Oncology Information Systems Market is Expected To Achieve Steady CAGR Value Of 8.1% By 2026
The global oncology information systems market was valued over US$ 2 billion in 2017 and is expected to register a CAGR of 8.1%. The report offers in-depth insights, revenue details, and other vital information regarding the global oncology information systems market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026.
Oncology information systems are used to maintain patient records, to predict treatment results, plan treatment for cancer patients accordingly, and exchange cancer patient information across healthcare organizations, which improves safety and efficiency of cancer treatment. In addition, oncology information systems help physicians and surgeons to choose a suitable therapy which in turn helps to improve survival rate of cancer patients.
Oncology information systems are better alternatives to conventional techniques for treatment planning and record keeping in medical facilities. Advantages of oncology information systems such as planned treatment, future-proofing, and remote access are features expected to result in rising demand for these systems in the near future.
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Increasing incidence of cancer globally is other factor driving growth of global oncology information systems market over the forecast period. According to WHO, in terms of mortality, there is less regional variability than for incidence, with mortality rates being 15% higher in more developed than in less developed regions in men, and 8% higher in women in 2013. According to World Health Organization (WHO), cancer is the second leading cause of death globally, and was responsible for 8.8 Mn deaths in 2015. Around one in six deaths is due to cancer globally.
The global oncology information systems market report has been segmented on the product & service, application, and region.
Various advantages offered by oncology information systems such as safety and efficiency is major factor expected to drive the growth of global oncology information systems market over the forecast period. Increasing number of cancer patients globally is other factor expected to boost growth of the market over the forecast period.
However, high costs associated with oncology information systems as well as lack of skilled professionals are major factor expected to limit the growth the growth of the oncology information systems market.
On the basis of product and service, the market is segmented based on software and professional services. The software segment is expected to contribute major revenue share and is expected to maintain its dominance over the forecast period.
On the basis of application, medical segment is expected to be fastest growing product segment in the global oncology information systems market as it offers data protection and improved user experience, and also enables hospitals/clinics to offer seamless, simplified, and secure patient care.
Hospital & physician’s offices segment is expected to be fastest growing product segment in the global oncology information systems market. This is attributed to the various benefits associated with use of oncology information systems such as ease of scheduling, simulation, and treatment planning, and also oncology information systems being an integral part in decision-making process by physicians, are major factors boosting adoption of oncology information systems.
Regional segmentation includes North America, Europe, Latin America, Asia Pacific and Middle East and Africa. North America contributes major revenue share as compared to that of other region. This is attributed to the increasing number of cases of cancer and significant presence of prominent international players in the region. Asia Pacific market is expected to register rapid growth rate over the forecast period.
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Dominance by Asia Pacific market is expected to continue over the forecast period and expected to grow with a CAGR over 8%. Increasing incidence of cancer, presence of large patient pool, and increasing government initiatives for spreading awareness about cancer and cancer treatment, especially in emerging economies such as China and India is expected to drive growth of the market in the region over the forecast period. Increasing investment by public and private organizations in emerging economies for development of proper healthcare facilities and to provide access to cost-effective medical treatment, are other major factors driving demand for advanced medical equipment and systems, which in turn is expected to fuel growth of the Asia Pacific oncology information system market to a significant extent over the forecast period.
Some prominent players in the global oncology information systems market are Accuray Incorporated, Flatiron Health, Inc., Cerner Corporation, Elekta AB (pub), Epic Systems Corporation, Koninklijke Philips N.V., McKesson Corporation, Varian Medical Systems, Inc., CureMD Corporation, and Raysearch Laboratories.