Oncology Information System Market to Reach $4,569 Million at 7.1% CAGR Globally, by 2021 – 2025
Pune, Maharashtra, India, February 5 2021 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
Oncology Information Systems Market by Product & Service (Software and Service), Application (Radiation Oncology, Medical Oncology, and Surgical Oncology), and End User (Hospital & Oncology Clinic and Research Center): Global Opportunity Analysis and Industry Forecast, 2018 – 2025. According to the report, the global oncology information systems market was valued at $2,622 million in 2017 and is projected to reach $4,569 million by 2025, growing at a CAGR of 7.1% from 2018 to 2025. The diabetes segment accounted for one-fifth share of the total market in 2017.
Technological advancements in oncology information systems (OIS), associated advantages of OIS over conventional record maintenance, and surge in prevalence of cancer worldwide would propel the growth of the global oncology information systems market
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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.
Rise in healthcare expenditure in developing countries, such as India and China, advancement in software using artificial intelligence, and use of oncology information systems to treat rare cancers are expected to present multiple opportunities for market growth. However, this growth is restricted owing to lack of healthcare IT professionals and high capital costs associated with oncology information systems.
Software segment to be lucrative through 2025
Among product and services, the software segment contributed 81% share of total market revenue in 2017 and would retain its lead position through 2025. In addition, this segment is projected to grow at the fastest CAGR of 7.2% from 2018 to 2025 due to the higher adoption of oncology information system software among physicians to improve the management of patient information. The report also includes the analysis of the services segment.
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.
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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North America: highest revenue contributor through 2025
North America contributed about 35% of the total market share in 2017 and would continue to maintain its dominance by 2025 due to factors such as novel product launches, increased awareness of such systems, and favorable reimbursement scenario in the U.S. However, the Asia-Pacific region would register the highest CAGR of 7.6% from 2018 to 2025 due to rapidly changing healthcare infrastructure in the developing counties such as India, China and increasing awareness of the market among consumers and healthcare professionals. The other regions analyzed in the study include Europe and Latin America, Middle East and Africa (LAMEA).
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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