PUBLISHER: The Business Research Company | PRODUCT CODE: 1409655
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409655
“Oncology Information Systems Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oncology information systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oncology information systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The oncology information systems market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Oncology information systems are software solutions designed to support the comprehensive management of information and images related to cancer. They play a crucial role in the management of cancer data and the monitoring of cancer care processes.
The major products within the realm of oncology information systems include solutions and professional services. The term 'solution' refers to a combination of software applications and services provided by suppliers, channel partners, and value-added resellers to clients. These information systems find application in various areas, including medical oncology, radiation oncology, and surgical oncology. They are utilized by diverse end-users such as hospitals and diagnostic imaging centers, ablation care centers, cancer care centers, government institutions, and research facilities.
The oncology information systems market research report is one of a series of new reports from The Business Research Company that provides oncology information systems market statistics, including oncology information systems industry global market size, regional shares, competitors with an oncology information systems market share, detailed oncology information systems market segments, market trends, and opportunities, and any further data you may need to thrive in the oncology information systems industry. This oncology information systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oncology information systems market size has grown strongly in recent years. It will grow from $2.88 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed in the historical period can be attributed to factors such as the increasing incidence of cancer, a growing emphasis on precision medicine, a shift towards value-based care, compliance with regulatory standards and reporting requirements, an increase in cancer research and clinical trials, and a focus on streamlining workflow processes.
The oncology information systems market size is expected to see strong growth in the next few years. It will grow to $4.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to factors such as the integration of oncology information systems with genomic data, the adoption of population health management strategies, an increased focus on cybersecurity in healthcare, the utilization of patient engagement and education tools, and the impact of regulatory changes and healthcare reforms. Major trends in this period include advancements in medical imaging technologies, the integration of electronic health records, the application of artificial intelligence (AI) in oncology, the expansion of remote patient monitoring and telemedicine, a continued emphasis on cybersecurity in healthcare, and the integration with wearable health technologies.
The growth of the oncology information systems market is anticipated to be propelled by the increasing global prevalence of cancer. Prevalence, in this context, denotes the number of individuals living with cancer. Oncology information systems play a crucial role in managing data and patient information, streamlining various aspects of cancer care, and handling cancer-related data within hospital settings. As reported by the American Cancer Society in January 2023, the number of cancer cases rose from 1,898,160 in 2021 to 1,958,310 in 2023, indicating a growth of 3.16%. Hence, the surge in the global prevalence of cancer is a significant driver for the oncology information systems market.
The oncology information systems market is expected to benefit from the growing adoption of healthcare IT. Healthcare IT adoption involves the integration and utilization of information technology solutions in the healthcare sector. Healthcare institutions are strategically investing in information technology, including electronic health records (EHRs) and clinical decision support systems (CDSS), to optimize patient care by seamlessly integrating real-time patient data, treatment guidelines, and alerts for potential issues, thereby enhancing outcomes in cancer treatment. In a report published by the Healthcare Information and Management Systems Society (HIMSS) in January 2022, a notable 80% of healthcare providers expressed plans to enhance their investments in technology and digital solutions over the next five years. Thus, the increasing adoption of healthcare IT is expected to drive the oncology information systems market.
A key trend gaining traction in the oncology information systems market is the development of technologically advanced products. Major players in the market are focusing on creating new technical advancements to enhance their market share. For example, in December 2021, Roche Holding AG introduced the 'Navify Oncology Hub,' its latest digital solution. This hub gathers and organizes patient data dispersed among an institution's IT platforms, streamlining daily operations for oncology care teams. It serves as a central hub where team members can quickly locate, access, and evaluate the most pertinent patient data. This solution facilitates individualized, insight-based decisions throughout the patient care continuum, ultimately improving outcomes and reducing societal costs.
Major companies in the market are concentrating on developing innovative products, such as cloud-based oncology analytics systems, to expand their customer base and gain a competitive advantage. A cloud-based oncology analytics system is a digital platform hosted on cloud infrastructure that provides advanced data analytics and insights tailored specifically for oncology treatment. In September 2023, RaySearch Laboratories unveiled its latest offerings, including the RayCare oncology information system and the cloud-based oncology analytics system, RayIntelligence. The upgraded version of RayCare introduces improved treatment schedules, enhanced support for data migration, and updates to patient chart and task management features. RayIntelligence, the cloud-based system, offers valuable features such as DICOM data import and new clinical goals dashboards.
In April 2021, Siemens Healthineers AG acquired Varian Medical Systems, Inc. for an undisclosed amount. Through this acquisition, combined resources enable support for cancer patients across major clinical pathways, addressing the need for personalized, data-driven diagnosis and cancer care. Varian Medical Systems Inc. is a US-based provider of radiation oncology software and treatments, operating in the oncology information system market.
Major companies operating in the oncology information systems market report are Koninklijke Philips NV, Varian Medical Systems Inc., McKesson Corporation, Siemens Medical Solutions USA Inc., Elekta AB, Cerner Corporation, Flatiron Health Inc., Accuray Incorporated, CureMD Corporation, EndoSoft LLC, RaySearch Laboratories, Advanced Data Systems Corporation, BMSI Partners Inc., Optum Inc., Allscripts Healthcare Solutions Inc., Altos Solutions Inc., Altumetrik Inc., AmerisourceBergen Corporation, ARUP Laboratories Inc., athenahealth Inc., Candelis Inc., Carestream Health Inc., Cerner Corporation, Change Healthcare, Clinical Computer Systems Inc., Computer Programs and Systems Inc., Epic Systems Corporation, Flatiron Health Inc., GE Healthcare, IBM Corporation
North America was the largest region in the oncology information system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the oncology information system market report during the forecast period. The regions covered in the oncology information systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the oncology information systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The oncology information systems market includes revenues earned by entities by providing clinical trial protocol management, drug inventory management, toxicity assessment, and survivorship care. The oncology information systems generally collects the data related to cancer treatment and care. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.