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06-Mar-2023

North America Oncology Information Systems Market holds the highest revenue potential | Says FMI Analyst

The Oncology Information Systems Market is expected to be worth US$ 2.59 billion by 2022 and to grow to US$5.4 billion by 2032, at a 7.8% CAGR from 2022 to 2032.

The monumental growth of healthcare IT, the increasing global prevalence of cancer, increased development expenditure on cancer treatments and solutions, and increased adoption of oncology information systems (OIS) solutions by healthcare facilities are some of the key factors expected to drive oncology information systems market growth.

The increasing incidence and prevalence of cancer, as well as the growing need to reduce the cost of cancer care, are driving the oncology information system market growth, as are the potential benefits offered by oncology information systems in cancer treatment, management, and planning.

The oncology information system market includes software and services used for comprehensive information and image management, which aids in the management and optimization of cancer patient profiles and treatment.

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The rising incidence of cancer cases is one of the major factors driving the oncology information system market growth. There are a few other factors driving the oncology information system market key trends and opportunities, such as the growing need to reduce oncology care costs and the growing adoption of oncology information system along with electronic health records (EHR) and other oncology information systems.

A major impediment to implementing OIS solutions in hospitals is a lack of qualified resources influencing the oncology information system market future trends along with oncology information system market opportunities. Currently, the demand for healthcare IT professionals outnumbers supply in both developing and developed oncology information system market, including the United States and Europe.

Asia Pacific accounted for 17.8% of the oncology information system market. The Asia Pacific oncology information system market is expanding due to several factors, including rising cancer prevalence and increased investment in the implementation of IT solutions in healthcare settings which h influences the oncology information system market adoption trends.

KEY TAKEAWAYS:

  • The oncology information system market has been divided into two segments: solutions and professional services. The solutions segment accounted for the majority of revenue i.e. 73.4%.
  • The solutions segment is further subdivided into patient information systems and treatment planning systems, with the latter accounting for the lion’s oncology information system market share.
  • Medical oncology accounted for the largest oncology information system market share of global revenue, accounting for 61.4% of total revenue.
  • In 2021, the North America regional oncology information system market had the highest oncology information system market share’s revenue of 38.5%.
  • The software segment accounted for 83.6% of the product and service oncology information system market.
  • Radiation oncology accounted for 53.8% of the oncology information system market.
  • Asia Pacific accounted for 17.8% of the oncology information system market.

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COMPETITIVE LANDSCAPE:

Key oncology information system market companies are primarily focused on incorporating technological innovation with the introduction of web-based oncology solutions and AI-based oncology information system solutions with the goal of improving the treatment regime, which is expected to positively impact oncology information system market growth in the near future.

Elekta AB, Accuray Inc., Varian Medical Systems, RaySearch Laboratories, Cerner Corp., BrainLab, Philips Healthcare, Prowess, Inc., DOSIsoft S.A., ViewRay Inc., MIM Software, and Flatiron are among the prominent players in the oncology information system market.

RECENT DEVELOPMENT:           

  • Varian Medical Systems, Inc. announced a USD 10.0 million investment and a strategic collaboration agreement with COTA, Inc., a curator of clinical data in the oncology sector, in 2020.
  • Siemens Healthineers (Germany) completed the acquisition of Varian Medical System in August 2021. (UK). The goal of this acquisition was to create a one-of-a-kind, highly integrated portfolio of oncology information system workflow.
  • Koninklijke Philips N.V. (The Netherlands) and Elekta (Sweden) will collaborate in June 2021 to develop advanced, comprehensive, and personalised cancer care through precision oncology information solutions.
  • McKesson Corporation (US) has launched Ontada, an oncology technology and insights business dedicated to advancing cancer research and care, in December 2020.

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Key Segments  

By Product:

  • Solutions
    • Patient Information Systems
    • Treatment Planning Systems
  • Professional Services

By Application:

  • Medical Oncology
  • Radiation Oncology
  • Surgical Oncology

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Last Updated: 06-Mar-2023