by The Virtual Oncology Market is estimated to be valued at Us$ 3.42 Bn in 2023 and is expected to exhibit a CAGR Of 17% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual oncology utilizes AI and machine learning technologies to assist physicians in clinical decision making as well as disease diagnosis and treatment. It analyzes large volumes of patient data such as medical images, pathology slides, genomic profiles and electronic health records to identify patterns that may help determine treatment plans. Virtual oncology systems offer physicians more precise, data-driven cancer care tailored to individual patients. With the help of advanced analytics and decision support capabilities, virtual oncology is transforming cancer care by improving diagnostic accuracy, treatment outcomes and quality of life for patients.
Market Dynamics:
The increasing prevalence of cancer and rising healthcare costs are driving the growth of the virtual oncology market. According to WHO, cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. The high treatment costs associated with cancer poses significant financial burden. Virtual oncology products help reduce healthcare costs by optimizing treatment plans, avoiding unnecessary tests/procedures and facilitating early detection of cancers.
Virtual oncology solutions also address the shortage of oncology specialists globally. It aids physicians with critical decision making through a comprehensive analysis of patient data. This helps improve care quality for patients, especially in rural and underserved areas with limited access to cancer care facilities. The advanced data analytics capabilities of virtual oncology are helping providers deliver right treatment to the right patient at the right time, thereby promoting better health outcomes.
Segment Analysis
The virtual oncology market is dominated by software segment due to rising adoption of virtual reality and simulation software by healthcare institutions to enhance cancer treatment procedures. Software allows healthcare providers to screen and detect cancer in early stages, perform clinical trials for new cancer drugs and treatments, and educate and train medical professionals through simulation.
PEST Analysis
Political: Governments across the globe are supporting adoption of virtual reality in healthcare through funding for R&D projects and formulating regulations that encourage innovations.
Economic: High cancer treatment costs are driving demand for cost-effective virtual healthcare solutions. Social: Growing cancer prevalence and increasing patient awareness about benefits of virtual healthcare are favoring market growth. T
echnological: Advanced technologies like AI, VR, digital twins are enabling personalized cancer simulations and virtual clinical trials.
Key Takeaways
The Global Virtual Oncology Market Demand is expected to witness high growth at a CAGR of 17% over the forecast period, driven by increasing cancer burden globally. The market was valued at US$ 3.42 Bn in 2023 and is projected to reach US$ 8 Bn by 2030.
North America dominated the market in 2023 and is expected to maintain its lead through 2030 owing to presence of major players and rising funding for virtual cancer research in the US. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period led by growing healthcare expenditure, expanding medical infrastructure and rising medical tourism in China and India.
Key players operating in the virtual oncology market include 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. Major players are focusing on partnerships and acquisitions to enhance their product portfolio and strengthen market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
