Oncology Information System Market Size And Forecast

Oncology Information System Market size was valued at USD 6.71 Billion in 2020 and is projected to reach USD 11.89 Billion by 2028, growing at a CAGR of 8.11% from 2021 to 2028.

Rising prevalence of cancer, various advantages associated with the OIS over traditional methods of recording data, and several initiatives about oncology research are anticipated to drive the growth. The Global Oncology Information System Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Oncology Information System Market Definition

Oncology Information System is a software that is designed to handle and maintain different patient profiles across the healthcare centers such as clinics, hospitals, and research laboratories. It aims at improving efficiency, connecting different disciplines of oncology, and ensuring optimal use of resources to support the efficient workflow in the oncology center. This software provides the tool for keeping a track of patient profiles undergoing cancer treatment and thus enhancing the efficiency and safety of the patients. It is used in various applications such as Medical Oncology, Surgical Oncology, and Radiation Oncology.

End-users of an oncology information system are Hospitals & Physician’s Offices, Government Institutions, and Research Centers. This system is bifurcated into Software and Professional Services. The software segment is further classified into Patient Information Systems and Treatment Planning Systems while the professional services segment is classified into Consulting/Optimization Services, Implementation Services, and Post-Sale and Maintenance Services.

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The oncology information system helps in the management of treatment schedules, delivery, and plan. The OIS also facilitates information exchange between the healthcare enterprise and radiation therapy departments. It helps ensure a healthy treatment by providing complete information about the radiation therapy and treatment results as and when needed for evaluating and improving the quality of treatment.

Global Oncology Information System Market Overview

The major factors attributing to the growth of the Oncology Information System Market include the rising incidence of cancer cases worldwide. A rise in the geriatric population is also propelling the demand for oncology information systems and driving market growth. As per the World Health Organization (WHO), cancer is one of the leading causes of death globally. Approximately one in every six deaths is caused by cancer. According to Novartis, there exist more than 200 types of cancer requiring unique diagnosis and treatment. Also, it suggests that more than 21 million new cases of cancer will be diagnosed by 2030. In addition, owing to the increasing number of specific therapies in the oncology pipeline, the number of late-stage pipeline therapies rose from 711 in 2017 to 849 in 2018 an increase of 19% and the use of information systems help in managing the data of these therapies between the healthcare organization and treatment providers/patients are boosting the market growth.

Furthermore, there are few more factors that are playing crucial roles in taking the Oncology Information System Market to the next level, among them OIS technological developments, including OIS benefits over traditional record-keeping, and on-going drug developments for new treatments, which are expected to further propel the growth of Oncology Information System Market. Moreover, government initiatives to drive the demand for oncology information systems. Governments from all over the world are in the process of planning reforms and introducing new regulations that would help in the enterprise-wide and nationwide adoption of information technologies, including oncology information systems, which aid in the transformation of healthcare systems.

For example, in the US, the Health Information Technology for Economic and Clinical Health (HITECH) Act enacted under the American Recovery and Reinvestment Act (ARRA) allocated funding for incentivizing hospitals and physicians who demonstrate the meaningful use of EHRs. The availability of advanced Healthcare Its solution for cancer care is generating significant interest among end-users owing to the better treatment outcomes promised by them. However, high cost of oncology information systems may hinder the growth of the Oncology Information System Market. The cost of oncology information systems for different medical devices is considerably high. Affordability is a major challenge for healthcare organizations, especially in emerging economies, where it is typically very difficult to receive budgetary approvals for IT solutions over medical equipment.

Smaller healthcare organizations struggle to implement Internet connectivity to medical devices, mainly due to difficulties in implementing multiple networks with health setups, the lack of wireless connectivity options, and a need to install security layers to avoid data breaches. In addition, the infrastructural costs for implementing an oncology information system and associating it with different devices with distinct interfaces form a major obstacle to market growth in emerging regions. The implementation and subscription/licensing fees for integration solutions are a major financial burden and add to the budgetary woes faced by many hospitals

Global Oncology Information System Market Segmentation Analysis

The Global Oncology Information System Market is Segmented on the basis of Products and Services, Application, End-User, and Geography.

Oncology Information System Market, By Product and Service

• Software
• Professional Services

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Based on Product and Service, the market is bifurcated into Software and Professional Services. The software segment is expected to hold the largest market share. The factors can be credited for advantages offered by software such as comprehensive patient management, clinical regimes, monitoring activities, pharmacy information, and fine-tuning & streamlining the data management & patient management processes.

Oncology Information System Market, By Application

• Medical Oncology
• Surgical Oncology
• Radiation Oncology

Based on the Application, the market is bifurcated into Medical Oncology, Surgical Oncology, and Radiation Oncology. The radiation oncology segment accounted for a larger share of the market in 2019. The increasing installation base for radiotherapy devices, the growing number of radiosurgery procedures related to fractures, rapid growth in cancer affected population across the globe, and the development of advanced radiology information systems and radiation treatment planning systems are factors expected to drive the growth of this market segment in the coming years.

Oncology Information System Market, By End User

• Hospitals & Physician’s Offices
• Government Institutions
• Research Centers

Based on the End-User, the market is bifurcated into Hospitals & Physician’s Offices, Government Institutions, and Research Centers. Hospitals & Physician’s Offices are predicted to hold the most significant CAGR in the forecasted period. The factors can be attributed to the growing adoption of technologically advanced cancer treatment systems in hospitals globally and an increasing number of cancer cases.

Oncology Information System Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Oncology Information System Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America commanded the largest share of the Oncology Information System Market in 2019. The increasing R&D to develop patient-centric oncology information systems, rising prevalence of cancer, technological advancements in oncology information systems products and procedures are the key factors supporting market growth in North America.

Moreover, most of the prominent companies in the global market are headquartered in the region or have a strong presence in this market, such as Varian Medical Systems, Inc (US), Accuray Incorporated (US), McKesson Corporation (US), and GE Healthcare (US) Others have focused on expansion to increase their reach and capabilities. This is another key factor attributed to the prominent growth of the market.

Key Players

The “Global Oncology information system Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Koninklijke Philips N.V., Varian Medical Systems, Inc, McKesson Corporation, Siemens Healthineers, Elekta AB, Epic Systems Corporation, IBM, Cerner Corporation, Advanced-Data Systems, Bogardus Medical Systems, Inc.

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