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Oncology Information System Market To See Record Break Revenue $4.56 Billion by 2025, at CAGR of 7.1%

Pune, Maharashtra, India, November 23 2020 (Wiredrelease) Allied Analytics –:The report offers extensive analyses of the key winning strategies, industry dynamics, market size & forecast, and competitive landscape. As per the report, the global oncology information systems market was valued at $2.62 billion in 2017 and is estimated to reach $4.56 billion by 2025, registering a CAGR of 7.1% from 2018 to 2025.

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Technological advancements in OIS, associated advantages of OIS over conventional record maintenance, and surge in prevalence of cancer worldwide drive the growth of the market. In addition, rise in awareness about the benefits of OIS is expected to supplement the market growth. However, high treatment costs associated with OIS and dearth of healthcare IT professionals hamper the market growth. On the other hand, integration of oncology information systems for the treatment of rare cancer types and increased usage of artificial intelligence (AI) in oncology information systems are expected to present new opportunities to market players in the future.

Key Findings of the Oncology information systems Market:

The service segment accounted for one-fifth share of the total market and is expected to register a CAGR of 6.9% during the forecast period.

Based on service, the implementation service segment accounted for about one-fourth share of the global market and is expected to register a high CAGR of 7.1% during the forecast period.

U.S. dominated the North America oncology information systems market and is projected to retain this trend throughout the forecast period.

China is expected to exhibit the highest growth in the Asia-Pacific oncology information systems market, registering a CAGR of 14.1% during the forecast period.

Saudi Arabia is expected to witness the highest growth in the LAMEA oncology information systems market, growing at a CAGR of 9.0% during the forecast period.

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Medical oncology segment to lead in terms of revenue and growth rate 

Among applications discussed in the study, the medical oncology segment accounted for 44% share of the total revenue in 2017 and would remain in its lead through 2025. Moreover, the segment would grow at the fastest CAGR of 7.7% during the forecast period because medical oncology information systems are extensively used to aid in the management, interpretation, analysis, and storage of patient information.

Hospitals and oncology clinics segment to dominate in terms of revenue

Among end users, the hospitals & oncology clinics segment accounted for 95% of the total market share in 2017 and would maintain its dominance through 2025. This is because most of the population prefer going to hospitals for treatment due to ease of access and host of treatment options under one roof. The oncology unit at elite hospitals are equipped with different oncology information systems that focus on improving efficiency and offering support-specific clinical and workflow needs of patients and clinicians, respectively. However, the research centers segment is projected to grow at the fastest CAGR of 9.2% during the study period, as scientists and researchers across the globe, especially in developed countries, have been conducting research on cancer due to its increased disease burden.

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North America was the highest contributor to the market in terms of revenue, owing to increase in cancer cases and the need for such information systems. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the presence of high populace countries such as India and China.

The report provides a comprehensive analysis of the key players operating in the global oncology information systems market. These include Accuray Incorporated, Bogardus Medical Systems, Inc., Cerner Corporation, CureMD Corporation, Elekta AB, Flatiron Health, Inc., Koninklijke Philips N.V., McKesson Corporation, RaySearch Laboratories AB, and Varian Medical Systems, Inc. The other players operating in the value chain are Charm Health, Siemens Healthcare, Epic Systems Corporation, Bizmatics, Inc., and Cordata Healthcare Innovations.

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Last Updated: 23-Nov-2020