Oncology Information Systems Market Driven by Growing Prevalence of Cancer in North America, Europe
Global Oncology Information Systems Market Research Report: by Product & Service Type (Software, Professional Services), Application (Medical Oncology, Radiation Oncology, Surgical Oncology), End User (Hospitals & Oncology Clinics) - Forecast Till 2027
The global oncology information systems market is expected to exhibit a robust 7.5% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The research values the global oncology information system market at USD 2,356.6 million in 2017 and projects smooth growth for the market over the forecast period due to the steady growth in the prevalence of cancer around the world and the growing acceptance of modern oncology information systems. Rising awareness about the utility of oncology information systems in making cancer treatments easier for both patients and doctors is likely to drive the global oncology information systems market over the forecast period.
The growing prevalence of cancer is likely to remain the major driver for the global oncology information systems market over the forecast period. Cancer has become a major worldwide health threat due to its growing prevalence, which included 17 million new cases in 2018, according to the International Agency for Research on Cancer. The number is expected to reach 22 million in 2030, leading to it becoming a major issue for healthcare agencies all over the world. This is likely to remain the major driver for the global oncology information systems market over the forecast period, as the growing prevalence of cancer drives proportionate growth in the markets for other equipment and devices needed to treat it.
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The increasing investment in cancer research and technological upgrades in cancer treatment equipment is also likely to be a major driver for the global oncology information systems market over the forecast period. Technological advancements in oncology information systems could play a major role in the growth of the market over the forecast period, as modernizing oncology information systems in tune with the times is to the benefit of the manufacturer.
Segmentation:
The global oncology information systems market has been segmented on the basis of product & service type, application, end user, and region.
By product & service type, the market has been segmented into software and professional services. The software segment is further categorized into patient information systems and treatment planning systems. The professional services segment is further subdivided into consulting/optimization services, implementation services, and post-sale & maintenance services. Patient information systems hold the largest share in the global oncology information systems market at present.
On the basis of application, the market has been classified into medical oncology, radiation oncology, and surgical oncology. Medical oncology is likely to dominate the global oncology information systems market over the forecast period.
Based on end user, the market has been segmented into hospitals & oncology clinics, government institutes, and research centers.
Competitive Analysis:
Leading players in the global oncology information systems market include Accuray Inc., Philips Healthcare, Altos Solutions Inc., Varian Medical Systems Inc., RaySearch Laboratories, Bogardus Medical Systems Inc., CureMD Healthcare, Epic Systems Corporation, Flatiron Health Inc., Elekta AB, McKesson Corporation, and Cerner Corporation.
In April 2019, Varian’s ARIA oncology information system received certification from CancerLinQ. New product development is likely to be rampant in the global oncology information systems market over the forecast period due to the significant scope for product-based and price-based competition in the market.
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Regional Analysis:
The Americas and Europe dominate the global oncology information systems market, with the Americas shading Europe on merit. The Americas is the leading force in the global oncology information systems market due to the widespread distribution of advanced oncology information systems and the growing healthcare expenditure in the region. The rising economic burden of cancer has also led to growing adoption of oncology information systems, which streamline the treatment for cancer considerably efficiently. The Americas account for more than 20% of the global incidence of cancer, which has driven the demand for various anti-cancer measures considerably.
Europe is also a major player in the global oncology information systems market due to the strong presence of market players in Germany, the UK, and France.
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