by Virtual oncology utilizes digital technology to assist clinicians in diagnosing and treating cancer patients. It employs medical imaging, simulation, and AI tools to create 3D models of tumors that help identify the best treatment approach. Virtual oncology finds application in radiation oncology for treatment planning and delivery. 3D printing is also used to create customized medical devices.
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 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global virtual oncology Market is primarily driven by the rising prevalence of cancer worldwide. As per the World Cancer Research Fund International, in 2020, an estimated 19.3 million new cancer cases and 10 million cancer deaths were reported globally. Cancer is one of the leading causes of mortality worldwide, necessitating advanced diagnostic and therapeutic solutions. Virtual oncology aids physicians in accurately visualizing tumor morphology, which helps create personalized treatment strategies. This driver, coupled with technological advancements in AI, 3D printing, and simulation, is estimated to fuel the demand for virtual oncology solutions over the forecast period.
SWOT Analysis
Strength: Virtual oncology offers remote and customizable solutions for cancer treatment. It provides three dimensional virtual access to patients which improves both access and treatment outcomes. Virtual tools help oncologists gain a comprehensive understanding of each tumor anatomy in detail.
Weakness: Over-reliance on network connectivity and IT infrastructure can pose challenges, especially in rural areas. High upfront investment requirements for advanced technologies may not be feasible for all healthcare providers.
Opportunity: Growing geriatric population and rising cancer incidence worldwide presents a massive market potential. Virtual solutions can help address issues of limited oncology resources and specialists in developing nations. Tele-oncology can play a vital role in extending quality cancer care to remote and underserved regions.
Threats: Data privacy and security concerns may reduce patient acceptance of virtual treatments. Rapid technological advancements require frequent platform and software upgrades incurring additional expenses. Rising physician workload due to increased patient volume managed virtually.
Key Takeaways
The Global Virtual Oncology Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 3.42 Billion in 2023 and expected to grow at a CAGR of 8.4% during the forecast period.
Regional analysis
North America dominates the global virtual oncology market currently owing to high adoption of advanced healthcare technologies and strong infrastructure. However, Asia Pacific is expected to emerge as the fastest growing region on back of rising healthcare investments, growing cancer burden and expansion of telehealth programs in major countries like China, India and Japan.
Key players
Key players operating in the virtual oncology market are Omron Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc., Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens AG, ams AG, and STMicroelectronics Inc.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
