Oncology information systems play a crucial role in cancer management by assisting oncologists in providing personalized care and integrated treatment planning. Such systems allow seamless data exchange between multiple diagnostic systems, facilitate genomic and clinical data analysis, and optimize therapy and follow-up care. They aid in precision diagnosis and treatment selection as well as coordinating multidisciplinary tumor boards.
The global Oncology Information Systems Market is estimated to be valued at US$ 8.19 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Oncology information systems help streamline workflow and enhance productivity of cancer care facilities by automating routine tasks like scheduling and documentation. They support clinical decision-making by presenting a consolidated view of patient medical history, genomic test findings, and treatment plans. Integration of such systems with linear accelerators, CT/MRI scanners, and laboratory information management aids in radiation treatment planning, image-guided procedures, and biomarker analysis. Being cloud-based, oncology information solutions facilitate collaboration between geographically distributed specialists and enable continuous remote monitoring. The need for improved health outcome tracking, treatment compliance, and reducing long-term healthcare costs are major factors driving their adoption globally.
Market key trends:
One of the key trends in the global oncology information systems market includes growing focus on cloud and mobile technologies. There is increasing adoption of cloud-based digital solutions as they ensure data accessibility from any location and compatibility across diverse systems. Mobile applications allow oncologists to access patient records, lab reports, images and treatment plans from smartphones, tablets or laptops for remote collaboration and timely clinical decision-making. This has become particularly important amid the ongoing pandemic. Integration of AI and machine learning capabilities is another upcoming trend with analytics helping detect trends, predict outcomes and optimize resource allocation and management of cancer care programs.
Porter’s Analysis
Threat of new entrants: The global oncology information systems market is highly competitive due to large number of established players. High initial costs act as a barrier for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes. However, customized product offerings increase switching costs for buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of large number of component manufacturers.
Threat of new substitutes: Threat of substitution is low as there are limited alternatives available for oncology information systems with similar functionalities.
Competitive rivalry: The competition is high among the key players to increase their market share through product innovation, mergers & acquisitions and strategic collaborations.
Key Takeaways
The Global Oncology Information Systems Market Size is expected to witness high growth. The global Oncology Information Systems Market is estimated to be valued at US$ 8.19 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030.
The North America region is projected to dominate the global market during the forecast period owing to technological advancements and increasing adoption of oncology information systems in the region. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising healthcare infrastructure, increasing awareness regarding cancer diagnosis and surging geriatric population in the region.
Key players related content comprises Key players related content
Key players operating in the global oncology information systems market are Cerner Corporation, McKesson Corporation, Epic Systems Corporation, Koninklijke Philips N.V., Flatiron Health, Inc., and CureMD Healthcare.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it