July 21, 2024

Growing Adoption Of AI-Powered Precision Therapy To Drive Growth In The Virtual Oncology Market

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 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The virtual oncology market consists of software applications and platforms that harness data science and artificial intelligence to revolutionize cancer care. By aggregating and analyzing large volumes of molecular, clinical, radiological and outcome data, virtual oncology solutions help oncologists develop personalized treatment plans tailored to the unique features of each patient’s cancer. This represents a paradigm shift away from conventional “one-size-fits-all” approaches, towards precision therapy that accounts for individual variability at the molecular level. Virtual oncology solutions also enable real-world evidence generation, clinical trial personalization and remote cancer care management.

Market key trends:

One of the key trends in the virtual oncology market is the growing adoption of AI-powered precision therapy. Machine learning and deep learning algorithms are increasingly being applied to large datasets containing multidimensional omics and clinical information on cancer patients. This helps identify distinct molecular subtypes associated with varying responsiveness, discover novel biomarkers, predict treatment outcomes and develop composite risk scores. Leading players in the market are focused on enhancing their AI capabilities to enable hyper-personalized treatment decision making. Additionally, remote virtual cancer consultations and clinical trial matching using real-world data are emerging as other major trends, helping expand access and convenience of care.

Porter’s Analysis

Threat of new entrants: The virtual oncology market poses moderate threat as new entrants require significant capital investment in software development and compliance with regulations.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of numerous established players offering virtual solutions and telehealth services.

Bargaining power of suppliers: Software and technology providers have low to moderate bargaining power due to availability of alternative suppliers.

Threat of new substitutes: Threat is low as virtual oncology solutions provide cost-effective treatment through remote monitoring with minimal alternative substitutes available.

Competitive rivalry: The market witnesses high competition among existing players focusing on new product launches and mergers & acquisitions.

Key Takeaways

The Global Virtual Oncology Market Demand is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing awareness about telehealth services and virtual tumor boards.

North America dominates the virtual oncology market currently due to presence of advanced healthcare infrastructure and favorable reimbursement policies for telehealth services in the region. Europe is expected to show notable growth in the virtual oncology market owing to growing technological adoption.

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.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it