The global oncology information system market size was valued at USD 3.63 billion in 2022. It is projected to reach USD 7.08 billion by 2031, growing at a CAGR of 7.7% during the forecast period (2023-2031).
In the last century, maintaining profiles and treatment information of cancer patients was a tedious task. However, it has become relatively easy with several technological advancements. For instance, the modern technology of the Oncology information system (OIS) is used for the accurate recording of all the information of a cancer patient. Increasing environmental pollution and changing lifestyles have significantly spurred the prevalence of blood cancer, lung cancer, colorectal cancer, prostate cancer, breast cancer, and cervical cancer, among others. According to the WHO, over 8 million people died of cancer globally in 2015. Moreover, a study suggests that 75% of the global geriatric population is at a high risk of developing different types of cancers. Currently, developing countries are housing the highest geriatric and cancer population.
|Market Size||USD 7.08 billion by 2031|
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
The global increase in cancer cases is one of the main factors driving the market for oncology information systems. Globally, there were 19.29 million new cases of cancer in 2020, and GLOBOCAN 2020 predicts that number will rise to 28.4 million by 2040 (an increase of 47%). It is estimated that 50.6 million people worldwide have cancer. In a similar vein, the American Cancer Society reports that in 2021, there were over 1.9 million new cases of cancer diagnosed in the United States alone. Numerous cutting-edge technologies are being created that have the potential to completely change the treatment plan. The market for oncology information systems will eventually be driven by the rising incidence of cancer, which will support the demand for OIS to simplify patient information and data management.
The market is anticipated to experience significant growth in the near future, and businesses are investing more and more in the creation of cutting-edge products. Due to a significant increase in funding and budgets for the healthcare industry, particularly in the area of cancer, major players' investments in the development of OIS will present a tremendous opportunity. In the United Kingdom, the government intends to invest $26 billion in R&D by 2024–2025.
One of the biggest obstacles to the implementation of OIS solutions in hospitals is a lack of qualified personnel. Currently, the demand for healthcare IT professionals far outpaces the supply in developed markets like the U.S. and Europe, as well as developing markets. According to the Government of Canada's 2020 report, for instance, there is a shortage of IT specialists in the country's healthcare systems; 79% of the current clinical IT workers there require additional training. The overall burden is increased further by the expanding number of healthcare I.T. initiatives.
Medical technology, healthcare, medical devices, and digital health are some of the industries that the healthcare I.T. sector intersects with. With the aid of cutting-edge technologies, this sector is upending conventional healthcare delivery and research systems. An integrated healthcare I.T. environment reduces inefficient or unnecessary processing steps while addressing gaps in the oncology care continuum. By reducing healthcare redundancy, hospital systems are able to deliver patient-centered care to patients and healthcare providers alike. Therefore, healthcare organizations have reduced their operational costs while delivering better care by implementing various healthcare I.T. solutions such as EMR, RIS, PACS, VNA, and treatment planning solutions. This is fueling demand among key end-user segments for oncology information systems.
The global oncology information system market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North America is the highest contributor to the global oncology information system market and is expected to grow at a healthy CAGR during the forecast period. The rising prevalence of cancer in the Americas is increasing the adoption of OIS. In 2015, approximately 1,762,450 new cases of cancer were diagnosed in the U.S. alone. Additionally, over 7,210 people died of melanoma in 2019. In line with this, the U.S. government has incorporated an oncology information system in their healthcare sectors to provide better and more effective treatment for cancer. Moving further, the American Cancer Society Inc, National Cancer Institute, and American Children Association have also organized various cancer education programs to spread awareness among people regarding effective treatment options. They have also invested a huge sum in R&D activities to develop better treatment options. In addition, the presence of various organizations, research centers, and multispecialty cancer hospitals across the Americas is flourishing the demand for the oncology information system.
Europe is the second leading oncology information system market, as the region houses a huge cancer population. For instance, over 55213 new breast cancer cases were diagnosed in 2016. To attend to the concern, the governments and non-profit organizations in the region are heavily investing in improving healthcare infrastructure, multispecialty hospitals, and research centers. Recently, CDC has invested over USD 498.8 in cancer research. To make widespread availability of advanced cancer treatments in Europe, various market players are also collaborating and acquiring other firms such as the U.K Department of Health, the Welcome Trust, the National Health Service, NICE, and the National Cancer Intelligence Network have collaborated with National Cancer Research Institute and Medical Research Council (U.K).
Asia Pacific is projected to witness significant growth in the oncology information system market during the forecast period. OIS is in high demand, and Asian nations are gradually developing as a result of government policies that are supportive of this market and growing public awareness of the advantages of these systems. Players who want to take advantage of this region's potential may find it to be a hotbed of income in this area. As a result, companies that want to dominate this market must develop pricing policies and marketing plans that are unique to the area in order to establish a presence in these lucrative markets.
The LAMEA region is expected to register a healthy growth rate in the oncology information system market. The increasing cases of cancer in UAE, Saudi Arabia, and Brazil due to changing lifestyles will increase the demand for storage and data management of patient information with the oncology information system. The economic development in Brazil, Argentina, and Chile will propel the growth of the market in the region.
The global oncology information system market is segmented by products and services, applications, and end-user.
Based on products and services, the global oncology information system market is bifurcated into software, patient information systems, treatment planning systems, professional services, consulting/optimization services, implementation services, and post-sale and maintenance services.
The software segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period; as the number of cancer patients is rising at an alarming rate, maintaining patients' data has become essential. To attend to this concern, several players are making efforts to introduce various technologically advanced software with innovative features like appointment management, billing management, clinical workflow, document management, medical templates, patient demographics, and patient portal.
The patient information systems segment is expected to grow at a significant rate. A patient's clinical information from various providers, such as lab results, medication information, allergy information, and clinical notes, would be accessible to authorized health and social care professionals.
Based on application, the global oncology information system market is bifurcated into medical, radiation, and surgical oncology.
The medical oncology segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. The India and China OIS market is experiencing stable growth on account of swelling demand for effective treatment. Currently, medical oncology has become one of the safest and most effective methods for treating cancer. Numerous players are actively focusing on introducing innovative medical oncology treatment options to the market; as a result, a number of drugs are currently in the pipeline, which is likely to influence the demand for an oncology information system. In 2017, RaySearch launched RayCare, an oncology information system to connect different oncology disciplines.
The surgical segment is expected to grow at a significant rate. Over the years, cancer treatment has advanced quickly. For the majority of solid malignancies, surgery is no longer the preferred treatment option; instead, it is combined with multi-modal therapies, primarily radiation treatment, targeted molecular therapies, and chemotherapy. Some procedures, including sarcoma surgery, laparoscopic cancer surgery, isolated limb perfusion, and cytoreductive surgery, can be carried out in hospitals with a high level of specialized medical care. As a result, the market is anticipated to grow as surgical treatments for solid malignancies become more complex.
Based on end-user, the global oncology information system market is bifurcated into hospitals and physician's offices, governmental institutions, and research centers.
The hospital and physician's offices segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period due to the increasing government initiatives aimed at providing (or upgrading) hospitals with newer and more sophisticated systems are some of the factors contributing to the growth of this market. Others include the large amount of data generated during the diagnosis and treatment of cancer and the significant number of patient submissions and visits each year worldwide.
The research centers segment is expected to grow at a significant rate. Data for cancer research has multiplied dramatically over the past ten years, with advancements joining clinical trials as the main drivers of informatics requirements. These findings present chances for creating novel cancer therapies.