Virtual oncology utilizes artificial intelligence (AI) and machine learning (ML) technologies for cancer screening, diagnosis, and treatment. The use of AI in oncology helps improve the detection and diagnostics of cancer through image recognition and analysis tools. It allows detection of cancers, such as lung and breast cancers, at an early stage by analyzing medical images. In addition, AI helps doctors understand treatment patterns, outcomes, and develop personalized care plans for cancer patients.
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 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
AI aids in the early detection of cancer through analysis of medical images such as CT scans, MRIs, mammograms, and microscopic tissue images. It also helps in various stages of cancer diagnosis including diagnosis confirmation, tumor staging, and recognizing tumor characteristics. As AI can analyze huge volumes of imaging and patient data quickly, it significantly improves the accuracy and reliability of cancer screening and diagnostic processes. Moreover, AI enabled diagnostic tools are more cost-effective compared to manual screening methods. The rising adoption of virtual diagnostic assistants and AI-based screening tools by healthcare providers is expected to offer lucrative growth opportunities for players in the virtual oncology market.
Threat of new entrants: The threat of new entrants is moderate as virtual oncology market requires significant capital investment for R&D as well as for developing expertise in this field. However, low differentiation in services provides opportunities for new companies.
Bargaining power of buyers: The bargaining power of buyers is high as large organizations in healthcare have significant buying power and ability to negotiate on the price of virtual oncology services. This forces existing players to offer competitive pricing.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of several component and technology providers globally. However, proprietary technologies developed by few players increase their bargaining power.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for virtual oncology services. However, advancements in AI and radiomics may lead to new substitutes.
Competitive rivalry: The competitive rivalry is high due to presence of many global and regional players offering similar virtual oncology services. This forces players to focus on service differentiation and innovative offerings.
Strength: Virtual reality and AI enable enhanced visualization and analysis of tumors leading to accurate diagnosis. Growing demand for less invasive cancer treatment techniques also boost the market.
Weakness: High dependence on skilled oncologists and radiologists limits market growth. Issues concerning data privacy and security also impact adoption of virtual oncology services.
Opportunity: Emerging economies provide major growth opportunities due to increasing healthcare spends and investments in digital health. Growing telehealth and home healthcare also open new avenues.
Threats: Limitations of current virtual technologies hamper their widespread adoption. Lack of reimbursement policies delays market revenue in many regions.
The Global Virtual Oncology Market Size is expected to witness high growth at a CAGR of 8.4% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 7.89 Bn by 2030 from US$ 3.42 Bn in 2023.
North America dominates the global virtual oncology market due to supportive regulatory environment and high healthcare expenditure. The market in the region stood at US$ 1.5 Bn in 2023 and is expected to reach US$ 3.1 Bn by 2030. Asia Pacific exhibits the fastest growth during the forecast period due to improving healthcare infrastructure, and increasing incidence of cancer cases. The virtual oncology market in Asia Pacific is estimated to reach US$ 1.2 Bn by 2030 growing at a CAGR of 11.4% between 2023-2030.
Key players operating in the virtual oncology market are Omron Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc., Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens AG, ams AG, and STMicroelectronics Inc.. Major players are focusing on new product launches, partnerships, and acquisitions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it