Global Digital Oncology Therapeutics Market is projected to reach the value of $3.18 billion by 2030

According to the report published by Virtue Market Research, In 2022, the Global Digital Oncology Therapeutics Market was valued at $1.58 billion and is projected to reach a market size of $3.18 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 9.15%.

The digital oncology therapeutics market is witnessing a rapid growth due to the emergence of several innovative technologies and growing demand for personalized medicine. This market has experienced a significant transformation over the past few years, driven by advancements in healthcare technology, changing healthcare policies, and the rising prevalence of cancer worldwide.

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The major long-term driver of the digital oncology therapeutics market is the increasing prevalence of cancer worldwide. According to the World Health Organization (WHO), cancer is the second leading cause of death globally, with an estimated 9.6 million deaths in 2018. The rising prevalence of cancer is attributed to various factors such as lifestyle changes, aging population, exposure to carcinogens, and genetic mutations. Digital oncology therapeutics provide a personalized treatment approach that is tailored to individual patient needs, resulting in improved outcomes and reduced healthcare costs.

The COVID19 pandemic has had a significant impact on the digital oncology therapeutics market. The pandemic has disrupted healthcare systems worldwide, resulting in delays in cancer diagnosis and treatment. This has led to an increase in demand for digital oncology therapeutics as patients look for alternative treatment options. Digital oncology therapeutics have also facilitated remote patient monitoring, enabling patients to receive treatment from the comfort of their homes. This has further fueled the growth of the digital oncology therapeutics market.

The major short-term driver of the digital oncology therapeutics market is the increasing adoption of artificial intelligence (AI) in healthcare. AI has the potential to revolutionize cancer treatment by enabling early detection, predicting treatment outcomes, and facilitating personalized treatment. AI-powered digital oncology therapeutics can analyze large amounts of patient data to identify patterns and predict disease progression. This can help clinicians make informed decisions about treatment options and improve patient outcomes.

One of the key opportunities in the digital oncology therapeutics market is the growing demand for telemedicine. Telemedicine enables patients to receive medical consultations and treatment remotely, reducing the need for in-person visits to healthcare facilities. This is particularly beneficial for cancer patients who may be immunocompromised and at a higher risk of contracting infections. Telemedicine also improves access to healthcare for patients in remote areas, thereby increasing patient engagement and improving outcomes.

One of the major trends observed in the digital oncology therapeutics market is the increasing use of digital biomarkers. Digital biomarkers are objective, quantifiable measures of disease that are collected using digital devices such as smartphones, wearables, and sensors. Digital biomarkers can provide real-time data on patient health status, enabling clinicians to make more informed decisions about treatment. Digital biomarkers also facilitate remote patient monitoring, enabling patients to receive treatment from the comfort of their homes.

Segmentation Analysis:

The global Digital Oncology Therapeutics Market segmentation includes:

By Product Type: Digital Therapeutics (DTx), Digital Diagnostics and Monitoring Tools, Digital Decision Support Systems, Tele-oncology Solutions

The digital oncology therapeutics market is segmented into four major product types: digital therapeutics (DTx), digital diagnostics and monitoring tools, digital decision support systems, and tele-oncology solutions. Digital diagnostics and monitoring tools are currently the largest segment in this market, owing to their ability to facilitate remote patient monitoring and improve patient outcomes. Digital therapeutics is the fastest-growing segment in this market, with a projected CAGR of 22.6% from 2021 to 2028. Digital therapeutics enable personalized treatment and have the potential to revolutionize cancer treatment by improving patient outcomes and reducing healthcare costs.

By Technology: AI and ML, Big Data and Analytics, Mobile Health (mHealth) and Wearables, Internet of Medical Things (IoMT), Blockchain, Telemedicine, VR and AR

The digital oncology therapeutics market is segmented into several technologies, including AI and ML, big data and analytics, mobile health (mHealth) and wearables, Internet of Medical Things (IoMT), blockchain, telemedicine, and VR and AR. AI and ML is currently the largest segment in this market, owing to its ability to analyze large amounts of patient data and identify patterns that can aid in treatment decision-making. However, mobile health and wearables are expected to be the fastest-growing segment in this market, with a projected CAGR of 17.9% from 2021 to 2028. Mobile health and wearables enable remote patient monitoring and provide real-time data on patient health status, enabling clinicians to make informed decisions about treatment options.

AI and ML are widely used in the digital oncology therapeutics market for various applications, including early detection of cancer, personalized treatment, and prediction of treatment outcomes. Big data and analytics are also used to analyze large amounts of patient data and identify patterns that can aid in treatment decision-making. Mobile health and wearables enable remote patient monitoring and provide real-time data on patient health status, enabling clinicians to make informed decisions about treatment options. IoMT enables the integration of medical devices and data to improve patient outcomes. Blockchain technology enables secure sharing of patient data and improves data accuracy. Telemedicine enables patients to receive medical consultations and treatment remotely, reducing the need for in-person visits to healthcare facilities. VR and AR technologies enable immersive experiences and can aid in pain management and patient education.

By Application: Cancer Screening and Diagnosis, Treatment Decision Support, Remote Patient Monitoring, Cancer Symptom and Side Effect Management, Patient Engagement and Education, Clinical Trials and Research

The digital oncology therapeutics market is segmented into several applications, including cancer screening and diagnosis, treatment decision support, remote patient monitoring, cancer symptom and side effect management, patient engagement and education, and clinical trials and research. Cancer screening and diagnosis is currently the largest segment in this market, owing to the increasing prevalence of cancer worldwide and the growing demand for early detection and personalized treatment. Cancer screening and diagnosis is also the fastest-growing segment in this market, with a projected CAGR of 16.3% from 2021 to 2028. Cancer screening and diagnosis tools enable the early detection of cancer and improve patient outcomes.

Treatment decision support tools aid in the selection of the most appropriate treatment option for individual patients, based on their medical history and genetic makeup. Remote patient monitoring tools enable patients to receive medical consultations and treatment remotely, reducing the need for in-person visits to healthcare facilities. Cancer symptom and side effect management tools aid in the management of cancer symptoms and side effects, improving patient quality of life. Patient engagement and education tools enable patients to take an active role in their treatment and improve patient outcomes. Clinical trials and research tools aid in the development of new cancer treatments and improve patient outcomes.

By End-User: Hospitals and Clinics, Pharmaceutical and Biotechnology Companies, Cancer Research Institutes, Patients and Caregivers, Payers and Insurers

The digital oncology therapeutics market is segmented into several end-users, including hospitals and clinics, pharmaceutical and biotechnology companies, cancer research institutes, patients and caregivers, and payers and insurers. Patients and caregivers are currently the largest segment in this market, owing to the growing demand for personalized medicine and patient-centric care. Patients and caregivers play a crucial role in the management of cancer, and digital oncology therapeutics enable them to take an active role in their treatment.

Hospitals and clinics are expected to be the fastest-growing segment in this market, with a projected CAGR of 15.7% from 2021 to 2028. Hospitals and clinics are major end-users of digital oncology therapeutics, owing to their ability to facilitate remote patient monitoring and improve patient outcomes. Pharmaceutical and biotechnology companies and cancer research institutes are also major end-users of digital oncology therapeutics, owing to their ability to aid in the development of new cancer treatments and improve patient outcomes. Payers and insurers play a crucial role in the adoption and reimbursement of digital oncology therapeutics.

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Regional Analysis:

North America is currently the largest region in the digital oncology therapeutics market, owing to the presence of a well-established healthcare infrastructure and a high prevalence of cancer in the region. The increasing adoption of innovative technologies such as AI and telemedicine in cancer treatment is also driving the growth of the digital oncology therapeutics market in North America.

Asia-Pacific is expected to be the fastest-growing region in the digital oncology therapeutics market. The rising prevalence of cancer in the region, coupled with the growing demand for personalized medicine, is driving the growth of the digital oncology therapeutics market in Asia-Pacific. The increasing adoption of innovative technologies such as AI and telemedicine in cancer treatment is also fueling the growth of the digital oncology therapeutics market in the region.

Europe is also a major region in the digital oncology therapeutics market, owing to the presence of a well-established healthcare infrastructure and the increasing adoption of innovative technologies in cancer treatment. The growing demand for personalized medicine and patient-centric care is also driving the growth of the digital oncology therapeutics market in Europe.

South America and Middle East & Africa are also witnessing significant growth in the digital oncology therapeutics market, owing to the rising prevalence of cancer in these regions and the increasing adoption of innovative technologies in cancer treatment.

Latest Industry Developments:

• In October 2022, cancer diagnostics company, Guardant Health, announced the launch of Guardant360 CDx, a liquid biopsy test that can detect cancer mutations in the blood. The test is expected to provide oncologists with a more comprehensive view of a patient's cancer and help them make more informed treatment decisions.

• In September 2022, biopharmaceutical company, Roche, announced a partnership with digital health company, Myia, to develop a digital platform for cancer patients. The platform will use wearable devices and AI to monitor patients' health and provide real-time insights to oncologists.

• In August 2022, healthcare technology company, Health Catalyst, announced the launch of a new platform for precision oncology. The platform uses AI and machine learning to analyze patient data and provide personalized treatment recommendations for cancer patients.

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This release was published on openPR.