Market Trends of Oncology Information System Industry
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. Software is 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 improving the efficiency of oncology care services by reducing medical errors, which will significantly benefit the market.
- Oncology Information System (OIS) is a software solution that manages departmental, administrative, and clinical activities. It aggregates information into a complete oncology-specific electronic medical record to support medical information management. Thus, due to the benefits associated with oncology information software, the demand for it is expected to increase over the forecast period.
- According to the REDECAN study published in November 2022, breast cancer is the most frequent cancer and the primary cause of cancer-related death in women in Spain, with an estimated 34,750 women diagnosed with the disease in Spain in 2022. Additionally, there were expected to be 30,948 new cases of lung cancer diagnosed in Spain in 2022.
- Further, the same source mentioned above reported that in 2022, 22,316 men and 8,632 women were diagnosed with lung cancer. Thus, the growing prevalence of cancer and the need for early diagnostics are expected to increase, supporting segment expansion over the forecast period. The high number of people in the population affected by cancer results in an increasing demand for cancer management systems, which is expected to boost growth over the forecast period.
- Product launches by key market players are also helping to drive the growth of the studied market. For instance, in December 2021, Roche launched the NAVIFY Oncology Hub, one of the latest digital solutions, to further enhance clinical decision support and workflow optimization for oncologists and oncology care teams. navify Oncology Hub presents the information as a longitudinal timeline view of the patient's full oncologic history, combined with a concise snapshot of the individual's current status. The rise in interest in the digitization of oncology services is expected to contribute to market growth over the forecast period.
- Thus, the increased use of software in the management of cancer is expected to propel the growth of the segment over the forecast period.
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North America is Expected to Hold a Significant Share in the Market and 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.
- According to Cancer Facts and Figures 2023, published in January 2023 by the American Cancer Society, an estimated 1.9 million new cancer cases will be diagnosed in 2023, among which prostate cancer is estimated to be 288,300, followed by 238,340 cases of lung cancer, and 300,590 cases of female breast cancer.
- Furthermore, according to statistics published by the Government of Canada and released in May 2022, about 233,900 Canadians were diagnosed with cancer in 2022, and prostate cancer is expected to remain the most diagnosed cancer. According to the same source, breast cancer affects one out of every eight women at some point in their lives. 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, and treatment. This is likely to boost the growth of the market.
- Furthermore, an increase in awareness initiatives for cancer is expected to propel the growth of the market. For instance, every year in September, cancer awareness month is observed in the United States. During National Breast Cancer Awareness Month government renewed its commitment to assisting patients and their families, increasing access to care, and raising awareness about the life-saving value of early detection. Such initiatives may increase awareness of the ailment and support market expansion over the forecast period.
- Additionally, various organic and inorganic strategies adopted by the market players are expected to boost the market over the forecast period. For instance, in March 2021, McKesson launched ScriptPAS, a pharmacy management solution for oncology practices powered by Biologics by McKesson specialty pharmacy. Additionally, in April 2021, Siemens Healthineers AG completed the acquisition of Varian medical systems, Inc, an American radiation oncology treatments and software maker based in Palo Alto, California.
- Thus, all aforementioned factors, such as the growing burden of cancer and government initiatives with product launches, are expected to boost market growth in the North American region over the forecast period.
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