Virtual Oncology Market Estimated To Witness High Growth Owing To Rising Prevalence Of Cancer Diseases
Virtual oncology involves the use of 3D imaging, augmented reality and virtual reality in cancer diagnosis and treatment planning. It aids medical professionals in visualizing tumors and planning radiation therapy with high precision. With the rising burden of cancer worldwide, virtual oncology tools help deliver optimized radiation doses to cancer sites, while avoiding damage to surrounding healthy tissues.
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:
One of the key drivers for the growth of the virtual oncology market is the rising prevalence of cancer diseases globally. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The increasing incidence of cancers such as lung cancer, breast cancer and colorectal cancer is driving the demand for advanced treatment planning technologies such as virtual oncology. Virtual oncology helps improve treatment outcomes in cancer through precise delivery of radiation doses. This is further fueling revenue growth of the virtual oncology market.
SWOT Analysis
Strength: Virtual oncology provides data-driven insights to help specialists make more informed treatment decisions. By leveraging various data sources like patient records, research papers, and clinical trials, virtual oncology platforms can offer treatment recommendations tailored to individual patients. This personalized approach improves treatment outcomes. Virtual oncology solutions also give doctors remote access to consult with colleagues, stay up to date with the latest in cancer research, and get second opinions. This allows for better collaboration and ensures patients receive the highest quality of care.
Weakness: Limited real-world data is currently available to train algorithms. Over-reliance on artificial intelligence without human oversight could potentially lead to inaccurate diagnoses or treatment plans.
Opportunity: Rising cancer incidence worldwide has increased demand for more efficient and accessible healthcare solutions. Virtual oncology platforms help address issues like shortage of oncologists and wide geographical disparities in quality of care. Growing investments in digital health also provide opportunities for virtual oncology players to engage with stakeholders.
Threats: Data privacy and security concerns may hamper adoption of virtual oncology solutions. Lack of consensus on regulatory guidelines for AI-assisted clinical decision making remains a challenge.
Key Takeaways
The global Virtual Oncology Market Share is expected to witness high growth. The increasing prevalence of cancer and rising healthcare costs are driving the demand for more affordable and accessible treatment options. Virtual oncology platforms assist medical professionals with critical tasks like clinical decision making, diagnosis, and treatment planning using data science and AI. This helps improve clinical outcomes while reducing overall costs for payers and health systems. 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.
Regional analysis related content comprises:
North America currently dominates the virtual oncology market and is projected to continue its strong growth over the forecast period. This can be attributed to rising healthcare spending, presence of major players, and growing adoption of advanced digital technologies in the region's healthcare systems. Asia Pacific is poised to emerge as the fastest growing market, supported by growing cancer burden, increasing healthcare investments, and rising income levels in many countries.
Key players related content comprises:
Key players operating in the virtual oncology market are KTK, Shanghai Electric, Westinghouse, Jiacheng, Kangni, Horton Automatics, Nabtesco, Stanley, Fangda, Faiveley, and Manusa. Major players are focusing on partnerships, new product launches, and mergers & acquisitions to strengthen their market position. For instance, in 2021, KTK partnered with multiple healthcare systems to provide oncology-focused AI solutions to expand access to affordable cancer care.
For more insights, read- https://www.pressreleasebulletin.com/virtual-oncology-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-immunology-market-growth.html
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