Oncology information system is used in hospitals, clinics, and research laboratories to maintains patient data by combining surgical, radiation, and medical oncology information in a single system.
The global oncology information systems market was valued over US$ 2 billion in 2017, and is expected to register a CAGR of 8.1%. The first five-year cumulative revenue (2017–2021) is projected to be around US$ 13 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period. According to report, the oncology information systems market is projected to reach a value of around US$ 4 Bn in 2026 at a CAGR of over 8.1% over the forecast period.
Global oncology information systems Market: Market Dynamics
Oncology information systems are used to maintain patient records, to predict treatment results, plans treatment for patients accordingly, and exchange cancer patient information across healthcare organizations, which improves efficiency and safety during cancer treatment. Increasing availability of various types of cancer therapies such as chemotherapy and radiation therapy, and increasing cancer patient pool across the globe are major factors expected to drive growth of the target market over the forecast period.
However, high capital costs associated with implementation of oncology information systems in hospitals and other medical facilities is a major factor expected to restrain growth of the global market in the near future. In addition, high maintenance costs and services of oncology information systems may not be out of reach to many hospitals as it lacks government funding and support. Furthermore, lack of trained healthcare IT professionals and data quality issues is another factor expected to hamper the growth of the oncology information systems market over the forecast period.
Increasing penetration of oncology information systems in low and middle income countries through promotional activities and various government initiatives and support for implementation of oncology information systems can create lucrative growth opportunities for new existing as well as new players operating in the oncology information systems market over the forecast period.
Global oncology information systems market: Market Forecast
The comprehensive research report comprises a complete forecast of the global oncology information systems market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global oncology information systems market is expected to expand at a moderate CAGR of 8.1% during the forecast period.
Global oncology information systems market: Segmental Snapshot
The market report has been segmented on the basis of product and service, application, end user, and region. The product and service segment includes software (patient information system and treatment planning system), professional services (consulting/optimization services, implementation services, post-sale & maintenance services). The application segment includes medical oncology, radiation oncology, and surgical oncology. The end user segment includes hospital & physician’s offices, governmental institutions, and research centers. The regions covered in the analysis are North America, Europe, Asia Pacific, Latin America, And Middle East & Africa.
By product and service: The software segment is projected to register highest CAGR of over 8% and expected to maintain its dominance over the forecast period.
By application: Revenue from the medical oncology segment is projected to register a CAGR of over 8.0%, which is moderately higher compared to the radiation oncology and surgical oncology segments.
By end user: Revenue from the hospitals & physician offices segment is projected to register a CAGR of over 8.0%, which is moderately higher compared to the other segments.
By region: The market in Asia Pacific accounted for highest revenue share in the global oncology information systems market in 2016, and is expected to register a CAGR over 8.0% between 2017 and 2026.
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Global oncology information systems market: Competitive Analysis
The research report on the global oncology information systems market includes profiles of some of major companies such as Accuray Incorporated, Flatiron Health, Inc., Cerner Corporation, Elekta AB (pub), Epic Systems Corporation, Koninklijke Philips N.V., McKesson Corporation, Varian Medical Systems, Inc., CureMD Corporation, and Raysearch Laboratories.
The Global Oncology information systems Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017–2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Global Oncology information systems Market for 2017–2026.