Oncology Information Systems Market by Product (Solutions and Professional Services), Application (Medical Oncology, Radiation Oncology, and Surgical Oncology), End User (Hospitals & Diagnostic Imaging Centers, Ablation Care Centers & Cancer Care Centers, Government Institutions, and Research Facilities): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026028 | Pages: 100 | Industry: Healthcare IT | Date: Sep 2022 | Type: Global

The market crossed US$ 7.0 billion mark in 2022 and is expected to hit US$ 14.0 billion by 2030, recording a CAGR of 7.5% during the forecast period.

Oncology information systems set new records in the treatment

The rising incidence of cancer bolsters the demand for oncology information systems. According to the American Cancer Society 2022 report, more than 16.9 million Americans with a history of invasive cancer were alive on January 2019, among which the majority of them were diagnosed several years ago and had no current evidence of the disease. Additionally, a little over 1.9 million new cancer cases were expected to be diagnosed in the US in 2022, with approximately 609,360 deaths from cancer expected in the US by 2022, accounting for almost 1,670 deaths per day.

Also, various companies collaborate with healthcare system providers to bring innovation in oncology and deliver better and more effective patient health outcomes. For instance, in May 2022, GE Healthcare announced an agreement with RaySearch Laboratories AB pioneer in oncology software provider, to develop a new radiation therapy simulation and treatment planning workflow solutions designed for simplifying and treatment planning. Together the companies aim to combine Stockholm-based RaySearch’s advanced treatment planning systems with GE Healthcare’s leading multi-modality (CT/MR/molecular imaging) simulator systems to enhance cancer treatment faster and more precisely. With such high prevalence, demand for an oncology information system is increasing, thereby responsible for overall market growth during the forecast period. The software segment is expected to grow due to the need to control the rising oncology care costs and improve the efficiency of oncology care services by reducing medical errors.

Within the report, the market is segmented into product, application, end user, and geography. On the basis of product, the market is bifurcated into solutions and professional services. Further, by application, the market is segregated as medical oncology, radiation oncology, and surgical oncology. Based on end user, the market is segregated as hospitals & diagnostic imaging centers, ablation care centers & cancer care centers, government institutions, and research facilities. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

COVID-19 impact on oncology information systems market.

The COVID-19 pandemic has resulted in a global healthcare crisis and widespread economic impact since January 2020. In Q1 2020, the majority of hospitals and diagnostic imaging centers were functioning with a constrained capacity for controlling the transmission of the virus. Amid the pandemic, leading market players' sales and operating incomes dropped. Tight controls over production resulted in reducing inventory, with oncology research activity raising gradual demand growth in the software and professional services segment. The aforementioned factors are responsible for the high adoption of oncology information systems in the forthcoming years, fueling the overall market growth during the forecast period.

Medical Oncology segment showcases high growth of oncology information system market.

Based on application, the medical segment can be attributed to account highest market share during the analysis period. The medical oncology segment assists in rapid advancements in immunotherapy, hormonal therapy, and targeted therapy for effectively treating various cancers. Also, several initiatives pertaining to cancer research are being considered by major players that further influences segmental growth, thereby driving the overall market growth of oncology information systems during the forecast period.

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Recent strategic developments in oncology information systems market

The oncology information systems market has undergone several significant developments, and a few of these have been mentioned below:

  • In June 2021, Koninklijke Philips N.V. announced a partnership with Elekta to advance comprehensive and personalized care through precision oncology solutions. The partnership aims for successful cooperation in the fast-emerging field of magnetic resonance (MR)-guided adaptive radiation therapy.
  • In December 2020, McKesson Corporation announced launching a new product, "Ontada." The new product is an oncology technology and insights business designed to support innovation, acceleration, and evidence generation to drive better outcomes for cancer patients.

 

The oncology information systems market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Koninklijke Philips N.V., McKesson Corporation, Siemens Healthcare Private Limited, Elekta, Epic Systems Corporation, Oracle (Cerner Corporation), CureMD Healthcare, EndoSoft LLC, RaySearch Laboratories, and Accuray Incorporated are among the prominent players operating in the market.

Target audience for the report:

  • Oncology Information Systems service providers
  • Oncology Information Systems related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • End users of Oncology Information Systems
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Product:
    • Solutions
      • Patient Information Systems
      • Treatment Planning Systems
    • Professional Services
  • Application
    • Medical Oncology
    • Radiation Oncology
    • Surgical Oncology
  • End User:
    • Hospitals & Diagnostic Imaging Centers
    • Ablation Care Centers & Cancer Care Centers
    • Government Institutions
    • Research Facilities
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Koninklijke Philips N.V.
    • McKesson Corporation
    • Siemens Healthcare Private Limited
    • Elekta
    • Epic Systems Corporation
    • Oracle (Cerner Corporation)
    • CureMD Healthcare
    • EndoSoft LLC
    • RaySearch Laboratories
    • Accuray Incorporated

Companies profiled
- Koninklijke Philips N.V.
- McKesson Corporation
- Siemens Healthcare Private Limited
- Elekta
- Epic Systems Corporation
- Oracle (Cerner Corporation)
- CureMD Healthcare
- EndoSoft LLC
- RaySearch Laboratories
- Accuray Incorporated

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