CHICAGO, June 3, 2022 /PRNewswire/ — According to new market research report “Oncology Information Systems Market by product and service, application, end user (hospitals and diagnostic imaging centers, ablation and cancer centers, government institutions and research facilities) – Global forecasts to 2027″, published by MarketsandMarkets™, the market is expected to grow at a CAGR of 7.6% during the forecast period. The market should reach $11.1 billion by 2027 from $7.7 billion in 2022.
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The growth of this market is primarily driven by factors such as growing need to reduce oncology care costs, increasing adoption of Electronic Health Records (EHRs) and other oncology healthcare IT solutions for improving quality of care, increasing incidence and prevalence of cancer, favorable government mandates and support for oncology information systems, potential benefits and technological advances in oncology information systems. The growth of the healthcare informatics industry and the integration of EMR with treatment planning systems indicate strong growth opportunities. On the other hand, shortage of skilled IT professionals in the healthcare sector and interoperability issues are major factors that are expected to restrain the market growth. Data privacy concerns are major market challenges.
Software will account for the largest market share during the forecast period
The oncology information systems market for products and services is segmented into software and professional services. In 2021, the software segment accounted for 83.6% of the products and services market. The high share of this market segment can be attributed mainly to the growing need to control the rising costs of oncology care and to improve the efficiency of healthcare services by reducing medical errors.
Radiation Oncology will account for the largest market share during the forecast period
The radiation oncology segment accounted for the largest share of 53.8% of the oncology information systems market, by application, in 2021. The increasing adoption of advanced radiology information systems during cancer diagnosis and therapeutic and technological advancements in radiological procedures are some of the factors responsible for the largest share of the segment.
Hospitals and diagnostic imaging centers will account for the largest share of the market during the forecast period
On the basis of end-user, the global oncology information system market has been segmented into hospitals and diagnostic imaging centers, cancer ablation and treatment centers, government institutions, and research facilities. Hospitals and diagnostic imaging centers accounted for the largest share of 64.5% of the oncology information systems market, by end user, in 2021. The largest share of this segment can be attributed to the large number of patient submissions/visits each year worldwide, initiatives to equip (or upgrade) hospitals with newer and advanced systems, the growing number of cancer care procedures, and increasing adoption of treatment care in oncology.
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The APAC oncology information system market is expected to grow at the highest rate during the forecast period.
The Oncology Information Systems market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin Americaand the Middle East & Africa. In 2021, North America accounted for 50.8% of the market during the forecast period. Rising prevalence of cancers, large number of hospitals and presence of major market players and favorable government regulations for the adoption of oncology information systems are some of the factors driving the demand for information system. oncology information in North America. The Asia Pacific is expected to grow at higher CAGRs during the forecast period. The growth of Asia Pacific The oncology information systems market is driven by rising cancer prevalence, rising investment for the advancement of healthcare IT infrastructure, and increasing government support for the implementation implementation of healthcare IT solutions in healthcare facilities.
Main market players:
The main players in the oncology information systems market are Koninklijke Philips NV (Netherlands), McKesson Corporation (USA), Siemens Healthineers (Germany), Elekta AB (Sweden), Epic Systems Corporation (USA), IBM (USA), Cerner Corporation (USA), Advanced Data Systems (USA), Bogardus Medical Systems, Inc (USA), F. Hoffmann- La Roche AG (Swiss), Altai Oncology, LLC. (USA), GE Healthcare (USA), Accuray Incorporated (USA), OPTUM (part of UnitedHealth Group) (USA), Allscripts Healthcare Solutions, Inc. (USA), MICA Information Systems, Inc. (USA), CureMD Healthcare (USA), EndoSoft LLC (USA), MIM Software Inc. (USA) and RaySearch Laboratories AB (Sweden).
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