Oncology Information System Market Trends

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

• Expensiveness of Oncology Information Systems – Oncology information systems are technologically advanced with the integration of the latest features that is beneficial for healthcare. As a result, the costs of this technology subsequently increase the costs of the treatment and medical procedure. This factor is anticipated to lower the adoption rate of oncology information systems among the population with middle and low-income and ultimately hamper market growth during the forecast period.
• Lack of Awareness about the Advantages of Oncology Information System
• Unavailability of Skilled Workforce for Efficient Use of Oncology Information System