A Oncology Information System Market Forecasts to 2028 – Global Analysis By Product & Services Software, Professional Services)

Oncology Information System Market Forecasts to 2028 – Global Analysis By Product & Services Software, Professional Services), Application (Medical Oncology, Radiation Oncology), End User (Government Institutions, Hospitals & Diagnostic Imaging Centers) and By Geography

According to Stratistics MRC, the Global Oncology Information System Market is accounted for $7.46 billion in 2021 and is expected to reach $14.00 billion by 2028 growing at a CAGR of 9.4% during the forecast period. The Oncology information system (OIS) is defined as comprehensive information & an image management solution that facilitates the management & optimization of the profiles and treatment of cancer patients. This system can achieve patient treatment summaries, treatment schedules, treatment plans, and treatment delivery, and the result is predictable.

Market Dynamics:

Driver:

Rising Government Initiatives

The availability of advanced Healthcare IT solutions for cancer care is generating significant interest among end-users, owing to the better treatment outcomes promised by them. Administrations 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.

Restraint:

High Costs

The systems for various medical devices are extremely expensive. Affordability is a big issue for healthcare businesses, predominantly in emerging economies, where budgetary clearances for IT solutions over medical equipment are often difficult to come by. The high cost associated with the usage of the advanced system is expected to obstruct market growth.

Opportunity:

Branding & Promotion and Initiatives Undertaken by Major Product Manufacturers

Foremost product manufacturers are undertaking strategic initiatives to increase their brand visibility and product awareness among key end-users (such as medical professionals, patients, and oncologists) across major healthcare markets worldwide. Companies functional in this market are choosing for hybrid distribution strategy as per which distribution takes place both by distribution channel and through a partnership with global OIS vendors. The company has also accepted the consignment model, according to which the company places the treatment planning systems along with treatment delivery systems for its customers, and sales are made according to the implementation of medical devices. Such initiatives undertaken by major product manufacturers are expected to increase their brand awareness among target end-users as well as sensitize them about their role in preventive cancer care.

Threat:

Interoperability Issues

Several healthcare organizations have capitalized on a range of oncology information system applications, such as patient information systems, treatment planning systems, treatment management systems and imaging systems, database management systems, and clinical information systems. Integration of these different oncology information systems, however, poses some obstacles—such as data privacy issues. Other issues include a lack of data standardization (which leads to healthcare interoperability) and data inconsistency. The successful integration of oncology information systems with other systems is a focus of IT infrastructure development projects in healthcare organizations offering cancer diagnosis and treatment. This is considered a major threat to the growth of the market during the study period.

Radiation Oncology segment is expected to be the largest during the forecast period

The radiation oncology segment accounted for a larger share of the market. The growing reappearance of the occurrence of secondary cancer cases, the growing number of radiosurgery procedures, and the growing customer base of oncology information systems for radiology are expected to drive the growth of this market.

The hospitals & diagnostic imaging centers segment is expected to have the highest CAGR during the forecast period

The growth of this segment is accredited to a large number of accessibilities to advanced facilities for the diagnosis, treatment, and management of diseases, as well as qualified personnel, which has ensured a constant demand for hospital care and the growth in several hospitals. in the main markets. The influx of cancer patients is considerably higher in hospitals than in other healthcare facilities, which is another key driver for the growth of the market. More radiosurgery procedures are performed in hospitals than in other medical facilities, which contributes to the large share of this end-user segment

Region with highest share:

The Asia Pacific is projected to hold the highest market share, due to the obtainability of advanced healthcare infrastructure and increased knowledge about patient data management in the province. Moreover, the growing use of these systems to track and document cancer patients' treatment outcomes, as well as the role of electronic medical records (EMR) in making better care decisions, are some of the factors that drive the market. Additionally, the rising need to maintain patient schedules, dosage management, and treatment planning in this area is predictable to drive up demand for the market.

Region with highest CAGR:

North America is projected to have the highest CAGR, with the growing population suffering from cancer, along with the burgeoning aging population and progressive developments related to cancer therapy. Rising government initiative for the awareness of cancer in the country is also a propelling factor for growth in this province. These factors are anticipated to further drive the market in this province.

Key players in the market:

Some of the key players profiled in the Oncology Information System Market include Accuray Incorporated, BMSI Partners Inc, BrainLab, Cerner Corporation, CureMD Corporation, DOSIsoft S.A., Elekta AB, F Hoffmann-LA Roche Ag , Flatiron, Koninklijke Philips NV, McKesson Corporation, MIM Software, Nasdaq Inc , Philips Healthcare, Prowess, Inc., RaySearch Laboratories, Siemens AG , Varian Medical Systems, ViewRay Inc.

Key developments:

In December 2020: Koninklijke Philips N.V. (Netherlands) launched the advanced Philips IntelliSite Pathology Solution to leverage precision diagnosis for oncology

In September 2020: Siemens Healthineers set foot into a definitive agreement to acquire Varian Medical Systems. This acquisition will bolster the company’s currently existing product mix of oncology information systems.

In September 2020: Varian Medical Systems, Inc. (US) announced that it had granted FDA approval for the Eclipse v16.1 treatment planning software for cancer therapy.

Product & Services Covered:
• Software
• Professional Services

Applications Covered:
• Medical Oncology
• Radiation Oncology
• Surgical Oncology

End Users Covered:
• Ablation Care Centers and Cancer Care Centers
• Government Institutions
• Hospitals & Diagnostic Imaging Centers
• Research Facilities

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
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