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 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Oncology information systems are specialized and integrated software solutions designed specifically to meet the complex data, workflow and reporting needs of oncology practices and clinics. They offer a wide range of capabilities including treatment planning, scheduling, medical imaging and workflow management to enable better coordination of cancer care. They also provide patient tracking, billing and revenue cycle management. Their advanced capabilities allow oncology care teams to deliver high-quality patient-centered care efficiently.
Market Dynamics:
Growing prevalence of cancer across the globe is a key driver fueling adoption of oncology information systems. According to World Health Organization (WHO) data, cancer burden has nearly doubled since 2000 and is expected to grow by ~70% over the next two decades. Improved cancer management requires seamless data sharing and coordinated care delivery which drives demand for integrated oncology information systems. Furthermore, rising preference for cloud-based oncology information systems is also spurring market growth. Cloud deployment facilitates easy sharing of digital patient records between facilities and provides staff with secure remote access, thereby improving care coordination. It also lowers IT costs and helps practices manage complex cancer care more cost-effectively.
Segment Analysis
The Global Oncology Information Systems Market Sizet can be segmented based on product & services, application, end-user, and region. By product & services, the solutions segment dominates owing to growing adoption of oncology information systems solutions by healthcare providers for electronic health record maintenance and management. The solutions segment is further divided into software and professional services.
PEST Analysis
Political: Regulatory bodies like the FDA encourage adoption of health IT systems like oncology information systems to improve operational efficiency and standardization of cancer care delivery.
Economic: Rising cancer incidence and increasing healthcare spending on therapeutic technologies favor market growth. However, high costs of advanced oncology information systems hampers their adoption in price-sensitive developing regions.
Social: Growing cancer awareness and patient demand for improved treatment outcomes is a key driver. Additionally, reducing treatment costs enhances access to quality care.
Technological: Integration of artificial intelligence and cloud-based platforms enables better data analysis for predictive diagnostics and personalized care plans.
Key Takeaways
The global oncology information systems market size was valued at US$ 8.19 Bn in 2023 and is expected to reach ~US$ 14.12 Bn by 2030, expanding at a CAGR of 7.8% during the forecast period. Growing cancer prevalence and the need for effective cancer management are primary market growth drivers.
Regional Analysis
North America dominated the global market in 2023 and is expected to maintain its leading position through 2030. This is attributed to rapid adoption of state-of-the-art oncology informatics tools by healthcare providers to enhance clinical outcomes. Asia Pacific is projected to exhibit the fastest growth during the forecast period owing to rising healthcare spending, increasing cancer incidents, and improving regulatory environment for health IT adoption in emerging countries.
Key players
Key players operating in the oncology information systems market are Cerner Corporation, Elekta, Accuray, RaySearch Laboratories, Flatiron Health, Koninklijke Philips N.V., McKesson Corporation, Epic Systems Corporation, CureMD Healthcare, Varian Medical Systems, Inc. The market leaders are focusing on inorganic growth strategies like partnerships and acquisitions to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it