The global oncology information systems market was valued at $3,082.3 million in 2020, and is estimated to reach $5,538.66 million by 2030, growing at a CAGR of 6% from 2021 to 2030.
Oncology information system (OIS) is a comprehensive data and image management solution that aids in the management and optimization of cancer patient profiles and treatment. In healthcare settings such as clinics, hospitals, and research laboratories, patient portfolios are managed by software known as OIS. OIS allows the management of patient profiles by combining surgical, radiation, and medical oncology information in one system . Furthermore, these systems aid in the manage & schedule treatment plans of cancer patients and the prediction of treatment outcomes. These systems improve the safety and efficiency of cancer treatment, owing to their ability to predict treatment outcomes.
The major factor driving the growth of the OIS market is the increase in prevalence of cancer cases globally. Surge in cancer incidence and plethora of treatment patterns have compelled healthcare providers to implement a comprehensive data management system for maintaining large data sets, such as patient records and treatment practices. These data management systems, also known as OIS, are intended for proper patient record documentation, patient treatment, pattern maintenance, electronic health record (EHR)/electronic medical record (EMR) maintenance, and treatment prediction.
For instance, in December 2021, RaySearch Laboratories AB announced the release of a new version of RayCare, a next-generation OIS. The ability for users to configure their own workflows and documents is important new feature of RayCare 5B. RayCare 5B provides full user configurability of all workflow configuration settings, including the ability to create advanced workflow automation from the administrator's workspace. Thus, launch of such products with wide range of functionalities contributes to the growth of the market.
In addition, OIS provides complete and precise information on personal & medical histories, clinical diagnoses, actual & planned treatment regimens, and post-treatment outcomes. These systems monitor various modalities of oncology care for patients. Electronic record maintenance is of prime importance, due to negligible possibility of discrepancies or errors resulting due to manual intervention. Furthermore, paper-based medical record systems are known to have major issues due to incomplete data, poor accessibility, inaccuracy, and challenges to patient confidentiality. These are incompetent tools for record-sharing of interdisciplinary patient assessment & management and quality control monitoring to ensure improvement. Hence, the need to gradually switch from paper-based records to electronic records in healthcare management is anticipated to boost the OIS market growth.
However, high costs associated with the OIS systems and dearth of trained workforce for handling such healthcare management and information technology systems are the factors expected to restrain the market growth. Conversely, various strategies among the key players such as partnerships, product launch, collaborations, acquisitions, and increase in use of artificial intelligence are expected to provide lucrative opportunities for the key players to invest in the OIS market.
Moreover, the incorporation of artificial intelligence (AI) in OIS is anticipated to revolutionize cancer treatment and follow-up procedures. The use of AI algorithms with OIS is expected to change the course of cancer treatment with more predefined and thorough analyses, which would benefit patients through a more focused prognosis,contributing toward the market growth.
Furthermore, presence of a plethora of products in the pipeline and high market potential in untapped emerging economies are anticipated to serve as attractive opportunities for market growth during the forecast period. Surge in cancer cases along with rise in cancer awareness by the government and private organizations has opened up new avenues for the cancer treatment.
The OIS market is segmented into product & services, application, end user, and region. On the basis of product & service, it is bifurcated into software and services. The software segment is further divided into patient information systems and treatment planning systems, while the services segment is categorized into consulting/optimization services, implementation services, and maintenance services. By application, it is fragmented into radiation, medical, and surgical oncology. Depending on end user, it is classified into hospitals & oncology clinics, and research centers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America, Middle East, and Africa (LAMEA).
The major players profiled in the report are Accuray Incorporated, BMSI Partners Inc., (Bogardus Medical Systems, Inc.), Cerner Corporation, CureMD Corporation, Elekta AB, F. Hoffmann-LA Roche Ag (Flatiron Health, Inc.), Siemens AG (Siemens Healthnieers), Koninklijke Philips N.V., McKesson Corporation, and Nasdaq Inc. (RaySearch Laboratories AB).
Oncology information system (OIS) is a comprehensive data and image management solution that aids in the management and optimization of cancer patient profiles and treatment. In healthcare settings such as clinics, hospitals, and research laboratories, patient portfolios are managed by software known as OIS. OIS allows the management of patient profiles by combining surgical, radiation, and medical oncology information in one system . Furthermore, these systems aid in the manage & schedule treatment plans of cancer patients and the prediction of treatment outcomes. These systems improve the safety and efficiency of cancer treatment, owing to their ability to predict treatment outcomes.
The major factor driving the growth of the OIS market is the increase in prevalence of cancer cases globally. Surge in cancer incidence and plethora of treatment patterns have compelled healthcare providers to implement a comprehensive data management system for maintaining large data sets, such as patient records and treatment practices. These data management systems, also known as OIS, are intended for proper patient record documentation, patient treatment, pattern maintenance, electronic health record (EHR)/electronic medical record (EMR) maintenance, and treatment prediction.
For instance, in December 2021, RaySearch Laboratories AB announced the release of a new version of RayCare, a next-generation OIS. The ability for users to configure their own workflows and documents is important new feature of RayCare 5B. RayCare 5B provides full user configurability of all workflow configuration settings, including the ability to create advanced workflow automation from the administrator's workspace. Thus, launch of such products with wide range of functionalities contributes to the growth of the market.
In addition, OIS provides complete and precise information on personal & medical histories, clinical diagnoses, actual & planned treatment regimens, and post-treatment outcomes. These systems monitor various modalities of oncology care for patients. Electronic record maintenance is of prime importance, due to negligible possibility of discrepancies or errors resulting due to manual intervention. Furthermore, paper-based medical record systems are known to have major issues due to incomplete data, poor accessibility, inaccuracy, and challenges to patient confidentiality. These are incompetent tools for record-sharing of interdisciplinary patient assessment & management and quality control monitoring to ensure improvement. Hence, the need to gradually switch from paper-based records to electronic records in healthcare management is anticipated to boost the OIS market growth.
However, high costs associated with the OIS systems and dearth of trained workforce for handling such healthcare management and information technology systems are the factors expected to restrain the market growth. Conversely, various strategies among the key players such as partnerships, product launch, collaborations, acquisitions, and increase in use of artificial intelligence are expected to provide lucrative opportunities for the key players to invest in the OIS market.
Moreover, the incorporation of artificial intelligence (AI) in OIS is anticipated to revolutionize cancer treatment and follow-up procedures. The use of AI algorithms with OIS is expected to change the course of cancer treatment with more predefined and thorough analyses, which would benefit patients through a more focused prognosis,contributing toward the market growth.
Furthermore, presence of a plethora of products in the pipeline and high market potential in untapped emerging economies are anticipated to serve as attractive opportunities for market growth during the forecast period. Surge in cancer cases along with rise in cancer awareness by the government and private organizations has opened up new avenues for the cancer treatment.
The OIS market is segmented into product & services, application, end user, and region. On the basis of product & service, it is bifurcated into software and services. The software segment is further divided into patient information systems and treatment planning systems, while the services segment is categorized into consulting/optimization services, implementation services, and maintenance services. By application, it is fragmented into radiation, medical, and surgical oncology. Depending on end user, it is classified into hospitals & oncology clinics, and research centers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America, Middle East, and Africa (LAMEA).
The major players profiled in the report are Accuray Incorporated, BMSI Partners Inc., (Bogardus Medical Systems, Inc.), Cerner Corporation, CureMD Corporation, Elekta AB, F. Hoffmann-LA Roche Ag (Flatiron Health, Inc.), Siemens AG (Siemens Healthnieers), Koninklijke Philips N.V., McKesson Corporation, and Nasdaq Inc. (RaySearch Laboratories AB).
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global OIS market to identify the prevailing opportunities
- This study presents the competitive landscape of the global market to predict the competitive environment across geographies
- Comprehensive analysis of factors that drive and restrict the market growth are provided
- Region- & country-wise analysis is provided to understand the market trends and dynamics
KEY MARKET SEGMENTS
By Product & Services
- Software
- Patient Information Systems
- Treatment Planning Systems
- Services
- Consulting Services
- Implementation Services
- Maintenance Services
By Application
- Radiation Oncology
- Medical Oncology
- Surgical Oncology
By End User
- Hospitals & Oncology Clinics
- Research Centers
By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Turkey
- Saudi Arabia
- Rest of LAMEA
KEY MARKET PLAYERS
- Accuray Incorporated
- BMSI Partners Inc, (Bogardus Medical Systems, Inc)
- Cerner Corporation
- CureMD Corporation
- Elekta AB
- F Hoffmann-LA Roche Ag (Flatiron Health, Inc)
- Siemens AG (Siemens Healthnieers)
- Koninklijke Philips NV
- McKesson Corporation
- Nasdaq Inc (RaySearch Laboratories AB)
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Oncology Information Systems Market, by Product and Services
Chapter 5: Oncology Information Systems Market, by Application
Chapter 6: Oncology Information Systems Market, by End-user
Chapter 7: Oncology Information Systems Market, by Region
Chapter 8: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a new report titled, Oncology Information Systems Market by Product & Services, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030, the global oncology information systems market size was valued at $3,082.3 Million in 2020, and is estimated to reach $5,538.66 Million by 2030, growing at a CAGR of 6% from 2021 to 2030.Oncology information systems (OIS) enable management of patient profiles by combining surgical, radiation, and medical oncology information in one system. Moreover, these systems facilitate management of treatment plans & schedules of cancer patients and predict the results of the treatment. Safety and efficiency of cancer treatment is improved by use of these systems, owing to their ability to predict the treatment outcome.
The benefits of implementing OIS over conventional methods of record keeping and treatment planning are expected to boost the growth of the oncology information systems market. The advantages of OIS such as planned treatment, future-proofing, and remote access are expected to increase the demand for these systems and motivate the government organizations to upgrade their procedure from paper-based systems to paperless systems.
The major factor that drives the OIS market is surge in the cancer cases. According to the World Health Organization (WHO), cancer is a leading cause of death across the globe, and approximately 70% of deaths due to cancer occur in low and middle income countries. By 2040, the number of new cancer cases per year are expected to rise to 29.5 million and the number of cancer-related deaths are expected to be 16.4 million. Thus, rise in prevalence of cancer is anticipated to drive the oncology information systems market.
Furthermore, increase in disposable income among cancer patients and technological advancements in these systems, such as incorporation of patient portals, are anticipated to fuel the market growth. Rise in healthcare expenditure in developing countries, such as India and China, advancement in software using artificial intelligence, and use of OIS to treat rare cancers are expected to present multiple opportunities for oncology information systems market growth. However, this growth is restricted, owing to lack of healthcare IT professionals and high capital costs associated with OIS.
In addition, the COVID-19 outbreak is anticipated to have a negative impact on the oncology information systems market. A huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19. Nonessential procedures took a potential backlog due to rapid rise in COVID-19 cases. The lockdown led to disruption of manufacturing and transportation of healthcare essentials. The demand for OIS solutions declined during the pandemic, owing to shut down of many hospitals and oncology clinics. However, increase in vaccination rate is expected to stabilize the market.
By product & services, it is divided into services and software. The services segment generated maximum revenue in 2020, accounting $2,015.77 million, and is expected to witness highest CAGR of 6.4% during the forecast period.
On the basis of application, it is classified into radiation oncology, medical oncology, and surgical oncology. The medical oncology segment generated maximum revenue in 2020, accounting $1,346.85 million, and is expected to witness highest CAGR of 6.6% during the forecast period.
According to the end user, the market is divided into hospitals & oncology clinics and research centers. The hospitals & oncology clinics segment generated maximum revenue in 2020, accounting $2,939.59 million. The research centers segment is expected to witness highest CAGR of 7.5% during the forecast period.
Region wise, North America accounted for a majority of the global oncology information systems market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to increase in cancer cases and adoption of technologically advanced treatments. However, Asia-Pacific is anticipated to witness notable growth, owing to increase in disposable income and rise in investment in healthcare sector.
Key Findings Of The Study
- By product & services, services segment was the highest contributor to the market in 2020
- As per application, medical oncology segment was the highest contributor to the market in 2020
- According to end user, hospitals & oncology clinics segment was the highest contributor to the market in 2020
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period
Companies Mentioned
- Accuray Incorporated
- BMSI Partners Inc.
- (Bogardus Medical Systems, Inc.)
- Cerner Corporation
- CureMD Corporation
- Elekta AB
- F. Hoffmann-LA Roche Ag (Flatiron Health, Inc.)
- Siemens AG (Siemens Healthnieers)
- Koninklijke Philips N.V.
- McKesson Corporation
- Nasdaq Inc. (RaySearch Laboratories AB).
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 183 |
| Published | February 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 3082.3 million |
| Forecasted Market Value ( USD | $ 5538.66 million |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
