Virtual Oncology Is Estimated To Witness High Growth Owing To Rising Incidences Of Chronic Diseases
The 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:
Virtual oncology involves the use of digital technologies to streamline cancer care delivery and improve patient outcomes. It enables remote monitoring of cancer patients and provides personalized cancer treatment plans using tools such as electronic health records, medical imaging, genomic data analysis, and clinical decision support systems.
Market Dynamics:
The growing virtual oncology market is mainly driven by the rising incidences of chronic diseases such as cancer worldwide. According to the World Cancer Research Fund International, around 17 million new cancer cases emerged globally in 2020. Moreover, improving healthcare infrastructure along with advancements in digital technologies is also spurring the adoption of virtual oncology solutions. Virtual oncology tools help providers deliver cost-effective and coordinated cancer care. They also assist physicians in performing complex tasks such as radiation treatment planning more efficiently. However, data privacy & security concerns and the lack of skilled healthcare professionals may hamper the market growth.
SWOT Analysis
Strength: Virtual Oncology helps save costs, increases access and enhances collaboration. It has tools that can simplify complex workflows and improve decision making. Technology advancements are making platforms more effective.
Weakness: Data privacy and security continue to be major challenges. Initial costs of transitioning to virtual platforms can be high. Lack of standardized processes and guidelines affects overall efficiency.
Opportunity: Growing geriatric population and increasing burden of cancer presents the need for smarter healthcare solutions. Virtual approaches can help address shortage of oncologists in certain regions. COVID-19 has accelerated the digital shift in healthcare.
Threats: Resistance to change from traditional practices poses a threat for adoption. Possibility of platforms becoming outdated due to rapid technology advancements. Stringent regulations surrounding data sharing can hamper collaboration.
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 focus on personalized care and improved collaboration among healthcare providers.
Market size for 2023 is estimated to be US$ 3.42 Bn. North America currently dominates the market owing to favorable reimbursement policies and higher healthcare spending in the US and Canada. Asia Pacific is expected to grow at the fastest pace due to rising cancer incidence, growing medical tourism and initiatives to modernize healthcare infrastructure in China, India and Japan.
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 players are focusing on partnerships, new product launches and innovation to strengthen their market presence.
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