Market Overview
Cancer Informatics is a comprehensive information solution that explores the crucial technologies, informatics trends of applying computational biology to cancer research and care. In Cancer Informatics, computer & information science and healthcare interconnect to acquire, store and use information regarding cancer thoroughly & efficiently.
According to the MarkNtel Advisors' research report, "Global Cancer Informatics Market Analysis, 2021," the market is likely to grow at a CAGR of around 7.5% during 2021-26. The growth of the cancer informatics market attributes to the rising prevalence of cancer, surging costs of cancer treatment, and mounting focus on reducing medical errors & readmission rates. However, the high costs involved while installing these solutions are amongst the most prominent challenges for the market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 7.5% |
| Regions Covered | North America: USA, Canada |
| Europe: Germany, The UK, France, Spain, Italy and Others | |
| Asia-Pacific: China, India, Japan, South Korea, Australia and Others | |
| South America: Brazil, Mexico | |
| Middle East & Africa: Saudi Arabia, South Africa, Rest of the Middle East & Africa | |
| Key Companies Profiled | Elekta ab, Varian Medical Systems, Accuray Incorporated, Cerner Corporation, RaySearch Laboratories, Flatiron, Oncology Analytics, Inc, Hologic Inc., F.Hoffmann-La Roche Ltd., McKesson Corporation |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
The outbreak of the COVID-19 pandemic has adversely affected cancer patients as most cancer patients are of older age and immunosuppressed. Additionally, lockdown imposition, social distancing measures, and the need for isolation in the pandemic-frenzied world have been convenient factors for delayed follow-up and postponement in routine screening procedures. However, the market players are focused on developing cloud and AI-based technologies to control the impact of the COVID-19 pandemic on the cancer informatics market.
Medical Application Accounted for the Largest Market Share
Based on the Application, the market classifies into medical, surgical, and radiation applications. The Medical application acquired the largest share in the global cancer informatics market in the previous year. The growth attributes to the rising usage of immunotherapy & chemotherapy and snowballing cancer informatics to manage & analyze patient information and predict treatment, thereby improving survival rates and presenting growth opportunities for the market, reveals MarkNtel Advisors in their research report, "Global Cancer Informatics Market Analysis, 2021."
Electronic Health Records (EHRs) Dominated the Market
Electronic Health Records accounted for the largest market share in the global cancer informatics market in the previous few years. Electronic Health Records are electronic versions of a patient’s medical history consisting of their relevant clinical data under a particular provider. With the help of EHR, the medical record-keeping procedure becomes more centralized and easily accessible.
Additionally, EHR offers numerous other benefits, such as enhanced quality of patient care, reduced health care costs, and an easy transfer of a patient’s information among providers, thereby contributing to the growth of the cancer informatics market in the forecast period.
Regional Landscape
North America Grabbed the Largest Market Share
Region-wise, North America held the largest market share in the global cancer informatics market in the previous year due to the rising adoption of advanced technologies in the healthcare sector and mounting investments by pharmaceutical industries. The United States dominates the North American region due to the surging number of cancer patients and massive investments in cancer R&D.
Market Driver
Emerging Technological Advancements Drives the Market Growth
Soaring adoption of advanced technologies in healthcare leads to enhanced diagnostic methods for better treatment and reduced readmission rates. Further, the integrated diagnostic approach helps accurately formulate the way for precision medicine, which would also help provide appropriate treatments and reduce errors in the clinical workflow.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the global Cancer Informatics market are Elekta ab, Varian Medical Systems, Accuray Incorporated, Cerner Corporation, RaySearch Laboratories, Flatiron, Oncology Analytics, Inc, Hologic Inc., F.Hoffmann-La Roche Ltd., McKesson Corporation, etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The measuring units of market size/industry size or the market value are USD Million.
A. The Global Cancer Informatics Market is forecast to grow at a CAGR of 7.5% during 2021-26.
A. Elekta ab, Varian Medical Systems, Accuray Incorporated, Cerner Corporation, RaySearch Laboratories, Flatiron, Oncology Analytics, Inc, Hologic Inc., F.Hoffmann-La Roche Ltd., McKesson Corporation are a few leading players in the Global Cancer Informatics Market.
A. Electronic Health Record (EHR) is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at the highest CAGR, thereby presenting immense opportunities to market players of the Global Cancer Informatics Market.
