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 To 2030, as highlighted in a new report published by Coherent Market Insights.
The Virtual Oncology Market is expected to grow significantly over the forecast period owing to the increasing adoption of virtual oncology platforms among oncologists and healthcare organizations globally. Virtual oncology platforms provide cost-effective solutions for cancer diagnosis and treatment planning at a lower cost compared to traditional methods. These platforms also enable collaboration between oncology teams located in different geographical locations, thus improving patient outcomes.
Market Overview:
The virtual oncology market comprises software platforms that enable the digitization of patient oncology data, virtual tumor boards for collaborative cancer care, as well as simulation tools for cancer treatment planning. These platforms help improve the efficiency of cancer diagnosis and treatment processes while reducing costs. The virtual oncology tools allow healthcare providers to gain insights into large cancer datasets, detect patterns to predict outcomes, and simulate the effectiveness of various therapies.
Market key trends:
The growing adoption of low-cost virtual oncology platforms is a key trend in the market. These platforms offer cost savings of up to 30% compared to traditional methods by enabling distributed and collaborative cancer care. For instance, Flatiron Health’s adaptive learning platform uses AI and real-world data from over 300,000 patients to match new cases with similar past cases and their outcomes to guide treatment decisions. Such low-cost virtual platforms are improving the accessibility of quality cancer care, especially in emerging markets. This is expected to drive the growth of the virtual oncology market over the forecast period.
Porter's Analysis
Threat of new entrants: The virtual oncology market requires high investment in research and development which makes the entry difficult for new players.
Bargaining power of buyers: Due to the presence of several treatment options available, the bargaining power of buyers is high in this market.
Bargaining power of suppliers: As the raw material suppliers play a crucial role in drug manufacturing, their bargaining power is also high.
Threat of new substitutes: Emergence of new and innovative technologies for cancer treatment can threaten the existing products.
Competitive rivalry: Being a lucrative market, competition among existing players is intense.
SWOT Analysis
Strength: Availability of advanced technologies such as AI and big data analytics for virtual tumor boards and clinical decision support.
Weakness: High costs associated with R&D, lack of skilled oncologists.
Opportunity: Increasing prevalence of cancer worldwide, growing focus on precision medicine.
Threats: Stringent regulations, data privacy and security concerns.
Key Takeaways
The Global Virtual Oncology Market Demand is expected to witness high growth at a CAGR of 17% over the forecast period, due to increasing awareness about cancer diagnosis and treatment and benefits offered by digital solutions.
Regionally, North America is expected to dominate the global market owing to developed healthcare infrastructure and presence of major players in the US. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period driven by growing geriatric population, increasing healthcare expenditure and rising incidence of cancer.
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.
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