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

Virtual Oncology Market Size and Trends

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.

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.