July 24, 2024
Virtual Oncology Market

Virtual Oncology Market Witness High Growth Owing To Rising Incidence of Cancer Cases & Increasing Use of AI and Big Data Analytics

The Virtual Oncology Market is estimated to be valued at US$ 3.42 billion in 2023 and is expected to exhibit a CAGR of 17.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Virtual oncology involves use of advanced technologies such as artificial intelligence (AI), machine learning, augmented reality, virtual reality and big data analytics for supporting clinical decision making and streamlining workflow in oncology. It helps oncologists gain insights from large volumes of patient data for personalized treatment and better management of cancer. Virtual oncology tools and platforms also enable remote cancer screenings, tumor board discussions and sharing of medical images between healthcare professionals.

Market Dynamics:

The virtual oncology market is witnessing high growth owing to rising incidence of cancer cases globally and increasing focus on precision medicine approach for cancer treatment. According to World Health Organization (WHO), cancer burden rose to 19.3 million new cases and 10.0 million cancer deaths in 2020 worldwide. Growing adoption of AI and big data analytics solutions in healthcare is another key factor fueling the market growth. For instance, AI algorithms are being used for detection of cancer in medical images and selection of optimal treatment pathways. Furthermore, increasing investments by market players in development of advanced virtual oncology solutions and growing need for remote cancer care amid COVID-19 pandemic are further propelling the market growth. However, data privacy and security concerns associated with virtual oncology platforms may restrain the market to a certain extent.

Segment Analysis

The global virtual oncology market is dominated by the service segment which accounts for over 65% market share. This is because virtual services facilitate real-time tumor boards, consultations and expert opinions which are critical for oncology care. Further, the service segment allows patients to access specialized cancer care from the comfort of their homes which has boosted its popularity.

PEST Analysis

Political: The favorable government policies towards digitization of healthcare across countries is driving greater adoption of virtual oncology tools. The policies aim to improve access and quality of cancer care.
Economic: Developed economies witnessing high healthcare costs are increasingly looking at virtual oncology to curb avoidable expenditure like travel costs for consultations. This is creating economic opportunities for players in the virtual oncology space.

Social: Greater acceptance of telehealth and remote monitoring tools among patients and healthcare providers post-pandemic has made virtual oncology a more socially acceptable mode of cancer care delivery. This in turn is fueling the market growth.

Technological: Advancements in areas such as AI, cloud computing, AR/VR are enhancing the analytical abilities of virtual oncology platforms. Technologies enable precision diagnosis and real-time collaboration between global oncology experts.

Key Takeaways

The global Virtual Oncology Market Share is expected to witness high growth, exhibiting CAGR of 17.9% over the forecast period, due to increasing preference for teleoncology services. The market size is projected to reach ~US$ 12 billion by 2030 from US$ 3.42 billion in 2023.

Regionally, North America captured over 40% market share in 2023 led by developed oncology infrastructure and high technology adoption in the US and Canada. Asia Pacific is likely to emerge as the fastest growing region exhibiting a CAGR of around 20% owing to growing cancer incidence, improving healthcare access and investments by key players in countries like China and India.

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. These players are focusing on partnerships, acquisitions and product launches to strengthen their service offerings and geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it