New York, USA, June 15, 2023 (GLOBE NEWSWIRE) -- Oncology Information Systems Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Oncology Information Systems Market Information by Product & Service Type, Application, End User and Region - Forecast till 2030”, the market size was valued at USD 2.8 billion in 2022 and is projected to grow from USD 3.01 Billion in 2023 to USD 4.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2023 - 2030).
Market Scope
A thorough data and picture management tool called an oncology data system makes it easier to manage and improve cancer patients' treatment and patient profiles. To manage patient portfolios, OIS software is used in healthcare facilities like hospitals, clinics, and research labs. Electronic medical records (EHR) software is used in medical facilities like clinics, hospitals, and laboratories to manage the patient portfolio. Using this software, medical facilities can plan treatments, forecast patient outcomes, and exchange data about cancer patients. These advantages raise the security and effectiveness of cancer patients' treatments. Additionally, the accessibility of different OIS with enhanced features fuels market expansion. Due to digitalization, OIS has gradually supplanted manual and physical medical records.
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These systems are made to conveniently manage the treatment of patients' plans, schedules, delivery, summaries, and examination results. These systems' built-in software streamlines and simplifies the workflow, which helps deliver high-quality patient care. OIS offers thorough and accurate details about patients' personal and health histories, medical diagnoses, actual and anticipated treatment plans, and post-treatment results. Systems for oncology information assist doctors and surgeons in selecting the best therapies to increase cancer patients' chances of survival. Among the most notable causes of death and disability worldwide is cancer. The extensive clinical and non-clinical records of cancer patients are managed by oncology information systems (OIS). This system supports data integration during various phases, including screening, prevention, diagnosis, and treatment. In the anticipated timeframe, factors like rising OIS solution adoption and an increase in cancer cases are expected to see significant growth.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 4.6 billion |
| CAGR | 7.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product and Service Type, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising need for various forms of OIS software as a result of the increased demand for OIS to streamline patient information and data management. |
| The increasing cancer cases is one of the main factors driving the market for oncology information systems |
Oncology Information Systems Market Competitive Landscape:
The noticeable contenders in the oncology information systems market are:
- RaySearch Laboratories
- Epic Systems Corporation
- Altos Solutions
- Elekta AB
- Varian Medical Systems
- Flatiron Health
- Bogardus Medical Systems
Oncology Information Systems Market Trends:
Market Drivers:
The market is expected to grow due to the immense explosion in healthcare IT, the rising incidence of cancer worldwide, rising development costs for cancer treatments and care, and rising acceptance of OIS solutions through healthcare facilities. Additionally, this application is used to exchange patient data about cancer patients between healthcare organizations and predict treatment outcomes. These advantages raise the patient-centered safety and effectiveness of cancer treatment. OIS aids doctors and surgeons in making the best therapy choice to increase cancer patients' chances of survival.
Consumption for healthcare IT services is expected to rise during the forecast time frame due to factors like how well oncology information systems are replacing conventional methods of data managing and validations while also reducing manual labor and automating the process. There is an increasing need for various types of OIS programs due to an increasing need for OIS to simplify patient data and information management. Market expansion is anticipated to be fueled by increased corporate investment in cancer research.
Restraints
Despite the high prevalence of the disease, the high cost of these software systems may limit the future development of the international oncology information systems market. However, it is anticipated that during the projected period, the shortage of qualified workers in hospitals and clinics will continue to impede the projected expansion of the hospital sector.
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COVID 19 Analysis
In light of the global economic downturn brought on by the COVID-19 pandemic, the global market for oncology information technology shrank in 2020. The shutdown impacted the production and shipping of necessary healthcare supplies. The requirement for OIS solutions decreased due to the epidemic's widespread hospital and oncology clinic closures. Hospitals' limited ability to sell and put into operation oncology information systems was also a result of their primary attention being paid to COVID-19 patient management. On the other hand, higher vaccination rates will contribute to market stability. The sudden increase in COVID-19 cases resulted in a potential backlog for non-essential procedures. Due to the closure of numerous hospitals and oncology clinics during the pandemic, the requirement for OIS solutions decreased. Therefore, the COVID-19 outbreak has hurt the OIS market.
Oncology Information Systems Market Segmentation
By application, the market includes medical oncology, radiation oncology, and surgical oncology.
By end user, the market includes hospitals & oncology clinics, government institutes, and research centers.
By product & service type, the market includes software and professional services.
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Oncology Information Systems Market Regional Insights
According to projections, North America will hold the largest market share. Several elements, including the rising use of EHRs, explain the substantial market share held by the continent of North America. Since there is a large influx of patient data as hospitals transition to paperless working practices in developed nations like the U.S., most hospitals are implementing oncology information systems to monitor and document the outcomes of cancer patients' treatments. The market is predicted to grow slightly in Europe. The aging of the population and rising cancer incidence are two factors driving industry growth in Europe. Due to a lack of healthcare IT professionals and high upkeep and repair costs, Latin America, Africa, and the Middle East are predicted to have lower market revenue shares and growth rates than other regions.
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