June 22, 2024
Virtual Oncology Market

The Rising Demand For Personalized Cancer Treatment Is Driving The Virtual Oncology Market

Virtual oncology is an emerging field which uses digital and advanced technologies to provide improved and effective cancer care. Various virtual technologies such as AI, big data analytics, augmented reality and virtual reality are being integrated with conventional cancer treatment approaches. AI and big data analytics helps in personalized cancer screening, early diagnosis, individualized treatment planning and precision medicine. Technologies such as augmented and virtual reality are being used for cancer patient education and support, minimally invasive surgeries and radiation therapy. Many leading hospitals and oncology centers are adopting virtual technologies to modernize cancer facilities and deliver innovative care models.

The global Virtual Oncology Market is estimated to be valued at US$ 3.94 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing use of AI and big data analytics in cancer care is expected to drive the growth of virtual oncology market over the forecast period. AI technologies are empowering oncologists to gain real-time insights into vast amounts of cancer data to detect patterns and predict outcomes more accurately. It also helps in personalized risk prediction, molecular profiling and genomic sequencing. This is improving diagnosis and treatment outcomes significantly. Furthermore, advancements in augmented and virtual reality are also fueling the market growth by enabling simulation of cancer procedures before actual implementation and training of medical professionals. Technologies such as AR and VR based surgical navigation and planning are minimizing risks associated with cancer surgeries. Thus, continuous innovation and integration of virtual technologies in cancer field will boost the virtual oncology market during the forecast period.

Segment Analysis

The global virtual oncology market is dominated by the consulting and support sub-segment, which holds around 40% share of the overall market. This is mainly because healthcare providers are increasingly adopting virtual oncology solutions to manage their patient caseloads efficiently through remote access capabilities and virtual consultations.

PEST Analysis

Political: Regulations around data privacy and security have been strengthened in major markets, encouraging healthcare providers to adopt virtual oncology technology to maintain compliance.
Economic: Growing healthcare costs have prompted providers to utilize virtual oncology as it reduces in-person visits and associated expenses while improving patient outcomes.
Social: Patients appreciate the convenience of remote consultations, follow-ups and disease monitoring through virtual oncology platforms, especially amid COVID-19 restrictions.
Technological: Advancements in areas such as AI, cloud computing and 5G connectivity have enabled seamless virtual interaction between patients and providers.

Key Takeaways

The global Virtual Oncology Market Share is expected to witness high growth at a CAGR of 7.4% during the forecast period of 2024 to 2031 to reach a market size of US$ 6.04 Bn by 2031.

North America accounts for the largest share in the global virtual oncology market, owing to supportive regulatory environment and technologically advanced healthcare infrastructure.

Key players operating in the virtual oncology market are KTK, Shanghai Electric, Westinghouse, Jiacheng, Kangni, Horton Automatics, Nabtesco, Stanley, Fangda, Faiveley, Manusa, Panasonic.

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