Cancer analysts project oncology businesses to skyrocket by 2030
With the current push for finding cancer treatments, opening cancer treatment centers and with the numerous businesses involved in promoting healthy living initiatives, the reality is still the same: cancer is on the rise, and it seems to outrun every step we take forward.
According to a recent oncology study from the American Society of Clinical Oncology, the leading cause of death by the year 2030 will be cancer; unlike the most recent pandemic of heart disease in recent years, most prevalently in 2010, analysts are cautioning people to beware cancer’s ever-growing hold on public health. The report states that there will be an increase of 45 percent in cancer cases by 2030, but also an increased number of cancer survivors— a silver lining to such a grim forecast.
National and local healthcare businesses are shaken up by these recent findings, with the questions starting to circulate: what cancer treatment company to invest in? How these findings will impact current cancer treatment centers? Will people transition from investing in helping to treat cancer and start investing in how to cure it?
The report presented the public with other interesting information, in terms of affordability of these cancer treatments/cures, how the supply chain seems unbalanced and how unbalanced oncology practices are currently suffering.
The top three warning signs from this study are:
The rise of cancer-related costs: the rise of cancer costs in the coming years is predicted to increase to $173 billion from year 2020, from $104 billion a year in 2006, because of these new expensive therapy costs.
Supply does not equal the demand: the demand for oncology services will enlarge by at least 42 percent by 2025. At the same time, the supply of oncologists is expected to grow only by 28 percent— presenting a gap in the upcoming market. The ASCO report takes into account that there could be a shortage of oncologists by 2025, which will only further perpetuate this imbalanced supply chain.
The instability of oncology practices: the average size of different oncology practices grew from nine to 15 over the span of 2012 and 2013 alone. However, oncology practices reported that the cost pressures were the biggest barrier to be able to provide high-quality care.
Skin Analytics wins NHSX award for AI skin cancer tool
An artificial intelligence-driven tool that identifies skin cancers has received an award from NHSX, the NHS England and Department of Health and Social Care's initiative to bring technology into the UK's national health system.
NHSX has granted the Artificial Intelligence in Health and Care Award to DERM, an AI solution that can identify 11 types of skin lesion.
Developed by Skin Analytics, DERM analyses images of skin lesions using algorithms. Within primary care, Skin Analytics will be used as an additional tool to help doctors with their decision making.
In secondary care, it enables AI telehealth hubs to support dermatologists with triage, directing patients to the right next step. This will help speed up diagnosis, and patients with benign skin lesions can be identified earlier, redirecting them away from dermatology departments that are at full capacity due to the COVID-19 backlog.
Cancer Research has called the impact of the pandemic on cancer services "devastating", with a 42% drop in the number of people starting cancer treatment after screening.
DERM is already in use at University Hospitals Birmingham and Mid and South Essex Health & Care Partnership, where it has led to a significant reduction in unnecessary referrals to hospital.
Now NHSX have granted it the Phase 4 AI in Health and Care Award, making DERM available to clinicians across the country. Overall this award makes £140 million available over four years to accelerate the use of artificial intelligence technologies which meet the aims of the NHS Long Term Plan.
Dr Lucy Thomas, Consultant Dermatologist at Chelsea & Westminster Hospital, said: “Skin Analytics’ receipt of this award is great news for the NHS and dermatology departments. It will allow us to gather real-world data to demonstrate the benefits of AI on patient pathways and workforce challenges.
"Like many services, dermatology has severe backlogs due to the COVID-19 pandemic. This award couldn't have come at a better time to aid recovery and give us more time with the patients most in need of our help.”