Cancer Diagnosis And Treatment Is Driven By Advancements In Virtual Oncology Market

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posted on 8 months ago — updated on 1 second ago

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One of the major trends driving growth in the virtual oncology market is the rising adoption of AI and machine learning.

Cancer Diagnosis And Treatment Is Driven By Advancements In Virtual Oncology Market

The virtual oncology market has witnessed significant growth in recent years due to advancements in diagnostic imaging modalities, surgical techniques and targeted therapies that have enhanced the accuracy and efficacy of cancer care. Virtual oncology refers to the use of digital technologies like computer simulations, 3D virtual reality and artificial intelligence to facilitate cancer diagnosis, prognosis and treatment. Digital pathology enables comprehensive analysis of biopsy samples using whole slide imaging that can help identify morphological features indicating malignant cells. Virtual 3D imaging provides doctors with highly detailed internal views of tumors and their relationship to surrounding healthy tissues to guide surgical procedures. Simulation software allows complex oncology procedures to be carefully planned and rehearsed to maximize positive outcomes and minimize risks.

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.

Market key trends:

AI algorithms are being used to analyze large volumes of medical images and genomic/histopathology data to develop more accurate disease risk prediction models and diagnostic support tools. Medical simulation and training is another key area seeing increased investment as virtual surgical planning and rehearsal becomes more sophisticated using augmented reality interfaces. Advances in computational power and cloud computing infrastructure are also enabling more realistic virtual tumor modeling on a massive scale for improved treatment design and personalized medicine research. As data analytics capabilities advance further, virtual oncology is poised to play a transformative role in transforming cancer care by optimizing diagnosis, precision targeting of therapies and medical education over the coming decade.

Porter's Analysis
Threat of new entrants: The virtual oncology market requires high capital investments thus restricting new companies from entering the market quite easily.

Bargaining power of buyers: The buyers have moderate bargaining power in this market as there are established players providing similar virtualization solutions.

Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to availability of substitutes and less switching cost for buyers.

Threat of new substitutes: There is a moderate threat from substitutes as new virtualization techniques can disrupt the existing market.

Competitive rivalry: Being a consolidated market, the rivalry among existing players is high to gain market share.

Key Takeaways

The Global Virtual Oncology Market Size is expected to witness high growth. With increased adoption of virtual reality and AI solutions across hospitals and clinics, the market is projected to grow at a CAGR of 8.4% during the forecast period of 2023 to 2030.

Regional analysis - North America dominated the virtual oncology market in 2023 and is expected to continue its dominance throughout the forecast period. Growing deployment of virtual solutions by key players and increasing funding for cancer research in the US and Canada supports the growth of the region. Asia Pacific is expected to witness the fastest growth owing to rising healthcare expenditure and growing incidence of cancer in major economies like China and India.

Key players - 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. The players are focusing on new product launches and mergers & acquisitions to gain market share. For instance, in 2022, Texas Instruments partnered with Novarad to develop virtual assistance for imaging systems.