Oncology Information System Market Analysis by Product (Software, and Services); by Software (Patient Information System, TPS, RIS, and PACS); by Application (Medical Oncology, Radiation Oncology, and Surgical Oncology); and by End User (Hospitals, Cancer Care Centers, Government Institution, and Academia) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 3671 | Published Date: Apr 12, 2023
The global oncology information system market size is predicted to reach ~USD 5 Billion by the end of 2035 by expanding at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of the oncology information system was ~USD 3 Billion. The primary growth factor for the expansion of the global oncology information system market size is the rising number of cancer patients across the world. Oncology information system aids treatment outcomes, treatment plans, and tracking of cancer patient information across healthcare organizations which is supposed to improve the safety and efficacy of the treatment of cancer patients. Therefore, the rising number of cancer patients across the world is anticipated to bring in lucrative growth opportunities for market growth during the forecast period. As per the statistics shared by the World Health Organization (WHO), it is revealed that cancer is considered to be one of the major causes of death occurring worldwide. Also, cancer was responsible for taking almost 10 million lives in 2020 around the globe.
Apart from the aforementioned factors, the rising awareness level about the advantages of oncology information systems such as a comprehensive information and image solution and an effective way to manage and optimize the profiles of cancer patients and their treatment is anticipated to create a positive outlook for market growth during the forecast period. Furthermore, the availability of a plethora of treatment patterns in healthcare facilities which requires proper documentation, maintenance of patient treatment patterns, and the rising need for the conservation of electronic health records (EHR) or electronic medical record (EMR) along with the requirement of treatment prediction is also expected to positively contribute in the expansion of market size in the upcoming years. In addition, the escalation in initiatives taken by the government to boost the usage of advanced medical devices, digital health, and hospital management system is estimated to boost the adoption rate of oncology information systems in hospitals and clinics.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~7% |
|
Base Year Market Size (2022) |
~ USD 3 Billion |
|
Forecast Year Market Size (2035) |
~ USD 5 Billion |
|
Regional Scope |
|
Growth Drivers
Rising Prevalence of Tumors among Global Population – People around the world are being diagnosed with both types of tumors i.e. benign tumors which are not cancerous and do not spread and malignant tumors which are cancerous and spread or invade into nearby tissues. As the oncology information system helps aid physicians and surgeons to choose the most appropriate treatment process to increase the survival rate of patients and enhance the patient’s experience, the demand for oncology information is expected to increase for efficient treatment of tumors. The data shared by the American Society of Clinical Oncology stated by the end of 2023, almost 18,990 deaths out of which 11,020 men and 7,970 women are estimated to occur in the United States owing to cancerous brain and CNS tumors. Also, as per the American Cancer Society, approximately 24,810 individuals (14,280 males and 10,530 women) are about to be diagnosed with malignant tumors of the brain or spinal cord by the end of 2023.
Increasing Health Spending – As cancer cases and other illnesses are spreading over the world are spreading rapidly, people are spending more money on health and treatment for an effective cure and enhanced experience. This has led to an increased utilization rate of oncology information systems in various healthcare settings. According to the most recent expenditure data, global health spending has grown over the past 20 years, doubling in real terms to reach USD 8.5 trillion in 2019 and 9.8% of GDP, up from 8.5 percent in 2000. It is predicted that this boom would continue over the forecast period.
Rising Focus for Bringing Advancement in the Healthcare Industry – With the rising cases of cancers and other illnesses, the need for efficient systems for managing patient and treatment information effectively. This factor is anticipated to create favorable opportunities for the adoption of oncology information systems in hospitals, thereby, helping in the expansion of the market size. For instance, it has been calculated that the investment made by the government of the United States in the medical and health research and development (R&D) sector increased by 11% to reach approximately USD 245 billion in 2020 from previous years.
Rising Focus on Using Hospital Information Systems – Governments of different nations are focusing on adopting Electronic Health Records (EHR) and other advanced systems and technologies that could help in maintaining medical records, patient treatment processes, and other information. Thus, it is helping doctors to opt for an oncology information system which in turn is projected to drive market growth in the forecast period. Around 97% of doctors electronically recorded BDOH data in 2021, while 85% of doctors electronically recorded SDOH data. Compared to other medical professionals, primary care physicians electronically collected SDOH and BDOH data at a higher rate.
Favorable Government Initiatives for Digital Health – The National Digital Health Mission (NDHM) was launched by the Ministry of Health and Family Welfare of the Government of India in August 2020 with the goal of offering essential assistance for the integration of digital health infrastructure throughout the nation.
Challenges
The global oncology information system market is segmented and analyzed for demand and supply by product into software and hardware. Out of these segments, the software segment is estimated to gain the largest market share of about ~59% in the year 2035. In the recent period, advanced oncology information software has been recognized as a practical and affordable way to quicken the pace of digital innovation, by enhancing the management of information related to patients, treatments, and medical procedures. This factor is estimated to increase the segment size in the next few years. Also, the software helps in promoting productivity, increasing revenue, and enhancing the experience of both the patient and healthcare professional while improving care quality. All these factors couple up to help in boosting segment growth during the forecast period. For instance, in March 2022, GE Healthcare announced the launch of the Edison Digital Health Platform, which is advanced software that is created to provide holistic views of each patient and support integrated care pathway management by gathering information from numerous sources and vendors to enhance clinical applications.
The global oncology information system market is also segmented and analyzed for demand and supply by end-user into hospitals, cancer care centers, government institutions, and academia. Amongst these segments, the hospital segment is expected to garner a significant share of around ~37% in the year 2035. The major factor attributed to the segment growth is the rising pool of patients visiting the hospital daily which require a highly efficient program such as an oncology information system for the maintenance of a large amount of patient data. As per the data released by the Centers for Disease Control and Prevention (CDC), it was estimated that around 131.1 million hospital visits occurred in 2022. Also, the availability of various advanced technologies and increasing government investments along with the availability of a skilled workforce for the smooth functioning of an oncology information system are other factors that are estimated to positively contribute to segment growth. In addition to other factors, the rising number of hospitals across the globe and the availability of features and facilities for the proper conduction of treatment and procedures is anticipated to increase the utilization rate of oncology information systems in hospitals. For instance, there were over 8,000 hospitals in Japan as of 2020. Korea, by contrast, had about 4,000 hospitals.
Our in-depth analysis of the global oncology information system market includes the following segments:
|
By Product |
|
|
By Software |
|
|
By Application |
|
|
By End User |
|
The market share of oncology information systems in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the availability of advanced healthcare infrastructure, and the 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 are also predicted to aid the region’s market growth in the coming years. Moreover, the presence of a strong healthcare facility in the North American region coupled with the availability of major key players is also estimated to positively contribute towards market growth in the next few years.
The Asia Pacific oncology information system market is estimated to be the second largest, registering a share of about ~29% by the end of 2035. The primary reason for market growth in the region during the forecast period is the escalation in the occurrence of cancer and tumors among the population which needs proper treatment and efficient management of documentation and information. The National Library of Medicine stated that the occurrence of cancer in Asia Pacific was calculated to be 169.1 per 1,00,000, which is equivalent to almost 49.3% of the global cancer incidence in 2020. The most common cancer was lung (13.8%), followed by breast (10.8%), and colorectal (10.6) respectively. Apart from the other factors, the rising favorable initiatives to promote digital health and proper hospital information system is also anticipated to impetus robust revenue generation in the region.
Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The continuous technological advancement in the region is promoting the usage of electronic medical records to use health information and manage big amounts of data related to patients is considered to be the major factor for the market expansion in the region. In addition, the increased healthcare expenditure owing to the surge of disposable income along with the rising focus to modernize healthcare infrastructure is projected to bring favorable opportunities for market growth during the forecast period.
Koninklijke Philips N.V. and Elekta AB signed an agreement aimed at strengthening their existing partnership to advance personalized cancer care via precision oncology solutions.
McKesson Corporation has launched Ontada, which is an oncology technology and insights business designed for supporting innovation, and effective evidence generation to generate better outcomes for patients with cancer.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving the market growth are the rising prevalence of cancer globally and government initiatives raising the demand for oncology information systems.
Ans: The market size of oncology information systems is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2035.
Ans: Lack of awareness regarding its advantages and the large cost of oncology information systems are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Koninklijke Philips N.V., Varian Medical Systems, Inc., McKesson Corporation, Elekta AB, Epic Systems Corporation, IBM Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc., MICA Information Systems, Inc., EndoSoft LLC, and other key players.
Ans: 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.
Ans: The market is segmented by product, software, application, end user, and by region.
Ans: The hospital segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
