Oncology Information System Market to Rise to a Valuation of US$3,293.8 mn by 2022, Says TMR

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Nov 16, 2018, 05:30 ET

ALBANY, New York, November 16, 2018 /PRNewswire/ --

According to TMR's analysis, the global oncology information system market was estimated to be worth US$2,285.6 mn in 2017. By 2022, the market is prognosticated to rise to US$3,293.8 mn. Over the forecast period 2017 to 2022, the global oncology information system market is anticipated to exhibit a 7.8% CAGR.

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Higher Accessibility to Critical Data to Push Growth

Basically, oncology information systems contain a product is used to conceive treatment results, plan the treatment of the patient appropriately, and exchange cancer quiet information among the general medicinal services organizations. These advantages upgrade the proficiency and security of cancer growth treatment for the patients. The oncology information systems help the specialists and doctors to pick the most reasonable treatment to upgrade the cancer patients' survival rate.

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The oncology information systems market is foreseen to see an unobtrusive development in the years to come by virtue of the advantaged given by oncology information systems over the customary methods of treatment arranging and record keeping. The openness of a scope of cancer treatments, including radiation treatment and chemotherapy, and the presence of large patient pool are the key elements powering the development of the market.

High Adoption by Doctors, Government Support to Augment Opportunity

Inferable from increment in the quantity of cancer patients, it is imperative doctors and human services suppliers to monitor the silent information and plan treatment procedures. The oncology information system programming causes doctors to enhance the administration of patient information. In developed nations especially, the market has picked up from the relentless development in the field of cancer research. Dispatch of novel procedures to fight the perilous disease likewise quickens the market's pace.

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Besides, government help encourages smaller hospitals and clinics to enhance their general nature of patient consideration. Government support to research engaged with the revelation of novel disease medicines has made a situation helpful for the market's development in developed regions. Inactive lifestyle and the surge in unhealthy lifestyle factors are different components aiding the growth of the market.

Be that as it may, the steep management and support costs and absence of health insurance IT specialists can hamper the growth of the oncology information systems market over the coming years.

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Due to a high prevalence of cancer, regional markets of Asia pacific and Europe are expected to witness high growth opportunity in the global oncology information system market in the coming years. Based on type, the segment of patient information systems held nearly 35% of the overall market share in 2017, and is expected to remain a key segment over the forecast period.

The global market for oncology information systems is forecasted to witness bountiful growth in the forthcoming years, according to a report by Transparency Market Research (TMR). The global market comprises of a large pool of vendors, who are competing fiercely among themselves. A key strategy adopted by market vendors is adoption of strategic partnerships, collaborations, and mergers and acquisitions. Several vendors are also foraying into intense research and development activities, and investing towards the production of technologically advanced oncology information systems. This is expected to further intensify the rivalry in the global oncology information market over the coming years.

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Leading vendors operating in the global oncology information system market include Varian Medical Systems Inc., Mckesson Corporation, Cerner Corporation, Flatiron Health Inc., and Koninklijke Philips N.V., among others.

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