funding activity during the period, 2017-2022, which amounted to a more than usd 5.9 billion. it is worth mentioning that the maximum number (25) of funding instances were reported in 2020.
The overall trend of investment in this domain has been very promising. It is evident from the figure, that (31%) of the total investment (in terms of the amount invested) was made in 2020, which amounted to over USD 1.9 billion. In terms of the amount, a significant capital has been raised through venture capital rounds (70%). Some of the companies that reported big-ticket investments through venture capital in 2021 include (in decreasing order of amount raised), Freenome (USD 300 Million), Lunit ( USD 61 Million). In addition to this, Casdin Capital, Baillie Gifford, Google Ventures emerged as the most active investors (in terms of their participation in funding instances) in the AI in oncology domain.
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