The Virtual Oncology Market is estimated to be valued at US$ 3.42 billion in 2022 and is expected to exhibit a CAGR of 17.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual Oncology uses artificial intelligence to help analyze medical scans and research to improve cancer diagnosis and care. It allows doctors to diagnose cancer quickly and accurately by identifying lesions that may have been missed on human review alone. With virtual oncology platforms, physicians can collaborate remotely and get second opinions on patients scan readings from specialists anywhere in the world. This reduces delays in treatment and improves health outcomes.
Market key trends:
The increasing adoption of artificial intelligence (AI) for cancer screening and treatment planning is expected to be a major trend driving the growth of virtual oncology market during the forecast period. AI is being utilized for a variety of applications in oncology such as cancer screening and early detection, precision medicine, gene sequencing, drug development and clinical trial matching. For instance, AI algorithms can analyze medical scans like CT, MRI and mammograms to identify subtle signs of cancer that may be overlooked on human review. They are able to detect patterns and abnormalities more accurately than humans. This is expected to increase the demand for virtual oncology platforms integrated with AI.
Porter’s Analysis
Threat of new entrants: Entry barriers are moderate as it requires high capital investments and availability of infrastructure and expertise to enter the virtual oncology market. However, emerging players provide an opportunity with new technologies.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but their needs are diverse which requires customized solutions.
Bargaining power of suppliers: Suppliers have high bargaining power as there are few players that provide core technologies and services required in virtual oncology domain.
Threat of new substitutes: Threat of new substitutes is low as the market is constantly evolving with new use cases and applications combining various technologies.
Competitive rivalry: High as the key players compete on tech capabilities, service offerings and geographic expansion.
SWOT Analysis
Strength: Virtual oncology leverages digital technologies to optimize cancer care delivery. It also improves access and quality of care.
Weakness: High upfront costs, data privacy and security concerns, interoperability challenges. Lack of expertise and infrastructure in emerging markets.
Opportunity: Untapped markets in developing nations, growing acceptance of telehealth, collaborations to fill technology gaps.
Threats: Reimbursement issues, disruption from new entrants, economic slowdowns impacting investments.
Key Takeaways
The global Virtual Oncology Market Share is expected to witness high growth, exhibiting CAGR of 17.9% over the forecast period, due to increasing prevalence of cancer globally and rising investments in digital health startups. The market size is projected to reach US$ 6.11 billion by 2030 from US$ 3.42 billion in 2023.
Regionally, North America dominates the virtual oncology market currently due to high healthcare expenditures and advanced healthcare infrastructure. However, Asia Pacific is expected to grow at the fastest pace owing to large patient pool, improving accessibility and focus on developing digital health ecosystem in countries like China and India.
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. The companies are focusing on strategic partnerships and new product launches to strengthen their market position.
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https://www.trendingwebwire.com/the-rise-of-virtual-oncology-market-trends-size-and-share-analysis/
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