by The global Virtual Oncology Market is estimated to be valued at US$ 3.42 Billion in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Virtual oncology involves the application of computational and digital tools for cancer diagnosis, treatment planning and drug discovery. It utilizes technologies such as artificial intelligence, big data and cloud computing to enhance precision oncology by analyzing large datasets of medical images and genomic profiles of tumors. This enables more accurate tumor characterization, risk assessment and treatment selection compared to traditional approaches, hence improving outcomes for cancer patients.
Market key trends:
The increasing prevalence of various types of cancer across the globe is a major factor propelling the growth of virtual oncology market. As per WHO, cancer burden has risen to 18.1 million new cases and 9.6 million cancer deaths in 2018 globally. With aging population and changing lifestyle resulting in risk factors such as smoking, alcohol consumption and obesity, the cancer incidence rates are projected to further increase in the coming years. This rising cancer caseload has accelerated the adoption of virtual oncology solutions by healthcare providers to overcome challenges of traditional approaches in handling such large number of cases. Furthermore, virtual oncology allows remote monitoring of cancer patients and assist medical team during pandemic situation, which has become an important consideration post covid-19.
SWOT Analysis
Strength: Virtual oncology solutions offer enhanced data collection capabilities that help in timely diagnosis and treatment. They provide personalized cancer care through evidence-based decision making.
Weakness: High costs associated with deployment and maintenance of virtual oncology platforms. Risks related to data privacy and cybersecurity also act as limitations.
Opportunity: Increasing adoption of AI and analytics in oncology presents growth prospects. Rising cancer incidence worldwide points to substantial market potential over the coming years.
Threats: Technical issues and workflow disruptions can undermine provider confidence in virtual solutions. Shortage of trained oncologists and data scientists also poses challenges.
Key Takeaways
The Global Virtual Oncology Market Trend is expected to witness high growth over the forecast period owing to increasing awareness about early cancer detection. North America currently dominates the market and is expected to maintain its leading position during this period. Higher healthcare expenditure and growing adoption of advanced technologies have enabled early penetration of virtual solutions in this region.
Key players operating in the virtual oncology market are Flatiron Health, McKesson Corporation, Cerner Corporation, Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Siemens Healthcare Private Limited, Crisp, Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, C-TAC Health, Oscar Health, NXGN Management, LLC, Epic Systems Corporation, Optum, Inc, 2bPrecise LLC, Orchestrate.AI, Tempus Labs, Oncora Medical, Syapse . They are focusing on developing intelligent platforms that leverage AI and analytics to enhance cancer diagnosis and treatment planning. Strategic collaborations with hospitals and oncology clinics are helping them strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
