by Oncology information systems, also known as cancer information systems or oncology clinical systems, help manage and make informed decisions on complex cancer care. They offer services including radiation or medical oncology, clinical trial matching, imaging and reports, financial reporting, and population health management. Oncology information systems assist in optimizing cancer workflows and improve clinical, financial and operational outcomes. The systems help track cancer patients throughout their diagnosis, treatment and follow-up process. They provide disease and treatment-specific clinical decision support, patient scheduling and management of radiation therapy, chemotherapy regimens and other complex cancer care services.
The global Oncology Information Systems Market is estimated to be valued at US$ 8.19 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Need for Data Analytics Solutions
The increasing adoption of data analytics solutions for optimizing cancer workflows and clinical outcomes is expected to drive the growth of the global oncology information systems market over the forecast period. Data analytics assists in comprehensive analysis of treatment effectiveness, survival rates, follow-up rates, and other key performance indicators which help improve patient outcomes. Data analytics also help optimize utilization of resources through predictive modeling and simulation of clinical workflows. For example, analytics can predict cancer patient volumes and scheduling of therapies like chemotherapy and radiation therapy based on historical trends. Another driver is the growing aging population which is more susceptible to cancer. The elderly require close monitoring and management of their disease, which is facilitated by oncology information systems.
Segment Analysis
The global oncology information systems market is dominated by the hospital sub segment. Hospitals account for around 60% of the market share as most cancer treatments occur in hospitals. Hospitals have bigger budgets for IT systems compared to other healthcare facilities and also treat a larger volume and wider range of cancer patients. This makes hospitals a more attractive segment for oncology information system vendors.
PEST Analysis
Political: Governments in many countries are promoting healthcare IT and digitization to improve efficiency, outcomes and reduce costs. They offer incentives and funding for adoption of digital oncology solutions.
Economic: The rising healthcare budgets and government focus on cost control is driving increased investments in oncology information systems that help optimize resource use. High treatment costs of cancer also make efficient data management critical.
Social: Growing cancer incidence globally due to lifestyle changes is increasing demand for advanced treatment facilities. Digital tools help provide state-of-the-art care to more patients.
Technological: Advances in artificial intelligence, machine learning, cloud computing and mobile platforms are enhancing the capabilities of oncology information systems. This is improving areas like diagnosis, treatment planning and remote patient monitoring.
Key Takeaways
The Global Oncology Information Systems Market Size is expected to witness high growth. The global Oncology Information Systems Market is estimated to be valued at US$ 8.19 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates due to advanced healthcare spending and infrastructure. However, Asia Pacific is emerging as the fastest growing region supported by increasing healthcare budgets, growing cancer burden and focus on healthcare IT adoption.
Key players: Key players operating in the global oncology information systems market are McKesson Corporation, Varian Medical Systems, Information Solutions and Siemens Healthcare Private Limited. These companies have strong technological capabilities and global reach to lead the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
