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 17.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Virtual oncology uses advanced digital and technological innovations to deliver cancer care. It provides patients access to world-class cancer expertise and support regardless of location through telemedicine. Virtual care models optimize resources while maintaining or improving quality of care. They also enhance patient experience through better access and continuity of care.
Virtual oncology has numerous advantages over traditional oncology care. It reduces travel expenses and time for patients living in remote areas or with limited mobility. Virtual clinics and consultations allow patients to receive care from the comfort of their home. The integrated digital tools in virtual oncology improve care coordination between different providers and streamline treatment planning and administration. This results in enhanced outcomes and experiences for patients.
Market key trends:
One of the major trends driving the virtual oncology market growth is the rising adoption of AI and analytics. AI helps analyze vast amounts of patient data to improve diagnostics, predict outcomes, and personalize treatment plans. It also automates certain routine care delivery tasks to optimize resources. Another key trend is the growing focus on remote patient monitoring. Virtual tools monitor patients outside of clinical settings and flag any adverse changes or complications in real-time. This allows proactive interventions and management ofSide effects from home. Furthermore, the Covid-19 pandemic has accelerated the shift to telehealth and virtual care models for safety. Many patients now prefer the convenience of virtual consultations over in-person visits when possible.
Threat of new entrants: The virtual oncology market requires significant capital investments for R&D which poses a barrier for new companies. Bargaining power of buyers: Individual customers have low bargaining power, however large hospitals and pharmaceutical companies wield significant influence on product offerings and pricing. Bargaining power of suppliers: A few large companies dominate the supply of key oncology technologies and services giving them control over pricing and product differentiation. Threat of new substitutes: Alternatives such as traditional in-person care continue to exist but virtual offerings provide added convenience and accessibility. Competitive rivalry: The market sees intense competition among existing players to gain technology leadership and market share through innovations and strategic collaborations.
The global Virtual Oncology Market Share is expected to witness high growth, exhibiting a CAGR of 17.9% over the forecast period 2023-2030, due to increasing need for accessible cancer care solutions and growing adoption of digital health technologies. North America dominates the virtual oncology market currently due to presence of advanced healthcare infrastructure and favorable reimbursement policies in the region supporting technology adoption. Asia Pacific is anticipated to be the fastest growing regional market driven by rising cancer incidence, growing medical tourism, and investments by players looking to tap emerging countries.
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. These market players are focusing on adopting organic and inorganic growth strategies like collaborations, mergers & acquisitions, and new product launches to enhance their market share and presence in the high growth virtual oncology market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it