Oncology Information System Industry Overview
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
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Oncology Information System Market Analysis
The Oncology Information System market is projected to register a CAGR of 8.5% over the forecast period.
The healthcare system has witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to reduce the risk of viral transmission as most chronic therapies were regarded as non-urgent. However, with the advent of the COVID-19 infection, the digitization of healthcare services came into focus, which aided the growth of the oncology information systems. As per an article published by the International Atomic Energy Agency in February 2020 titled “Digitalization in cancer control during the COVID-19 pandemic”, the COVID-19 pandemic opened the door for increased digitalization and virtual knowledge sharing. There has been a rise in the use of online platforms, such as the Asia-Pacific Radiation Oncology Network (ASPRONET) and Africa Radiation Oncology Network (AFRONET) to share information and connect peer support radiation oncology departments regionally.
The major factors attributing to the growth of the oncology information systems market include the rising incidence of cancer cases worldwide. For instance, as per the Globocan 2020 report, in the year 2020, around 19 million new cancer cases were reported around the world. The most common types of cancer were the breast and lung cancer with over 2.26 and 2.21 million new cases reported in 2020. The huge prevalence of the cancer cases around the world is likely to increase the utilization of oncology information systems to handle the large volumes of patient data. Thus, the studied market is expected to grow significantly over the forecast period.
A rise in the geriatric population is also propelling the demand for oncology information systems and driving the market growth. According to the World Health Organization (WHO) report on Ageing and Health published in October 2021, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. The report estimated that the population of people over 60 years will outnumber the population of children below the age of 5 years in 2020. Also, as per the above-mentioned source, about 80% of the geriatric population will be living in low- and middle-income countries by 2050. Moreover, according other American Society of Clinical Oncology article on cancer and aging published in July 2021, most of the people diagnosed with cancer are over the age of 65 years. The prevalence of cancer in the geriatric population is attributed to a number of factors including the higher more potential exposures, the higher proportion of cells that undergo mutation, accumulation of cell damage that often turn into tumor, among others. Thus, the growing older population, who are more susceptible to cancer, is expected to add to the growth of the oncology information systems market, since the electronic symptom reporting can improve outcomes in cancer patients.
Also, the increasing awareness about the various types of cancer is aiding the market growth. For instance, in August 2022, Can Conquer Cancer Initiative was launched in India to raise awareness about the most common types of cancer, and their prevention, treatment and cures. Such initiatives are expected to add to the growth of the market.
There are few more growth factors in the oncology information system (OIS) market, including OIS technological developments, and OIS benefits over traditional record-keeping, and on-going drug developments for new treatments, which are expected to further propel the growth of oncology information system market.
The rise in the adoption of the oncology information systems is also adding to the growth of the market. In August 2021, Icon Group announced the adoption of the ARIA oncology information system (OIS) with new multi-disciplinary functionality. Such activities are expected to boost the growth of the studied market.
However, the high costs involved in cancer therapies and the dearth of skilled professionals are expected to slow down the market growth over the forecast period.
Oncology Information System Industry Segments
As per the scope of the report, the oncology information system is used for data management as part of hospital oncology care plans, treatment plans, provision of medication, analysis, and treatment outcomes. Oncology information systems included the exchange of information between both the radiotherapy unit and the healthcare organization. The Oncology Information System Market is Segmented by Product & Service (Software and Services), Application (Medical Oncology, Radiation Oncology, and Surgical Oncology), End-User (Hospitals, Research Centers, and Specialty Clinics), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa and South America). The Market report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers the value in USD (US Dollar) million for the above segments.
|By Product & Service|
|By End User|
Oncology Information System Market Trends
This section covers the major market trends shaping the Oncology Information System Market according to our research experts:
Software Segment is Expected to Hold the Largest Market Share in the Oncology Information System Market
The software segment has dominated the market owing to the increase in cancer patients globally and the tests associated with the examination and treatment of cancer patients. Softwares are a set of instructions, data, or programs used to operate computers and execute specific tasks. The use of software systems in cancer management can aid in controlling the rising oncology care costs and improve the efficiency of oncology care services by reducing medical errors, which will significantly benefit the market.
The World Health Organization (WHO) in its key facts on cancer published in February 2022 indicated that in the year 2020, around 2.26 million new breast cancer cases, 2.21 million new lung cancer cases, 1.93 million new colon and rectum cancer cases, 1.41 million new prostate cancer cases, 1.2 million new skin cancer cases, and over 1.09 million new stomach cancer cases were registered all over the world. The high volume of the population affected by cancer results in an increasing demand for cancer management systems, which is expected to boost the growth of the market over the forecast period.
Also, according to the GLOBOCAN 2020 report, around 28.9 million new cancer cases were estimated to be reported around the world in the year 2040. The rising prevalence of cancer cases is expected to add to the growth of the studied market. As the number of people with cancer will increase, keeping track of patient data and coordinating treatment plans is challenging for doctors and medical professionals. Softwares of oncology information systems can help medical professionals in keeping the track of all the information related to patient and their treatment. The oncology information system software helps physicians to improve the management of patient information.
The product launches by the key market players are also adding to the growth of the studied market. For instance, in December 2021, Roche launched the NAVIFY Oncology Hub, its latest digital solution to further enhance clinical decision support and workflow optimisation for oncologists and oncology care teams. The rise in the interest in the digitization of the oncology services are expected to add to the market growth over the forecast period.
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North America Dominates the Market and is Expected to do Same in the Forecast Period
North America is expected to dominate the overall oncology information system market, throughout the forecast period. This is owing to factors such as the rising prevalence of cancer and the availability of advanced healthcare infrastructure among the major factors.
In the North American region, the United States holds the largest market share owing to the increasing population suffering from cancer, along with the rising geriatric population and developments related to cancer therapy, and rising government initiatives for the awareness of cancer in the country.
The incidence rates of cancer increase almost exponentially as people age. Thus, the rising geriatric population who are more susceptible to cancer is likely to boost the market growth. As per the United States Census Bureau data on Demographic Turning Points for the United States: Population Projections for 2020 to 2060, in the United States, the number of people above 65 years of age is projected to reach 73.1 million by 2030 and reach around 94.7 million by 2060, constituting around 23% of the population in the United States in 2060, showing a positive impact on the market. The oncology information systems help in overcoming the restraints faced in the traditional patient assessment, which limited the clinical encounters of elderly people affected by cancer since the physicians could only obtain a limited amount of information in a short span of time, which may not capture the entire patient experience. Thus, the rising geriatric population who are more susceptible to cancer are expected to add to the growth of the studied market over the forecast period.
Also, as per the Cancer Facts & Figures 2022 data published by the American Cancer Society, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States. Hence, the prevalence of cancer in the country is anticipated to create more opportunities for the development of oncology information systems in the country, by supporting the process of data integration in different phases, such as screening, prevention, diagnosis, treatment. This is likely to boost the growth of the market.
Asia Pacific is also anticipated to register the fastest CAGR due to the high prevalence of cancer coupled with government initiatives and expenditure in the healthcare sector.
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Oncology Information System Market Competitor Analysis
The oncology information system market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions across the globe.
Oncology Information System Market Top Players
Varian Medical Systems
*Disclaimer: Major Players sorted in no particular order
Oncology Information System Market Recent Developments
- In May 2022, GE Healthcare entered into an agreement with RaySearch Laboratories AB, a radiation oncology software provider, to develop a new radiation therapy simulation and treatment planning workflow solution, designed to simplify how radiation will be targeted to shrink a tumor.
- In May 2022, Berry Oncology, a company for genetic testing and early screening of tumors, recently launched a HIFI system, consisting of HIFI-det liquid biopsy technology and the corresponding HIFI-cal series of algorithms.
Oncology Information System Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising incidence of Cancer Worldwide
4.2.2 Growing Government Initiatives for Cancer Awareness
4.3 Market Restraints
4.3.1 High Cost of Cancer Therapies
4.3.2 Dearth of Skilled Professionals
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - in USD Millions)
5.1 By Product & Service
5.2 By Application
5.2.1 Medical Oncology
5.2.2 Radiation Oncology
5.2.3 Surgical Oncology
5.3 By End User
5.3.2 Research Centers
5.3.3 Specialty Clinics
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.4.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Cerner Corporation
6.1.2 Varian Medical Systems
6.1.3 Elekta AB
6.1.4 CureMD Corporation
6.1.5 McKesson Corporation
6.1.6 Flatiron Health, Inc.
6.1.7 Accuray Incorporated
6.1.8 RaySearch Laboratories AB
6.1.9 BMSI Partners, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Oncology Information System Market Research FAQs
What is the study period of this market?
The Oncology Information System Market is studied from 2018 - 2028.
What is the growth rate of Oncology Information System Market?
The Oncology Information System Market is growing at a CAGR of 8.5% over the next 5 years.
Which region has highest growth rate in Oncology Information System Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Oncology Information System Market?
North America holds highest share in 2021.
Who are the key players in Oncology Information System Market?
Cerner Corporation, Elekta AB, CureMD Corporation, McKesson Corporation, Varian Medical Systems are the major companies operating in Oncology Information System Market.
Oncology Information System Industry Reports
In-depth industry statistics and market share insights of the Oncology Information System sector for 2020, 2021, and 2022. The Oncology Information System research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Oncology Information System report PDF.