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IN THE NEWSJune 2021- Elekta and Philips signed an agreement aimed at strengthening their existing partnership to advance personalized cancer care via precision oncology solutions.
December 2020- McKesson launched Ontada, which is an oncology technology and insights business designed for supporting innovation, and effective evidence generation to generate better outcomes fr patients with cancer.
The global oncology information system market is estimated to garner a large amount of revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising prevalence of cancer, coupled with increasing geriatric population across the globe. According to the World Cancer Research Fund, in 2018, there were about 18 million cases of cancer globally, out of which 9.5 million cases were in men and 8.5 million in women. Along with these, governments from all around the world are extensively being involved in introducing new regulations and planning reforms that would assist in enterprise-wide adoption of information technologies, especially aimed towards the transformation of healthcare systems. This is a crucial factor expected to offer abundant growth opportunities to the market in the upcoming years. Furthermore, growing number of specific therapies in the oncology pipeline is also projected to boost market growth in the near future.
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The market is segmented by end user into hospitals, cancer care centers, government institution, and academia, out of which, the hospitals segment is anticipated to hold the largest share in the global oncology information system market. This can be accounted to the large target patient population base preferring hospitals, especially in developing countries, and rising procedural volume in hospital settings. Apart from these, high budget of hospitals for introducing several advanced oncology information systems products is also predicted to bolster the market segment growth in the years to come. Additionally, on the basis of product, the software segment is evaluated to occupy the most significant share by the end of 2030, ascribing to the rising demand for keeping track of patient data and coordinating treatment plans, and surging adoption of web- and cloud-based models in the medical industry.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global oncology information system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing occurrence of cancer, and rise in government expenditure in the region’s healthcare sector. Moreover, the market in North America is assessed to acquire the largest share during the forecast period, which can be credited to the availability of advanced healthcare infrastructure, and rapidly growing elderly population in the region. As per the Rural Health Information Hub, as of June 2019, 46 million adults aged 65 years and above were living in the United States. By 2050, the number is calculated to reach a value of almost 90 million. In addition, escalating research and development activities for developing patient centric oncology information systems is also predicted to aid the region’s market growth in the coming years.
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The global oncology information system market is further classified on the basis of region as follows:
Our in-depth analysis of the global oncology information system market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising prevalence of cancer globally and government initiatives raising the demand for oncology information systems.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Large cost of oncology information systems is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing occurrence of cancer, and rise in government expenditure in the region’s healthcare sector.
The major players in the market are Koninklijke Philips N.V., Varian Medical Systems, Inc, McKesson Corporation, Elekta AB, Epic Systems Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, software, end user, and by region.
The hospitals segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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