According to a new report published by Allied Market Research, titled,"Oncology information systems Market by Product & Services, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global oncology information systems market was valued at $2,622 million in 2017 and is projected to reach $4,569 million by 2025, growing at a CAGR of 7.1% from 2018 to 2025. The diabetes segment accounted for one-fifth share of the total market in 2017.
The benefits of implementing oncology information systems over conventional methods of record keeping and treatment planning are expected to boost the growth of the oncology information systems market. The advantages of oncology information systems such as planned treatment, future-proofing, and remote access are expected to increase the demand for these systems and motivate the government organizations to upgrade their procedure from paper-based systems to paperless systems. Furthermore, the increase in disposable income among cancer patients, surge in prevalence of cancer cases, and technological advancements in these systems, such as incorporation of patient portals, are anticipated to fuel the market growth. Rise in healthcare expenditure in developing countries, such as India and China, advancement in software using artificial intelligence, and use of oncology information systems to treat rare cancers are expected to present multiple opportunities for market growth. However, this growth is restricted owing to lack of healthcare IT professionals and high capital costs associated with oncology information systems.
Among the product & service segment, software for patient information system was the largest revenue contributor in 2017 toward market growth, and is anticipated to remain dominant in the future. The patient information system software segment is anticipated to reach $2,855.4 million by 2025, registering a CAGR of 6.8% during the forecast period. Advantages of using these systems as compared to conventional record maintenance methods such as planned treatment and remote access due to digital availability are expected to boost the growth of this segment.
Medical oncology dominates the global oncology information systems market, accounting for $1,153.5 million in 2017, and is anticipated to reach $2,106.1 million by 2025, registering a CAGR of 7.7%. In medical oncology, the oncology information system (OIS) software manages, interprets, analyzes, and stores the patient information efficiently. In addition, as the software assists to predict the treatment outcome for patients, it helps to improve the survival rate of the patient and drives the growth of the oncology information systems market.
Key Findings of the Oncology information systems Market:
- The service segment accounted for one-fifth share of the total market and is expected to register a CAGR of 6.9% during the forecast period.
- Based on service, the implementation service segment accounted for about one-fourth share of the global market and is expected to register a high CAGR of 7.1% during the forecast period.
- U.S. dominated the North America oncology information systems market and is projected to retain this trend throughout the forecast period.
- China is expected to exhibit the highest growth in the Asia-Pacific oncology information systems market, registering a CAGR of 14.1% during the forecast period.
- Saudi Arabia is expected to witness the highest growth in the LAMEA oncology information systems market, growing at a CAGR of 9.0% during the forecast period.
In 2017, North America was the highest contributor to the market in terms of revenue, owing to increase in cancer cases and the need for such information systems. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the presence of high populace countries such as India and China.
The report provides a comprehensive analysis of the key players operating in the global oncology information systems market. These include Accuray Incorporated, Bogardus Medical Systems, Inc., Cerner Corporation, CureMD Corporation, Elekta AB, Flatiron Health, Inc., Koninklijke Philips N.V., McKesson Corporation, RaySearch Laboratories AB, and Varian Medical Systems, Inc. The other players operating in the value chain are Charm Health, Siemens Healthcare, Epic Systems Corporation, Bizmatics, Inc., and Cordata Healthcare Innovations.
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