by The virtual oncology market includes various virtual consultancy and professional services for cancer patients and healthcare providers. Virtual oncology solutions help oncologists and cancer care teams remotely access and analyze medical images, pathology slides, genomic data and laboratory reports to develop a personalized treatment plan. These virtual platforms also enable real-time collaboration between care teams for discussing treatment options and coordinating complex cancer care. The need for such digitalized cancer care delivery systems has increased amid physical distancing requirements during the COVID-19 pandemic.
The global virtual oncology market is estimated to be valued at US$3.42 billion 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 key trends:
One of the key trends in the virtual oncology market is the growing adoption of digital pathology. Digital pathology uses digital scanners to capture slides at high magnification for cloud-based analysis and interpretation. It allows multiple pathologists to simultaneously view and annotate tissue slides from different locations. Many cancer centers are now implementing virtual pathology practices to facilitate remote review of cases and standardized diagnosis. For instance, Philips launched the IntelliSite Pathology Solution that enabled full digital pathology workflow including primary diagnosis. Increased investments by hospitals and cancer centers in whole slide imaging systems for telepathology is expected to drive the digital pathology market during the forecast period. Furthermore, integration of AI and machine learning tools for automatic disease detection on pathology slides will accelerate digitization in oncology.
Porter’s Analysis
Threat of new entrants: The virtual oncology market has moderate threat from new entrants due to high start up costs involved in developing virtual platforms and strong brand positioning by existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many players offering similar virtual oncology services. However, switching costs associated with changing platforms provides some stability to existing players.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute options.However, proprietary tools and technologies provide some advantage to few suppliers.
Threat of new substitutes: Threat of substitutes is moderate as virtual tools have some advantages over physical counterparts. However, physical consultations cannot be completely replaced.
Competitive rivalry: The market competition is high due to presence of many global and regional players offering similar services. Players compete based on technology, pricing, services and geographic reach.
Key Takeaways
The Global Virtual Oncology Market Trend is expected to witness high growth over the forecast period supported by rising incidence of cancer cases globally. North America dominates the market currently due to established healthcare infrastructure and availability of advanced technologies.
Regional analysis: North America is expected to continue dominating the market during the forecast period supported by presence of major players and favorable government policies for adoption of digital healthcare in the region. Asia Pacific is expected to grow at a high pace due to increasing healthcare spending, growing medical tourism and digitization of healthcare in the region.
Key players: 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
