According to the new market research report “Oncology Information System Market by Product and Service, Application, End User (Hospitals & diagnostic imaging centers, Ablation & Cancer Care Centers, Government Institutions and Research Facilities) – Global Forecast to 2027″, published by MarketsandMarkets™, the market is estimated to grow at a CAGR of 7.6% during the forecast period. The market is projected to reach USD 11.1 billion by 2027 from USD 7.7 billion in 2022.
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The growth of this market is primarily driven by factors such as increasing need to curtail oncology care cost, growing adoption of electronic health records (EHR) and other oncology healthcare IT solutions to improve care quality, increasing incidence and prevalence of cancer, favorable government mandates and support for oncology information systems, potential benefits of and technological advancements in oncology information systems. Growing healthcare IT industry and integration of EMR with treatment planning systems indicates strong growth opportunities. On the other hand, the dearth of skilled IT professionals in the healthcare industry and interoperability issues are major factors expected to restrain the market growth. Concerns regarding data privacy is major market challenges.
Software to account for the largest share of the market during the forecast period
The oncology information system market for product and services is segmented into software and professional services. In 2021, the software segment accounted for 83.6% of the products and services market. The high share of this market segment can be attributed primarily to increasing need to control the growing oncology care costs and improve the efficiency of healthcare services by reducing medical errors.
Radiation Oncology to account for the largest share of the market during the forecast period
The radiation oncology segment accounted for the largest share of 53.8% of the oncology information systems market, by application, in 2021. Rising adoption of advanced radiology information systems during cancer diagnosis and therapeutics and technological advancements in radiological procedures are some of the factors responsible for the largest share of the segment.
Hospitals & diagnostic imaging centers to account for the largest share of the market during the forecast period
Based on end user, the global oncology information system market has been segmented into hospitals & diagnostic imaging centers, ablation & cancer care centers, government institutions, and research facilities. Hospitals & diagnostic imaging centers accounted for the largest share of 64.5% of the oncology information system market, by end user, in 2021. The largest share of this segment can be attributed to significant number of patient submissions/visits every year worldwide, increasing government initiatives aimed at equipping (or upgrading) hospitals with newer and advanced systems, increasing number of cancer care procedures, and the growing adoption of oncology treatment care.
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The APAC Oncology information system market is projected to grow at the highest rate during the forecast period.
The oncology information system market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for 50.8% of the market during the forecast period. Increasing prevalence of cancers, large number of hospitals and the presence of major market players and the favorable government regulations for adoption of oncology information systems are some of the factors driving the demand for oncology information system in North America. The Asia Pacific region are expected to grow at higher CAGRs during the forecast period. The growth of the Asia Pacific oncology information system market is driven by increasing prevalence of cancer, increasing investment for advancement of healthcare IT infrastructure, and increasing government support for implementation of healthcare IT solutions in healthcare settings.
Key Market Players:
Prominent players in the oncology information system market are Koninklijke Philips N.V. (Netherlands), McKesson Corporation (US), Siemens Healthineers (Germany), Elekta AB (Sweden), Epic Systems Corporation (US), IBM (US), Cerner Corporation (US), Advanced Data Systems (US), Bogardus Medical Systems, Inc (US), F. Hoffmann-La Roche AG (Switzerland), Altai Oncology, LLC. (US), GE Healthcare (US), Accuray Incorporated (US), OPTUM (a part of UnitedHealth Group) (US), Allscripts Healthcare Solutions, Inc. (US), MICA Information Systems, Inc. (US), CureMD Healthcare (US), EndoSoft LLC (US), MIM Software Inc. (US) and RaySearch Laboratories AB (Sweden).
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