Market Size – USD 2.47 Billion in 2018, Market Growth – CAGR of 8.4% Market Trends – Rising incidences of target diseases, Technological advancements in the field of healthcare IT
According to the current analysis of Reports and Data, the global Oncology Information System Market was valued at USD 2.47 billion in 2018 and is expected to reach USD 4.75 billion by the year 2026, at a CAGR of 8.4%. Oncology Information System comprises software and services. The software is used to collect the data related to the patient, to predict the treatment method, clinical outcomes associated, and to analyze the success rate of the treatment. In addition to this, it has a collective data for patient management, clinical regimen, monitoring activities, and patient history. Such systems offer advantages including scheduled care and remote access due to digital connectivity compared with traditional record-keeping methods. Moreover, visual data of the tumor is also maintained for medical personnel and doctors to ensure the correct dosage, treatment management plans, and schedules that are appropriate for the patient.
The primary key drivers of the markets include technological advancements and increased incidences of cancer. For instance, according to the American Lung Association, around 234,030 new lung cancers were expected to diagnose. According to the National Cancer Institute, cancer has a significant impact on society in the United States and across the world, owing to the rising demand for Oncology Information System during the forecast period. Moreover, the patients, after getting complete treatment for cancer, also experienced secondary cancers recurring. The growth in demand for an appropriate treatment plan is expected to propel the market. Furthermore, the other factor responsible for fueling the market growth is growing government awareness and initiatives for the pre-diagnostics and efficient treatment for the same. The traction in the investment for the research and development in developed economies such as the U.S, Canada also owes the growth of the market.
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The recent advancement in the record-keeping aspect is the application of artificial intelligence, wherein the system gives suggestions about the patient’s history and further compares it with the previous therapy to ensure the effectiveness of the treatment. Escalating sponsorship for Healthcare by the government and favorable funding scenario would significantly support the market growth. The challenges, such as lack of skilled IT professionals in the Health Care Systems and the high cost of maintenance of the systems are likely to hamper the market. However, stringent regulation and lack of awareness in emerging economies are expected to impede the market growth.
Further key findings from the report suggest
- According to the American Lung Association, around 234,030 new lung cancers were expected to diagnose. The causes of such a hike in the incidences of lung cancers are the exploitation in the use of tobacco, cigarettes, growing air pollution.
- According to the World Health Organization, cancer is stated to be the world’s leading cause of death. One in every six deaths is caused due to cancer. The majority of the deaths are caused due to delay in the diagnosis of the cancers. The increase in the awareness programs by the government would push up the market to a newer heights in the near future.
- Artificial Intelligence, which is the recent advancement brought up in the Oncology Information System sector, which promotes the comparison of the previous incidences of the side-effects, contraindications for the patients. Gleason score, the AI system was on par with the international experts to detect and grade prostate cancer on the same level as leading experts. The growing demand for the data management and the options offered by the IT segment for a proper data management and decision making platform, would help the market to escalate in the near future.
- According to Novartis, it was estimated that there are more than 200 types of cancer which need unique diagnosis and treatment. Additionally, it is expected that more than 21 million new cases would be diagnosed by 2030. The predictions gave an overall scenario of the increase in the prevalence of the cancer which would increase the shares in the forecast period.
- RaySearch and MedLever announced interoperability agreement to give more efficient ways of organizing data for oncology centers. This agreement promotes an ecosystem with fewer data silos and greater degrees of transparency that improve clinician satisfaction and patient care. The mission which was set to achieve the goal to allow better management of the data and allowing this data to be useful for the clinicians is expected to increase the market shares in the coming years.
- The key market players are Varian Medical Systems, Inc., Elekta AB, Altos Solutions, Inc., Cerner Corporation, Koninklijke Philips N.V., McKesson Corporation Accuray Incorporated, Epic Systems Corporation, and CureMD Corporation.
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For the purpose of this report, Reports and Data has segmented the Oncology Information System market on the basis of products & services, application, end-use and region:
Products & Services Outlook (Revenue in Million USD; 2016–2026)
- Patient Information System
- Treatment Planning System
- Professional Services
- Maintenance Services
- Consulting or Optimization Services
- Implementation Services
Application Outlook (Revenue in Million USD; 2016–2026)
- Radiation Oncology
- Surgical Oncology
- Medical Oncology
End Use Outlook (Revenue in Million USD; 2016–2026)
- Oncology Clinics
- Research Centers
- Government Institutions
Regional Outlook (Revenue in Million USD; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
Key Features of the Oncology Information System Market Report:
- The report encompasses details about the key companies, product portfolio along with specifications, production valuation, and market shares
- Extensive study of key segments and sub-segments of the Oncology Information System market
- Evaluation of key current and emerging market trends and growth prospects
- Brief overview of industry with regards to research and development, technological advancements, and product development
- In-depth assessment of upstream raw materials, downstream buyers, demands, and current market scenario
- Analysis of key drivers, restraints, opportunities, growth prospects, limitations, and threats
- Strategic recommendation to key players and new entrants to overcome entry-level barriers in the Oncology Information System market over the forecast period
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