The Virtual Oncology Market is estimated to be valued at US$ 7.2 Bn in 2023

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in virtual oncology market. Coherent Market Insights’ analyst projected the virtual oncology market to be valued at US$ 7.2 Bn in 2023. It is expected to exhibit a CAGR of 17.9% over the forecast period 2023-2030.

Increasing prevalence of cancer globally drives market growth. As per data by World Health Organization (WHO), Cancer accounts for nearly 10 million deaths worldwide in 2020. Rising geriatric population which is more susceptible to develop cancer is also fueling the virtual oncology market growth.

Another key aspect spurring the market growth is increasing adoption of simulation and AI based technologies by oncologists to improve cancer treatment outcomes. These simulation-based technologies help medical professionals analyze cancer progression in real-time and test various treatment plans virtually before actual implementation thereby improving patient care.

Key market trends include Increasing investments in R&D for advanced virtual oncology solutions is a major trend witnessed in the market. Key players are focusing on developing more accurate and realistic cancer simulation software using advanced technologies like augmented reality, virtual reality and AI. For instance, in 2020 Anthropic raised $40 million funding to research on generalizable AI techniques for cancer treatment simulation.

Another key trend is rising partnerships and collaborations between technology providers and cancer research institutes to commercialize innovative virtual oncology solutions. This helps in expanding application of virtual technologies from drug development to surgical planning thereby benefitting patients.

Virtual Oncology Market Opportunities: The virtual oncology market size was valued at USD 5.3 bn in 2021 and is anticipated to witness a CAGR of 17.9% during the forecast period of 2023-2030. The growth of the market is supported by the increasing incidence of cancer cases across the globe.

The software segment is expected to hold a dominant position, owing to the increasing adoption of various oncology software such as EHRs, clinical decision support systems, and population health management for cancer treatment and diagnosis.

The breast cancer segment held the largest share in 2021 due to the increasing awareness regarding early screening and diagnosis of breast cancer. Moreover, technological advancements in digital breast tomosynthesis (DBT) further supplements the market growth of this segment.

Key Market Takeaways: The virtual oncology market is anticipated to witness a CAGR of 17.9% during the forecast period 2023-2031. This is owing to the rising investments by key players to develop advanced virtual oncology solutions.

On the basis of component, the software segment is expected to hold a dominant position. This is owing to its wide application in cancer research, diagnosis, and treatment.

On the basis of cancer type, North America is expected to hold a dominant position over the forecast period. This is due to the rising cancer incidence and growing healthcare expenditure in the region.

Competitor Insights: Key players operating in the virtual oncology market include Flatiron Health, McKesson Corporation, Cerner Corporation, Koninklijke Philips N.V., 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.

Recent Developments: The European Commission on October 2, 2023, announced the first public release of its platform, Cancer Image Europe, in the development of the European Commission-initiated European Cancer Imaging Initiative (EUCAIM). The initial platform release facilitates the future of cancer detection and treatment and benefits researchers, clinicians, and AI pioneers throughout Europe. More information in full report