The virtual oncology market covers products and services that leverage digital health technologies to improve cancer care. This includes virtual care platforms, AI-assisted diagnostic and treatment planning tools, electronic health records, telehealth services, and remote patient monitoring solutions. Virtual care tools allow cancer patients to consult with healthcare providers and access various services from home through video conferencing. AI and cloud-based tools help analyze medical images and genomic data more accurately to develop personalized treatment plans. Electronic health records enable sharing of patient data across different care settings.
The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The emergence of digital healthcare solutions is expected to drive the growth of the virtual oncology market over the forecast period. The development of virtual care platforms, telehealth services, and remote monitoring devices have enabled continuous care for cancer patients from home. This has provided accessibility and convenience to patients living in rural areas. Furthermore, AI and big data analytics are being widely utilized in medical imaging, genomics, and treatment planning. AI algorithms can analyze huge volumes of patient data and identify patterns to deliver more personalized and precision therapy. The incorporation of virtual tools as mentioned in the heading is making cancer care more effective and affordable. The growing adoption of digital technologies in the oncology sector will boost the virtual oncology market during the forecast period.
Segment Analysis
The virtual oncology market is segmented into product & services, application, end users, and regions. The product & services segment is further divided into software, professional & consulting services. The software segment dominated the market in 2023 due to the increasing adoption of virtual oncology solutions by healthcare providers to enhance patient care and clinical workflow.
PEST Analysis
Political: Governments across regions are supporting the adoption of virtual oncology solutions by financing various projects. This is driving market growth.
Economic: Rising healthcare costs has increased the demand for cost-effective virtual oncology solutions from providers and payers. This is benefiting market players.
Social: Growing prevalence of cancer and rising awareness about early diagnosis and treatment is fueling the adoption of virtual oncology solutions.
Technological: Emergence of advanced technologies like AI, ML and analytics in healthcare is boosting the development of novel virtual oncology solutions. Key players are focusing on partnerships to enhance their product portfolios.
Key Takeaways
The Global Virtual Oncology Market Trend is expected to witness high growth over the forecast period. North America accounted for the largest market share in 2023 owing to new product launches, partnerships and rising healthcare expenditure. Europe is anticipated to be the fastest growing regional market till 2030 driven by increasing government funding for cancer research. 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 new product launches and partnerships to 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
