by The global oncology information systems market is poised to witness significant growth owing to rising prevalence of cancer worldwide. Oncology information systems assist healthcare professionals in managing patient treatment more effectively and efficiently. It helps collect, store, retrieve, and analyze patient medical records and tumor boards. Features such as treatment plans, progress notes, diagnostic imaging, and laboratory reports help doctors provide customized treatment and manage follow-ups.
The global oncology information systems market is estimated to be valued at US$ 8.19 Billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the oncology information systems market is majorly driven by increasing prevalence of cancer. According to World Health Organization (WHO), cancer is one of the leading causes of deaths worldwide. It was estimated that around 10 million deaths occurred due to cancer in 2020. Further, National Cancer Institute predicted that the number of new cancer cases will rise to 30.2 million globally by 2040. rising cancer incidence has increased demand for advanced oncology information systems from hospitals and oncology centers to manage large patient volumes and treatment plans more efficiently. Technological advancements in oncology information systems with introduction of features such as machine learning, artificial intelligence and integration with electronic health records are further expected to support market growth over the forecast period.
SWOT Analysis
Strength: The Global Oncology Information Systems market offers various strengths such as improved patient care, reduced medication errors, enhanced workflow efficiency, and improved regulatory compliance.
Weakness: High costs associated with the implementation and maintenance of oncology information systems is a major weakness. Lack of trained medical professionals to operate these complex systems is another weakness.
Opportunity: Growing healthcare sector investments across developing regions provide significant opportunities for market expansion. Emerging technological advancements in AI, cloud computing also offer new opportunities.
Threats: Data privacy and security threats pose a major challenge. Rising incidence of cancer also poses threats due to increasing workload and complex care requirements. Stiff competition among existing players also poses threats.
Key Takeaways
The Global Oncology Information Systems Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global oncology information systems market is estimated to be valued at US$ 8.19 Billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030.
North America is currently dominating the market owing to advanced healthcare infrastructure and increasing healthcare spending in the region. The Asia Pacific region is expected to offer lucrative growth opportunities during the forecast period driven by growing healthcare needs, improving standards and increasing medical tourism.
Key players operating in the global oncology information systems market are Koninklijke Philips N.V., Cerner Corporation, Hologic Inc., McKesson Corporation, Epic Systems Corporation, athenahealth, Inc., Advanced Data Systems Corporation, RaySearch Laboratories, and Varian Medical Systems, Inc. These players are focusing on new product launches and strategic collaborations to strengthen their market presence. For instance, in September 2022, Elekta AB collaborated with Royal Philips to enhance diagnostic and treatment planning for cancer patients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
