VIRTUAL ONCOLOGY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The virtual oncology market size is expected to reach US$ 10.8 Bn by 2030, from US$ 3.4 Bn in 2023, at a CAGR of 17.9% during the forecast period. Virtual oncology involves the use of advanced computing and information technology for improved cancer care. It enables remote delivery of cancer care services like diagnosis, treatment planning, monitoring, etc. using software, AI, automation, big data analytics, and other digital technologies.

The key drivers of the virtual oncology market include the rising prevalence of cancer worldwide, increasing adoption of AI and big data in oncology, and growth in clinical trials and research in the field of oncology. The market is segmented by component, cancer type, application end user, and region.

Virtual Oncology Market Regional Insights:

• North America is expected to be the largest market for virtual oncology during the forecast period, accounting for over 41.4% of the market share in 2022. The growth of the market in North America is attributed to the high adoption of advanced technologies in healthcare, significant funding for cancer research, and the presence of key market players in the region.
• The Europe market is expected to be the second-largest market for the virtual oncology market, accounting for over 24.9% of the market share in 2022. The growth of the market is attributed to the rising prevalence of cancer, favorable government initiatives, and an increasing focus on personalized medicine.

• The Asia Pacific market is expected to be the fastest-growing market for virtual oncology, with a CAGR of over 12.9% during the forecast period. The growth of the market in Asia Pacific is attributed to improving healthcare infrastructure, rising disposable incomes, and the growing medical tourism industry in the region.

Analysts’ Views on Global Virtual Oncology Market:

Virtual oncology includes various software for the cancer care that helps the patients provides a full collection of tools to help manage your cancer care. Thus, increasing prevalence of cancer offers key market players to launch various applications such as cancer care app for providing cancer care support to the patients. Thus, increasing the market growth

Figure 1. Global Virtual Oncology Market Share (%), by Region, 2023

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Virtual Oncology Market Drivers:

• Rising prevalence of cancer globally: The rising prevalence of various types of cancer worldwide is a major factor driving growth in the virtual oncology market. As per the World Health Organization (WHO), cancer was responsible for nearly 10 million deaths in 2020, making it a leading cause of mortality globally. The number of new cancer cases per year is expected to rise to 29.5 million by 2040. With the increasing cancer burden, there will be a greater need for technologies like virtual oncology that can improve screening, diagnosis, treatment planning, and management for cancer patients. Virtual oncology solutions enable optimization of workflows, remote expert consults and data-driven decision-making in oncology. Their adoption is rising to meet the demands of increasing cancer prevalence.
• Advances in artificial intelligence and big data analytics: Recent advances in AI, machine learning, and big data analytics are driving the adoption of virtual oncology solutions. The technologies are enabling analysis of, multidimensional cancer datasets to obtain actionable insights for precision care. For instance, AI can analyze digital pathology images to identify cancerous cells. Big data analytics facilitates evidence-based treatment decisions by discovering associations in disparate oncology data. Companies are integrating AI and big data capabilities into their virtual oncology platforms. In October 2021, Koninklijke Philips N.V., a health technology company, launched its IntelliSite Pathology Solution with AI-enabled augmented reality for better cancer diagnosis. AI and big data analytics enhance the functionality of virtual oncology tools.
• Increasing app launches for cancer clinical trials: There has been rapid growth in clinical trials and research activities to develop personalized medicine and targeted therapies for cancer. Virtual oncology solutions facilitate seamless data collection, sharing, and analysis during trials, enabling faster recruitment and improved efficiency. For example, clinical trial management software provides easy access to patient data for research teams and investigators across multiple locations. Moreover, analytics solutions are utilized to obtain insights from R&D data. Virtual oncology can expedite clinical trials, the time-to-market for new therapies and the discovery of genomic biomarkers, propelling its adoption across pharmaceutical companies and research organizations.
• Favorable reimbursement policies and government funding: Most developed countries are implementing favorable reimbursement policies to encourage adoption of cutting-edge virtual oncology technologies. For instance, in the U.S., the Protecting Access to Medicare Act of 2014 allows reimbursements for telehealth in cancer care. Additionally, private insurance companies are offering reimbursements for virtual solutions. Government and private funding for cancer research and precision oncology initiatives also enables uptake of virtual oncology tools. In 2022, the Biden administration proposed US$52 billion over 10 years for the ARPA-H initiative to drive R&D in cancer and other diseases, which will benefit virtual oncology companies.

Virtual Oncology Market Opportunities:

• Increasing investments by key market players: Emerging countries across Asia Pacific, Latin America and Middle East & Africa offer lucrative opportunities for virtual oncology solutions due to improving healthcare infrastructure, rising incidence of cancer and increasing health IT adoption. Increasing investments by key market players in AI platform cancer research. For instance, in November 2021, Sanofi, a pharmaceutical company, announced that they had invested $180 million equity investment into Owkin, a medical AI company, to support drug discovery and development initiatives through AI platform in four types of cancer
• Integration with hospital EMR systems and diagnostics equipment: There are abundant opportunities for virtual oncology solution providers to integrate their platforms with existing hospital EMR systems and diagnostic imaging equipment through APIs and interfaces. This will lead to easy, standardized data transfer between the virtual platform and a hospital’s internal systems for seamless workflows. Philips has already integrated its IntelliSite digital pathology solution with major EMR systems. Partnerships with imaging equipment companies can also allow access to imaging metadata for improving AI algorithms. Integrated platforms will be preferred by hospitals and cancer centers.
• Adoption of telemedicine and virtual care models for cancer: The COVID-19 pandemic accelerated the adoption of telehealth and virtual care models for delivering patient services remotely. Teleoncology models for cancer care management are gaining traction as they ensure continuity of care. Virtual oncology solutions that allow remote consultations, follow-ups, counselling and monitoring of side effects have an opportunity to penetrate the market. Players can develop specialized teleoncology services on their platforms
• Applications of blockchain technology: Blockchain has emerging applications in oncology for managing medical records, enhancing data security, enabling data sharing with privacy for research, streamlining clinical trials, and drug supply chain. Virtual oncology firms can incorporate blockchain to improve data interoperability, transparency and security on their platforms. Some companies are already piloting blockchain-based oncology platforms. For instance, Shivom uses blockchain to offer secure genomic data sharing, which helps researchers gain insights and facilitate personalized treatment. Blockchain integration presents an innovative opportunity for virtual oncology vendors.

Virtual Oncology Market Trends:

• Cloud-based oncology information platforms: A major trend in the virtual oncology market is the development of cloud-based oncology informatics platforms for convenience and flexibility of access. Cloud platforms allow easy sharing of patient data like medical history, lab results, radiology images, etc. among oncologists. They provide the scalability to store and analyze the vast datasets required for cancer research. For example, on May 17, 2023, EU research projects using the AI platform advance and improve cancer care treatment. Artificial intelligence supporting cancer patients across Europe (ASCAPE) is creating an open AI infrastructure for hospitals and research institutions. The digital infrastructure will provide services such as intelligent interventions for physiological and psychological support, improved patient and family counseling, early diagnosis and forecasts, identification of disease trajectories and relapse. The project focuses the training of the AI on breast and prostate cancer.
• Patient-centric approaches and consumerization: Shifting focus on patient-centric care models is an important trend, with virtual oncology platforms increasingly incorporating portals for patients to access information. The consumerization of healthcare and demand for convenience are also driving the development of mobile apps for self-monitoring and virtual assistant chatbots. Digital patient engagement tools like remote monitoring wearables are being integrated with virtual oncology software to enable patient-centric care. In May, 2020, Elekta, a neuroscience company, acquired Kaiku Health, a Helsinki-based startup focused on patient monitoring and patient-reported outcome services. As part of this deal, Kaiku Health’s app, which allows patients to track symptoms over time and can alert doctors or researchers with updates, will be integrated into Elekta’s Mosaiq Oncology Information System.
• Big data and real-world evidence (RWE) analytics: Virtual oncology vendors are leveraging big data analytics and real-world data derived from EHRs to uncover novel insights that can improve clinical decisions and health outcomes. Longitudinal analysis of real-world clinical datasets can enable the discovery of predictive biomarkers and personalized therapies. Partnerships with hospitals and research networks allow access to vast amounts of standardized oncology data for conducting RWE studies.

Virtual Oncology Market Restraints:

• Data privacy and security concerns: Concerns regarding the privacy and security of sensitive patient data collected on virtual oncology platforms can restrain their adoption. Cancer genomic data is highly confidential, and any breach can have serious implications. Regulatory compliance adds to the complexities of ensuring patient consent and secure data sharing across networks. Companies are utilizing blockchain, access controls, and data de-identification to address privacy concerns. Building trust regarding data protection is vital.
• Interoperability challenges: Lack of interoperability between different virtual oncology solutions and hospital IT systems hampers data exchange and collaboration between cancer care teams. Disparate vendor systems may use different data standards. Integration difficulties lead to gaps in patient records. Creating interfaces between various products involves significant investment. Regulatory bodies are encouraging common data models and open APIs for easier interoperability between healthcare IT systems. Vendors also need to offer out-of-the-box interoperability.
• Budgetary constraints: The high costs involved in implementing virtual oncology tools like software, data infrastructure and advanced analytics capabilities can deter adoption by smaller hospitals and clinics with budget constraints. Value-based pricing models, cloud solutions requiring lower upfront investment, and government funding incentives are imperative for overcoming affordability challenges. Companies need to demonstrate sufficient ROI through better health outcomes and savings.

Figure 2. Global Virtual Oncology Market Share (%), by Component, 2023

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Recent Developments:

New product launches:

• On October 2, 2023, European Commission-initiated European Cancer Imaging Initiative, (EUCAIM) and the European Commission announced the first public release of its platform, Cancer Image Europe, in the project’s development. The first platform release brings benefits to researchers, clinicians, and AI innovators across Europe and paves the way for the future of cancer diagnosis and treatment.
• On September 21, 2023, Belong.Life, a global healthtech provider of high-engagement patient communities and care platforms, announced the launch of Tara, software-as-a-service (SaaS)-based conversational artificial intelligence (AI) cancer clinical trial matching platform.
• In November 2022, Roche Products (India) Pvt. Ltd., a subsidiary of F. Hoffmann-La Roche Ltd, announced the launch of a mobile patient app for those taking part in its cancer support program. A new companion mobile app called Blue Tree 2.0 is improving access to the services of this program. Roche India developed the app together with smart technology company MOURI Tech.

Acquisition and partnerships:

• On September 11, 2023, Dell Technologies, a technology company, announced a partnership with University of Limerick (UL) to develop an AI platform that uses digital twin technology with cancer patient data to improve diagnosis and treatment capabilities.
• On September 20, 2023, Merck KGaA, a biotechnology company, announced two new strategic drug discovery collaborations aimed at harnessing powerful artificial intelligence (AI)-driven design and discovery capabilities, further advancing the company’s research efforts. The partnerships, with BenevolentAI, London, U.K., and Exscientia, Oxford, U.K., are expected to generate several novel clinical development drug candidates with first-in-class and best-in-class potential in key therapeutic areas of oncology, neurology, and immunology.
• On July 18, 2023, Massive Bio, Inc., a biotechnology company, announced a partnership with CureMatch, Inc., a software company, to improve access to cancer clinical trials and precision oncology treatments through their decision support and artificial intelligence platforms. The partnership will combine CureMatch's decision support platform, which identifies cancer treatments for patients based on their molecular tumor profile, with Massive Bio's AI platform to process patient data from the CureMatch reports and match patients to clinical trials.

Top companies in Virtual Oncology Market:

• 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
• AI
• CureMatch, Inc.
• Oncora Medical
• Massive Bio, Inc.
• Dell Technologies

*Definition: Virtual oncology involves leveraging advanced digital technologies like artificial intelligence (AI), big data analytics, automation, software platforms, and telehealth to enable remote delivery of cancer care services. It aims to improve every aspect of cancer care, from diagnosis to developing treatment plans, monitoring patients, managing records to drug discovery through the aggregation and analysis of multidimensional data. Virtual oncology solutions facilitate coordinated and faster exchange of patient data between specialists to identify ‘at-risk’ individuals early and personalize treatment regimens. They empower physicians to make data-driven clinical decisions by providing actionable insights. The market has gained traction due to the rising prevalence of cancer worldwide, the need for better cancer diagnosis and treatment, and increasing research and clinical trials in oncology. North America dominates the global virtual oncology market presently.

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