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| Virtual Oncology Market |
Virtual oncology is an advanced healthcare technology that utilizes artificial intelligence and 3D computer modeling to accurately simulate cancer treatment options for patients in a safe, guilt-free virtual environment. By creating a digital twin of the patient's tumor and surrounding anatomy, virtual oncology allows clinicians to test the efficacy of different therapies including radiation, chemotherapy, immunotherapy and surgery without subjecting the patient to any risk. This gives patients access to more personalized treatment plans and enables doctors to optimize outcomes.
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 key trends:
The increased adoption of artificial intelligence (AI) has been a major trend
fueling the growth of the virtual oncology market. AI assists physicians in
treatment decision making and planning by processing large amounts of medical
imaging and genomic data to identify complex patterns and predict outcomes. It
helps optimize radiation dosage and customize therapy for each patient's unique
biology and anatomy. As healthcare providers recognize the benefits of AI in
enhancing accuracy and success rates while reducing costs, its usage has grown
rapidly within the virtual oncology space. This has improved patient access and
driven expanded investment and development of new AI-powered capabilities.
Segment Analysis
The global Virtual Oncology market is dominated by the Integration solutions
segment. This segment accounted for nearly 40% of the total market share in
2024 driven by the increasing demand for integration of oncology-related data
across different platforms and departments for optimized cancer care. The
solutions offered under this segment help streamline the workflow, enhance
collaboration, and improve clinical decision making by providing a centralized
platform for integrated oncology data and records.
Key Takeaways
The global Virtual
Oncology Market Share is
expected to witness high growth over the forecast period of 2024 to 2031. 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 shows that North America accounted for the largest share of over 35%
in the global market in 2024 due to developed healthcare infrastructure, high
adoption of advanced technologies, and presence of leading players in the
region. Europe was the second largest market, followed by Asia Pacific which is
anticipated to grow at the highest CAGR during the forecast period owing to
improving healthcare infrastructure and increasing focus on precision medicine
in countries like China, India and Japan.
Key players operating in the Virtual Oncology market are KTK, Shanghai
Electric, Westinghouse, Jiacheng, Kangni, and Horton Automatics. KTK
Corporation is one of the leading players offering innovative AI solutions for
precision oncology. Shanghai Electric provides integrated solutions for
comprehensive cancer management. Westinghouse has a strong market presence with
its Molecular Tumor Board platform for collaborative cancer care. Jiacheng
offers cloud-based informatics solutions for integrated oncology workflows.
Kangni Healthcare provides virtual tumor boards solution to enhance patient
access to multi-disciplinary specialists. Horton Automatics offers innovative
imaging solutions for radiation therapy design and treatment planning in
oncology. The key players are focusing on partnerships, acquisitions, and new
product launches to further strengthen their position in the high growth
Virtual Oncology market.
For more insights, read- https://www.newsstatix.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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