Redding, California, Sept. 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Oncology Information Systems Market By Offering (Software {Patient Information, Treatment Planning} Services) Application (Medical, Surgical, Radiology Oncology) End User (Hospital, Diagnostic Imaging Center, Cancer Care Center) — Global Forecast to 2030,' published by Meticulous Research®, the oncology information systems market is projected to reach $4.45 billion by 2030 at a CAGR of 7.4% from 2023 to 2030.
An oncology information system is a software solution that streamlines patient data by collecting and analyzing it to manage all aspects of cancer care. It collects long-term patient data from patient history to various phases of treatments, diagnostic imaging, palliative care, and end-of-life care. These solutions are used to manage cancer data in healthcare facilities such as hospitals, diagnostic imaging centers, and cancer care centers.
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The oncology information systems market is driven by the increasing prevalence of cancer, rising digitalization in cancer treatment, rising need to reduce oncology care costs, increasing adoption of electronic health records (EHR), and increased demand for streamlined patient information and data management. Furthermore, the integration of precision medicine for cancer treatment and its potential in emerging countries are expected to provide significant opportunities for the growth of this market.
However, the high cost of oncology information systems and data security & privacy concerns are expected to hinder the growth of this market. In addition, factors such as barriers to adoption and implementation and additional requirement for training and education for using oncology information systems pose major challenges to the market’s growth.
Increasing Digitalization in Cancer Treatment Driving the Market Growth
There is an increasing prevalence of cancer globally. According to the International Agency for Research on Cancer (IARC), new cancer cases are expected to increase from 19.2 million in 2020 to 24.5 million by 2030. In addition, mortalities from cancer are expected to increase from 9.9 million in 2020 to 12.9 million by 2030. Additionally, due to the increasing cancer treatment expenses, there is a growing need for cost optimization of medical expenses. The growing adoption of precision medicine and increasing volume of patient data drive the demand for digital solutions in cancer. Digital technologies such as oncology information systems improve treatment quality, increase efficiency, and promote patient engagement.
The increasing digitalization in cancer treatment is thus expected to boost the launch of new oncology information systems in the market, thereby driving the growth of the market.
The report includes an extensive assessment of the market based on offering, application, end user, and geography. The study also provides valuable insights into the key growth strategies adopted by major market players in the last three to four years.
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The key players operating in the oncology information systems market are Accuray Incorporated (U.S.), Brainlab AG (Germany), DOSIsoft SA (France), Elekta AB (Sweden), Koninklijke Philips N.V. (Netherlands), MIM Software Inc. (U.S.), Oracle Corporation (U.S.), Prowess Inc. (U.S.), RaySearch Laboratories (Sweden), Siemens Healthcare GmbH (Germany), McKesson Corporation (U.S.), Altai, Inc (Turkey), and ViewRay Inc. (U.S.).
The oncology information systems market is segmented based on offering, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
In 2023, the Software Segment is Expected to Account for the Largest Share of the Oncology Information Systems Market, By Offering
The large market share of this segment is attributed to the increased demand for digital solutions in cancer treatment, increasing volume of patient data, growing adoption of precision medicine, and increased number of cancer cases. The software segment is further segmented into patient information and treatment planning systems. The treatment planning systems segment is expected to register a higher CAGR due to increasing demand for integrated treatment planning across medical, radiology, and surgical oncology.
In 2023, the Medical Oncology Application Segment is Expected to Account for the Largest Share of the Oncology Information Systems Market
The large market share of this segment is attributed to the large number of cancer patients undergoing chemotherapy, high demand from medical oncologists to reduce workload, and benefits such as managing different types of chemotherapy regimens and clinical decision support.
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Among End Users Studied, the Hospitals Segment is Expected to Account for the Largest Share of the Oncology Information Systems Market in 2023
The large market share of this segment is attributed to the growing utilization of oncology information systems in hospitals for the treatment and management of cancer, the well-established infrastructure in hospitals to facilitate the implementation of oncology information systems, and the high patient population.
In 2023, North America is Expected to Account for the Largest Share of the Oncology Information Systems Market, Followed by Europe, and Asia-Pacific
North America’s major market share is primarily attributed to the robust healthcare infrastructure in the region, high healthcare expenditure, large patient population, high adoption of precision medicine, and the presence of key market players in the region.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/oncology-information-systems-market-5591
Scope of the Report:
Oncology Information Systems Market Assessment—by Offering
- Software
- Patient Information Systems
- Treatment Planning Systems
- Services
Oncology Information Systems Market Assessment—by Application
- Radiation Oncology
- Medical Oncology
- Surgical Oncology
Oncology Information Systems Market Assessment—by End User
- Hospitals
- Diagnostic Imaging Centers
- Cancer Care Centers
- Other End Users
(Other end users primarily include research institutes and government institutions, among others.)
Oncology Information Systems Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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