Oncology Information System (OIS) is a software solution that offers integrated care & treatment facilities to cancer patients by handling managerial & clinical activities. This system is known for collecting data associated with various stages of cancer, starting from prevention, screening, diagnosis, image reviews, and treatment to palliative care to support medical information management.
Oncology Information Systems are gaining swift momentum across the healthcare sector owing to their integrated care & long-term treatment by maintaining the patient's medical history, treatment response, medical prescription, and any transactional activities for ongoing billing purposes. These systems are utilized to aggregate information required to deliver better & improved patient care without missing out on any functional aspect of cancer treatment.
Market Insights & Analysis: Global Oncology Information Systems Market (2023-28)
The Global Oncology Information Systems Market size was valued at around USD 7.5 billion in 2022 & is projected to grow at a CAGR of about 7.8% during the forecast period, i.e., 2023-28. The market is driven by the rapidly increasing cases of cancer throughout the world & its anticipated rise in the coming years. Since cancer is a prominent cause of death in people, the demand for effective & reliable solutions for treatment is upsurging & leading to sincere concern towards cancer patients & treatment techniques. It, in turn, is making different technologies arrive at a single platform & aid each other in enhancing efficiency.
Hence, with modern technologies taking over the healthcare industry, oncology information systems are gaining swift momentum, backed by their intelligent techniques, and becoming a prominent part of the healthcare system. The same aspect is also generating growth opportunities for the leading players to increase their service offerings & deliver these systems with their unique ability to integrate information along the web concerning cancer to maintain patients' medical track records.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: The US, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, Rest of Europe|
|Asia-Pacific: China, India, Japan, Thailand, South Korea, Rest of Asia-Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: Saudi Arabia, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||
Accuray Inc., BrainLab, Cerner Corp., DOSIsoft S.A., Elekta AB, Flatiron, McKesson Corporation, MIM Software, Philips Healthcare, Prowess, Inc., RaySearch Laboratories, Siemens Medical Solutions, Inc., Varian Medical Systems, ViewRay Inc., and others
|Market Value (2022)||USD 7.5 billion|
With the growing need for an early diagnosis for adequate & timely treatment of diseases like cancer & to minimize the disease progress, the need for constant monitoring is upsurging. It, in turn, is augmenting the demand for an oncology information system to offer proper aggregation in terms of data related to scheduling, planning, briefing, and delivery of treatments. In addition, as these systems also mitigate the communication gap between the healthcare & radiation departments, more & more facilities are utilizing these systems & contributing to the market expansion.
Furthermore, with the integration of Artificial Intelligence (AI) into the healthcare industry departments like oncology, manual handling of documentation within the sector has become a talk of the past, where such technologies have made things more hassle-free over paper works. Also, because of the rising demand for software within the end-use facilities by hospitals & pharmaceutical companies, artificial intelligence-based technologies like OIS are registering immense growth & directly aiding in enhancing the Global Oncology Information Systems Market share.
Global Oncology Information Systems Market Drivers:
Technological Advancements in the Oncology Information Systems to Lead the Market Growth – OIS platforms are constantly evolving with advanced features like electronic health records (EHR) integration, imaging management, treatment planning, and data analytics due to the growing research & development in the medical field. Technological innovations in imaging, such as 3D imaging, functional imaging, and molecular imaging, provide more detailed & accurate information about tumors and their characteristics, increasing the penetration of oncology information systems across the globe.
These innovations in imaging management enhance the accuracy of diagnosis, treatment planning, and monitoring, all of which are facilitated by OIS platforms. Moreover, it is also projected that the integration of cutting-edge technologies like artificial intelligence (AI)& machine learning (ML) in OIS would further play a key role in driving Global Oncology Information Systems Market growth by enhancing treatment decision-making & patient care.
Global Oncology Information Systems Market Possible Restraint:
Integration Complexity of Oncology Information System to Restrict the Market Growth – The integration of oncology information system platforms with various existing healthcare IT systems, such as electronic health records (EHR), laboratory information systems (LIS), and picture archiving & communication systems (PACS), has been a key challenge for the expansion of the Global Oncology Information System Market. Healthcare facilities have to often customize the OIS platforms to fit their specific workflows & requirements to ensure smooth interoperability.
Integrating oncology information systems with existing systems also requires financial investment, technical resources, and time. Smaller healthcare facilities find it difficult to allocate the necessary resources for a smooth integration process, further restricting the Oncology Information Systems Market growth in the forecast period.
Global Oncology Information Systems Market Growth Opportunity:
Increasing Cancer Patient Pool & Massive Government Investments – The rising prevalence of cancers globally is a prominent aspect contributing to the expansion of the Oncology Information System Market & generating lucrative growth opportunities for the leading players to increase their service offerings through these solutions. Such participation is principal to assisting healthcare professionals & enabling them to make informed choices while dealing with cancer patients.
Moreover, the governments of different countries are encouraging public-private partnerships in the healthcare industry with a zeal to assist the exponential patient pool in every possible way & minimize the severity, thus acting as a lucrative opportunity for the market.
Global Oncology Information Systems Market Key Trend:
Penetration of Telemedicine & Remote Monitoring of Patients to Enhance the Product Demand – Remote delivery of healthcare services, including consultations, diagnoses, and treatment, using telecommunications technology is gaining traction & is predicted to be a new trend in the market. The outbreak of COVID-19 has further played a key role in accelerating the adoption of telemedicine in oncology as OIS platforms have been enhanced to support remote consultations, virtual tumor boards, and remote patient monitoring, enabling continued care while minimizing in-person interactions.
The adoption of telemedicine services has been offering several benefits, including increased access to healthcare for patients in remote areas, reduced travel & wait times, convenience, and the ability to consult with specialists present at far locations. In addition, the remote monitoring of the patients also enables early detection of health issues, personalized treatment adjustments, and reduced hospital readmissions, further benefiting the patients from increased engagement in their health & improved disease management.
Global Oncology Information Systems Market (2023-28): Segmentation Analysis
The Global Oncology Information Systems Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the level. In accordance to the analysis, the market has been further classified as:
Based on Offering:
Software is anticipated to dominate the Global Oncology Information Systems Market holding the largest share in the coming years. This dominance attributes to the extensively rising cancer cases worldwide, propelling the need for constant monitoring & tests and driving the demand for Oncology Information Software to act as an interface between the medical database & patient/treatment providers.
Besides, with digital storage & handling of medical data, this software is becoming indispensable for the healthcare industry & is even categorized as Patient Information Systems Software & Treatment Planning Systems Software.
Between these fragmentations, Patient Information Systems account for a considerable market share, backed by their capability to facilitate the patients' clinical information based on various examinations & tests. These processed & manipulated data may be required by the doctors & other hospital staff to offer the appropriate medical care to cancer patients.
Based on Application:
Radiation Oncology is anticipated to acquire the potential share of the Global Oncology Information System Market during the forecast period. It owes principally to the unique characteristic of this oncology to target the tumor cell directly without affecting the vital cells around.
Besides, since radiation therapy has relatively minimal side effects for other applications like surgical & medical oncology, the procedure & utilization of oncology information systems is gaining swift momentum for such applications in the industry through 2028.
Moreover, to catalyze the overall treatment planning & speed up the dose calculation, the Oncology Information System with radiotherapy is required & is popularly witnessing swift adoption globally, contributing to creating a positive market outlook in the future.
Global Oncology Information Systems Market: Regional Projection
Geographically, the Oncology Information Systems Market expands across:
North America captured a substantial share of the Oncology Information Systems Market in recent years & is anticipated to prevail the same dominance during the forecast period as well. It owes principally to the massive investments by the governments of different countries in the region in the healthcare sector, including the oncology department, and conducting numerous research & development activities to bring innovations in the diagnosis, treatment, and care of cancer patients.
As the region has the most significant number of cancer patients, the adoption of oncology information systems is elevating rapidly & generating growth opportunities for the leading players to increase their offerings & cater to the burgeoning requirements. Furthermore, exhibiting large-scale investment to develop patient-oriented oncology systems, the region is all set to have an advanced healthcare infrastructure in the future, thus creating a lucrative outlook for the North America Oncology Information Systems Market.
Global Oncology Information Systems Market Recent Development
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Frequently Asked Questions
A. The Oncology Information Systems Market is expected to grow at a CAGR of around 7.8% during 2023-28.
A. Technological advancements in the oncology information systems is expected to drive the Oncology Information Systems Market during 2023-28.
A. Accuray Inc., BrainLab, Cerner Corp., DOSIsoft S.A., Elekta AB, Flatiron, McKesson Corporation, MIM Software, Philips Healthcare, Prowess, Inc., RaySearch Laboratories, Siemens Medical Solutions, Inc., Varian Medical Systems, ViewRay Inc., and others are the top players in Oncology Information Systems Market.
A. Radiation oncology is the leading is one of the leading applications in the Oncology Information Systems Market.
A. The penetration of telemedicine & remote monitoring of patients is the key trend shaping the growth of the Oncology Information Systems Market.
A. The increasing cancer patient pool & massive government investments in this field is expected to be a potential opportunity in the Oncology Information Systems Market through 2028.
A. The complexity of integrating oncology information system is restricting the growth of the Oncology Information Systems Market.
Global Oncology Information Systems Market Research Report (2023-2028) - Table of Contents