Oncology Information System Market Size

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 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. According to the study published in the Clinical Journal of Oncology Nursing in July 2022, technology has improved the cancer care continuum for patients, providers, and the system as a whole, notably by allowing nurses to extend their reach and improve their ability to offer care.
• During the epidemic, nurses learned to rely on digital health tools to safely communicate with patients and caregivers, many of whom had previously received care on-site. Patients and nurses benefited from the quick transition to telehealth since it reduced unwanted exposure. Also, according to the IAEA Bulletin, February 2022, there has been a rise in the use of online platforms, such as the Asia-Pacific Radiation Oncology Network (ASPRONET) and the Africa Radiation Oncology Network (AFRONET), to share information and connect peer support radiation oncology departments regionally. Thus, such instances positively impacted market growth during a pandemic. However, in the coming years, the use of oncology information technology is expected to increase as the cancer burden grows at a rapid pace. Hence the market is expected to project stable growth.
• The major factors attributing to the growth of the oncology information systems market include the rising incidence of cancer cases worldwide. For instance, according to the Breast Cancer Factsheet Now 2021, around 55,000 women and 370 men in the United Kingdom are diagnosed with breast cancer every year. Breast cancer has claimed the lives of an estimated 600,000 people in the United Kingdom. This figure is expected to climb to 1.2 million by 2030. The huge prevalence of cancer cases around the world is likely to increase the utilization of oncology information systems to handle large volumes of patient data. Thus, the studied market is expected to grow significantly over the forecast period.
• Furthermore, growing government initiatives to increase cancer awareness are expected to support market expansion over the forecast period. For instance, In October 2021, the government of the Australian Capital Territory had launched National Cervical Cancer Awareness Week 2021, which was held on November 8-14, 2021. The theme of the week, "Time to Catch Up," had built on last year's message and had encouraged women aged 25-72 to prioritize their cervical health by getting screened regularly. Throughout the week, various events and initiatives had taken place across the territory to promote awareness and education about cervical cancer, including free screening services, public talks, and social media campaigns. The government had emphasized the importance of early detection and prevention in reducing the incidence and mortality rates of cervical cancer in Australia.
• With this, the government is trying to raise awareness that will build on the World Health Organization's vision of a world where cervical cancer is eliminated as a public health problem by 2030. Such initiatives boost awareness and thus drive the growth of the market.
• In August 2022, the Koita Centre for Digital Oncology (KCDO) was founded by the National Cancer Grid (NCG) to encourage the use of digital technology and tools to enhance cancer care throughout India. The Koita Foundation had made contributions to the Center's establishment, and they had committed to doing so for the next five years. At the Tata Memorial Hospital in Mumbai, the Tata Memorial Centre and Koita Foundation had signed an MoU to formally establish their partnership.
• Such initiatives were expected to add to the growth of the market and improve cancer care in India. The KCDO aimed to provide a platform for collaboration and knowledge-sharing among healthcare professionals, researchers, and innovators in the field of oncology. The Center had also planned to develop and implement digital solutions to improve cancer screening, diagnosis, and treatment outcomes.
• The rise in the adoption of oncology information systems is also contributing to the growth of the market. For instance, in August 2021, Icon Group reported the adoption of the ARIA oncology information system (OIS) with new multi-disciplinary functionality. Such activities are expected to boost the growth of the market under consideration.
• Thus, all the aforementioned factors, such as the growing prevalence of cancer and the rising adoption of OIS systems, are expected to propel the growth of the market. However, the high costs involved in cancer therapies and the dearth of skilled professionals are expected to slow down the market's growth over the forecast period.