Oncology Information Systems Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
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Oncology Information Systems Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
The Oncology Information Systems Market is segmentedby Offering Type (Solutions, and Professional Services), Application Type (Medical Oncology, Radiation Oncology, and Surgical Oncology), End-User Type (Hospitals & Diagnostic Imaging Centers, Ablation Care Centers and Cancer Care Centers, Research Facilities, Others),and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]).
The Oncology Information Systems Market is segmented ...
“The Oncology Information Systems Market was estimated at US$ 2.73 billion in 2021 and is expected to grow at a CAGR of 7.68% during 2022-2028 to reach US$ 6.66 billion in 2028”.
The oncology information systems assist healthcare facilities like hospitals, clinics, and research labs not only in managing and optimizing cancer care solutions, but also in the sharing of patient data across organizations to optimize treatment, enhance patient safety, and tailor treatments for each patient to achieve the best results.
Governments have been boosting their investments in oncology-related research and development, driving the market's expansion. The National Cancer Institute's budget was approved by the US Congress as part of the yearly federal budgeting process in 2022. The total amount was USD 6.9 billion, an increase of USD 353 million from 2021.
Market Drivers
The growth of the oncology information system market is propelled by various driving factors:
The market is expected to increase as a result of the monumental rise of healthcare IT, the rising incidence rates of cancer around the world, rising development costs for cancer therapies and care, and the rising adoption of oncology information solutions by healthcare institutions. According to percancer.org, there were more than 1.9 million new cancer cases detected in the U.S. alone in 2021. Numerous cutting-edge technologies are being created that have the potential to change the treatment plan.
The requirement for several types of oncology information systems and software has increased due to the growing need for oncology information systems to streamline patient information and data management.
The market is expected to rise as a result of corporations making more investments in cancer research. For instance, in the United Kingdom, the government intends to invest USD 26 billion in R&D by 2024–2025.
The global increase in cancer cases is one of the main factors driving the market for oncology information systems. For example, according to the Globocan 2020 study, around 19 million new cancer cases were reported worldwide in 2020. With about 2.26 and 2.21 million new cases each recorded in 2020, breast and lung cancer were the most prevalent kinds of cancer.
The preponderance of cancer diagnoses is made in patients over 65 years of age, according to an American Society of Clinical Oncology study on cancer and aging released in July 2021. Numerous reasons, such as the increased number of potential exposures, the higher percentage of cells that experience mutation, the buildup of cell damage that frequently results in tumours, and others are blamed for the higher occurrence of cancer in the elderly population. Because electronic symptom reporting can improve outcomes for cancer patients, the aging population, who are more susceptible to the disease, is anticipated to contribute to the growth of the oncology information systems market.
Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:
COTA, Inc., a Boston-based curator of clinical data in oncology, and Varian announced a USD 10 million investment and collaboration agreement in November 2020. Both businesses will collaborate to provide data analytics and decision support tools to cancer clinics, leveraging real-world data to inform clinical and operational decisions and promote more affordable care.
The Office for Life Sciences was given USD 123.5 million for cancer research and the government's Life Sciences Vision. These activities, along with the introduction of fresh goods and software by various businesses, are anticipated to fuel industry expansion
The UK Life Sciences Vision established a 10-year plan for the industry in July 2021 to address healthcare issues, such as cancer and dementia. The Vision identifies seven urgent healthcare objectives, ranging from dementia treatment to cancer treatment, that the government, businesses, the NHS, academics, and medical research charities will collaborate on quickly. These missions will concentrate on early disease detection, monitoring, as well as treatment, using cutting-edge clinical trials to quickly develop ground-breaking products and treatments to help save lives and speed up the development and uptake of new medications, diagnostics, medical technology, and digital tools.
Recent Developments
With the development of web-based oncology solutions and Artificial Intelligence (AI)-based OIS solutions, key players are largely focusing on implementing technological innovation. This is projected to positively impact market growth shortly.
InJune 2021,Koninklijke Philips N.V. and Elekta established a partnership to develop advanced, thorough, and individualized cancer care through precision oncology information solutions.
In April 2021, Siemens Healthineers acquired Varian, strengthening its position in the market
InDecember 2020, McKesson Corporation introduced Ontada, an oncology technology and insights company devoted to enhancing cancer research and care.
Segments Analysis
By Offering Type
“The solutions segment dominated global sales in 2021”.
The segment is bifurcated into solutions and professional services. The solutions segment is further segmented into patient information system and treatment information system. The solutions segment constituted the greatest portion of worldwide sales in 2021.
Owing to healthcare providers' rising acceptance of proper management of radiology imaging, this category is now leading the market. These products promote direct connection between patients and physicians helping in the collection of cancer patient-reported outcomes.
By Application Type
The segment is divided into medical oncology, radiation oncology, and surgical oncology. By giving clinicians complete information about RT and the treatment results whenever necessary for the evaluation process and to improve the treatment quality, OIS makes sure that clinicians provide treatment plans with the right procedures to the right patient, with the right cancer site.
The need for treatment planning systems will also increase in the future due to their benefits, which include helping doctors schedule the treatment of varied patients and storing and retrieving vast volumes of data.
By End-User Type
The market is divided into hospitals & diagnostic imaging centers, ablation care centers and cancer care centers, research facilities, and others. Over the years, cancer care has advanced significantly. The majority of solid tumours are no longer treated surgically; instead, the ideal method of care is a mix of surgery and multi-modal therapies with a primary focus on radiation, targeted molecular therapies, and chemotherapy.
Some operations can be carried out in highly specialized healthcare facilities, including sarcoma surgery, isolated limb perfusion, laparoscopic cancer surgery, and cytoreductive surgery. Consequently, the market is anticipated to rise as surgical therapies for solid tumours become more difficult.
Regional Analysis
“North America's regional market captured the largest revenue share in 2021”.
The oncology information systems market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW).The regional market for North America had the biggest revenue share in 2021. The region's sophisticated healthcare infrastructure and growing understanding of patient information management are two important drivers of this progress.
Additionally, the expanding use of OIS to monitor and record cancer patients' treatment outcomes and the increasing use of EMR for improving treatment decisions are anticipated to promote regional market expansion. The demand for OIS in this region is also anticipated to rise because of the increasing requirement for dose management, treatment planning, and management of treatment schedules.
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Key Players
The following are the key players in the Oncology Information Systems Market (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
in-depth Analysis of the Oncology Information Systems Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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10% free customization
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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The oncology information systems assist healthcare facilities like hospitals, clinics, and research labs not only in managing and optimizing cancer care solutions, but also in the sharing of patient data across organizations to optimize treatment, enhance patient safety, and tailor treatments for each patient to achieve the best results.
The market is expected to increase as a result of the monumental rise of healthcare IT, the rising incidence rates of cancer around the world, rising development costs for cancer therapies and care, and the rising adoption of oncology information solutions by healthcare institutions.
The regional market for North America had the biggest revenue share in 2021. The region's sophisticated healthcare infrastructure and growing understanding of patient information management are two important drivers of this progress.
Accuray Inc., BrainLab, Cerner Corp., DOSIsoft S.A., Elekta AB, Flatiron, McKesson Corporation, MIM Software, Philips Healthcare, Prowess, Inc., RaySearch Laboratories, Siemens Medical Solutions, Inc., Varian Medical System., and ViewRay Inc. are some of the key players in the market.