Oncology Information System Market to Expand at a CAGR of 7.6%, Rising Cases of Cancer Drives Growth, says TMR

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Apr 17, 2019, 07:30 ET

ALBANY, New York, April 17, 2019 /PRNewswire/ -- The global oncology information system market was evaluated at US$2,285.6 mn in 2017. It is expected to grow at 7.6% CAGR during 2017-2022 to reach US$3,293.8 mn at the end of 2022. Patient information systems are predicted to dominate the global oncology information systems market. Increasing preferences of customers to use online services and ease-of-use are expected to drive the demand for these systems.

The oncology information system market is also expected to register lucrative growth in the North America region. The region has held a dominant revenue share in recent past. It is expected to continue its robust growth with increasing government support for digitalization.

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Increasing Cancer and Sedentary Lifestyle to Drive Robust Growth

Increasing number of cancer incidences are causing a concern worldwide. In the US alone, nearly six hundred thousand patients die annually. Additionally, the disease also affects 1.7 mn people in total in 2018. The field of oncology deals with various tumors related to cancer. Furthermore, these tumors require a long term treatment plan, including diagnostic, regular checkups, and prescription for the elderly as well.

Cases of tumors and cancers are on the rise as sedentary lifestyle involving high-consumption of fast foods, UV radiation and increasing contact with chemicals grow. In matured markets in Europe and North America, the geriatric population is also on the rise. Hence, rising number of cases, elderly population, and sedentary lifestyle are expected to drive the global oncology information system market. High initial costs are expected to dampen the spirits in the global oncology information system market.

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Government Directives to Propel the Global Oncology Information System Market

The US government recently passed a legislation to speed up digital adoption in the healthcare sector. The legislation closely tied up government aid to inclusion of digital platforms and quality of services. Additionally, there is a growing consumer preference for digital platforms to fill online forms, and interact with doctors when necessary. Oncology information system market products also reduce time and efforts on the part of medical professionals. Patient systems can digitally record, monitor, and pass-on information as required. This reduces errors as well as leads to greater cost-efficiency. The growing support for digital technology, growing awareness among consumers, and its cost-effective nature are expected to drive growth for the global oncology information system market in the near future.

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The competition in the global oncology information system market is becoming fiercer due to increasing regional reach, and lack of standard operating procedures in healthcare institutions. While the use of digital tools across the board is rising, the way various hospitals use it is extremely different. Hence, customization and cost-effectiveness are still main draws for end-users. Main players in the global oncology information system market are focusing on all-in-one solutions, which manage a patient's entire medical journey. Ineffective AI systems pose a major barrier to innovation in the development of these software. This is likely to change soon as tech giants increasingly invest in AI technologies for advancement.

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The global oncology information system market depicts a competitive and fragmented landscape, reports Transparency Market Research (TMR). The fragmentation in the market is driven by a large number of large players and growing small incumbents in the market, adds TMR. Some key players in the global oncology information system market are Koninklijke Philips N.V., Accuray Inc., Mckesson Corporation, Cerner Corporation, Raysearch Laboratories, and Flatiron Health Inc.

This review is based on a TMR report, titled "Oncology Information System Market (Type - Patient Information Systems, Treatment Planning Systems, Consulting Services, Implementation Services, Post-sale and Maintenance Services; Application - Medical, Surgical, Radiation; End Use - Hospitals, Oncology Clinics, Government Institutions, Research Centers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022."

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