Virtual oncology includes services and technologies that are used to help diagnose, plan and monitor cancer treatment from a distance through digital tools without a physical visit to a clinic or hospital. Technologies like artificial intelligence tools empower oncologists and patients by analyzing medical images and genomic data to identify the best treatment options.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rise in adoption of artificial intelligence presents a key opportunity for growth in the virtual oncology market. Artificial intelligence enables precision diagnosis and treatment of cancer by leveraging huge amounts of clinical data to identify patterns and predict outcomes. AI tools can analyze medical images like CT/PET scans more accurately than humans and detect even subtle signs of cancer. They help oncologists make informed treatment decisions based on a patient’s specific tumor characteristics and genomic profile. As AI technologies become more sophisticated, their use in virtual tumor boards and remote cancer care delivery is expected to grow significantly. This will enable more personalized and cost-effective cancer management worldwide.
Porter’s Analysis
Threat of new entrants: The virtual oncology market requires large capital investment for advanced technologies adoption which acts as a entry barrier. However, the market is expected to witness high growth which will attract new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, customized solutions as per needs give advantage to existing players.
Bargaining power of suppliers: A few major players dominate the supply market, giving them significant power over pricing. However, alternative options balance the dependence.
Threat of new substitutes: Emerging technologies for cancer care may substitute virtual solutions. Significant research investments are being made to develop more effective substitutes.
Competitive rivalry: The market sees intense competition due to growing need for advanced cancer care and presence of global key players. Players differentiate through product innovations and mergers.
SWOT Analysis
Strength: Virtual platforms offer effective cancer management solutions across global healthcare systems. It provides personalized care, improves accessibility and reduces costs.
Weakness: High dependency on technology and data infrastructure. Lack of awareness in some regions.
Opportunity: Rising cancer incidence worldwide and growing investments in digital health present huge market potential. Untapped regions offer scope for expansion.
Threats: Security and privacy concerns around sensitive oncology data. Regulatory variations across regions.
Key Takeaways
The Global Virtual Oncology Market Trend is expected to witness high growth during the forecast period of 2023-2030. North America currently dominates the market due to advanced healthcare infrastructure and technological adoption. Asia Pacific is anticipated to grow at the fastest pace owing to rising healthcare expenditures, growing cancer burden and favourable government policies supporting digital health.
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. Flatiron Health provides cloud-based solutions for clinical outcomes, research and analytics. McKesson Corporation offers oncology solutions combining deep clinical expertise with innovative technologies.
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