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The rapid advancement of computers, mobile applications, wearable devices, and biosensors for collecting and storing cancer-related data is transforming cancer care. This data empowers healthcare professionals to design and conduct clinical trials and studies that tackle questions once deemed unanswerable.
Real-world evidence from wearables, mobile apps, and innovative clinical trials is reshaping the future of cancer treatment. Wearable devices are becoming essential for gathering real-time and long-term data on cancer patients, allowing for monitoring in their home environments rather than just during clinic visits.
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Artificial intelligence (AI), particularly machine and deep learning (ML/DL) methods, is increasingly integrated throughout the drug development process. These advancements offer new strategies for analyzing large, complex real-world data (RWD). AI is making significant strides in protein structure identification, and updated regulations are granting healthcare research organizations better access to RWD, thereby accelerating clinical trial timelines.
Several companies are launching AI-driven medical devices focused on oncology. For example, in January 2021, the U.S. FDA granted premarket approval to Seno Medical Instruments, Inc. for the Imagio Breast Imaging System, which uses AI to help distinguish between benign and malignant breast lesions. Similarly, in December 2020, Hologic, Inc. received FDA clearance for Genius AI Detection technology, designed to assist radiologists in detecting potential cancers in breast tomosynthesis.
The innovations in machine learning, artificial intelligence, and natural language processing (NLP) provide pharmaceutical, biotechnology, and medical device companies with the tools to generate improved RWE outputs, shorten insight timelines, and maximize the potential of extensive RWD sources.
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Companies in the real-world evidence oncology solutions market are adapting to these changes. For instance, in October 2021, SYNEOS HEALTH, INC. acquired RxDataScience to bolster its position in the RWE solutions market. In September 2020, Parexel International Corporation acquired Roam Analytics to enhance its AI and ML capabilities, driving innovation in drug development and improving pharmacovigilance and RWD applications.
The integration of AI is also enhancing the visibility of cancer treatments. Life sciences companies are leveraging advanced technologies, such as AI and big data, to navigate the evolving RWE landscape. Combining these technologies with RWE enables faster and more effective development of cancer drugs and devices. Additionally, NLP plays a crucial role in processing large volumes of unstructured data to extract RWE insights.
According to a recent report by Meticulous Research®, the RWE oncology solutions market is projected to grow at a CAGR of 14.2% from 2022 to 2029, reaching $1.65 billion by 2029.
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