April 12, 2024

The Global Virtual Oncology Market To Show Robust Growth Owing To The Global Virtual Oncology Market

Virtual oncology helps medical professionals and patients visualize cancer-related data in an easy-to-understand 3D or virtual environment. Products like virtual reality headsets and computer visualization programs allow doctors to interact with medical scans, share information remotely, and explain complex parts of the body or proposed treatment plans. This innovative technology reduces costs and travel requirements associated with traditional consultations or second opinions.

 The global virtual oncology market is estimated to be valued at US$ 3.42 billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

This allows patients to actively participate in treatment decisions and better understand complex medical procedures. Doctors can also utilize VR to collaborate remotely with specialists, discuss cases in three dimensions, and improve planning for interventions. As the technology becomes more affordable and integrated with medical scanning systems, the use of VR in oncology is expected to grow substantially over the forecast period.
Segment Analysis
The global Virtual Oncology market is dominated by the Software & Services segment. As companies are increasingly focusing on developing virtual environment for conducting clinical trials and medical training simulations. The software & services allow hospitals and cancer research centers to create digital replicas of patients for clinical decision making, surgical planning and oncology education without risking actual patients. This is helping in improving patient safety and outcomes.

Key Takeaways
The Global Virtual Oncology Market Size is expected to witness high growth over the forecast period of 2023 to 2030. With increasing adoption of virtual imaging and simulation techniques for cancer treatment, the adoption of virtual oncology solutions is expected to rise significantly.

Regional analysis
North America region currently dominates the virtual oncology market aided by presence of major players and higher adoption of advanced medical technologies. The Asia Pacific region is expected to witness fastest growth over the coming years due to rising cancer incidence, increasing healthcare expenditure and growing medical tourism. Countries like China and India are emerging as lucrative markets for virtual oncology solutions.

Key players
Key players operating in the Virtual Oncology market are Omron Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc., Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens AG, ams AG, and STMicroelectronics Inc. Omron Corporation dominates the market and offers various virtual oncology solutions like virtual reality surgical training systems and medical simulation software.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it