Preliminary research of Fairfield Market Research indicates a promising growth outlook for global oncology information systems market during the course of next few years.
Growing Interest of Governments in Cancer Research, Diagnosis, and Treatment Will Favor Oncology Information Systems Market
The global oncology information systems market is expected to increase due to the monumental rise of healthcare IT, the rising incidence of cancer around the world, rising development costs for cancer therapies and care, and the rising adoption of OIS solutions by healthcare institutions. The market for oncology information systems is primarily driven by the increased incidence of cancer, particularly among the growing elderly population, which is caused by rising cigarette use, and changing lifestyles. According to percancer.org, more than 1.9 million new cancer cases were detected in the US alone in 2021. Numerous cutting-edge technologies are being created that have the potential to change the treatment plan. The OIS assists healthcare facilities like hospitals, clinics, and research labs in managing and optimizing cancer care solutions, and sharing patient data across organizations to optimize treatment, enhance patient safety, and tailor treatments for each patient to achieve the best results.
Governments have been boosting their oncology-related research and development investments, driving the oncology information systems market expansion. The US Congress approved the National Cancer Institute's budget as part of the yearly federal budgeting process in 2022. The total amount was US$6.9 Bn, an increase of US$353 Bn from 2021. The market is expected to rise due to corporations investing more in cancer research. Additionally, the major players are launching new items in the same categories but with few innovations. Corporations may benefit from spending money on R&D to create products with greater features. For instance, COTA, Inc., a curator of clinical data in the cancer industry, and Varian Medical Systems, Inc. announced a strategic collaboration agreement and an investment of about US$10 Mn in 2020. Both businesses strive to provide decision support tools, data analytics, operational choices, and much more to cancer clinics. OIS supports the effective management of treatment plans, schedules, and delivery. It also supports information sharing across radiation therapy (RT) departments, and healthcare organizations.
Oncology Information Systems Market: COVID-19 Impact
With the global economic downturn brought on by the COVID-19 pandemic, the global oncology information systems market shrank in 2020. The sudden increase in COVID-19 cases resulted in a potential backlog for non-essential procedures. The need for OIS solutions decreased with the closure of numerous hospitals and oncology clinics during the pandemic. The COVID-19 epidemic has thus had a detrimental effect on the OIS market. Leading market companies' sales and operational earnings decreased during the epidemic. With strict manufacturing controls, inventory was reduced, while oncology research activities sparked a slow but steady increase in demand for software and professional services.
Alarming Rate of Cancer Prevalence Elevates Growth Prospects of Oncology Information Systems Market
The global increase in cancer cases is one of the main factors driving the oncology information systems market. Globally, there were 19.29 million new cancer cases in 2020, and GLOBOCAN 2020 predicts that the number will rise to 28.4 million by 2040 (an increase of 47%). It is projected that 50.6 million individuals worldwide have cancer (5-year prevalence, or the total number of people living with cancer from the last five years). The market for oncology information systems will eventually be driven by the rising incidence of cancer, which will promote the demand for OIS to streamline patient information and data management.
Expanding IT Healthcare Sector to Complement Performance of Oncology Information Systems Market
Medical technology, healthcare, medical equipment, and digital health are just a few businesses with which the healthcare IT sector intersects. This sector is upending conventional healthcare delivery and research methods with cutting-edge technologies. An integrated healthcare IT infrastructure reduces inefficient or superfluous processing processes while addressing gaps in the oncology treatment continuum. By reducing healthcare redundancy, hospital systems can deliver patient-centered care to patients, and healthcare practitioners. Healthcare businesses have thus lowered operational expenses while delivering better care by implementing various healthcare IT solutions such as EHR, EMR, RIS, PACS, VNA, and treatment planning tools. This is fueling demand among key end user categories for cancer information systems, in turn accelerating the progress of oncology information systems market.
Lack of Qualified IT Personnel in Healthcare Sector to Restrict Expansion of Oncology Information Systems Market
One of the biggest obstacles to implementing OIS solutions in hospitals is a shortage of competent personnel. Currently, the demand for healthcare IT specialists considerably outpaces the supply in major countries like the US, and Europe, as well as developing ones. According to the Government of Canada's 2020 report, for instance, there is a scarcity of IT specialists in the country's healthcare systems; approximately 79% of the present clinical IT workers there require extra training. The overall load is increased further by the expanding number of healthcare IT efforts.
With Increased Sophisticated Nature of OIS System, Demand for Product Solution to Dominate Oncology Information Systems Market
During the projected period, the solution segment is anticipated to increase at the fastest rate. With the increasing acceptance of proper management of radiology imaging by healthcare providers, this category is now leading the market. These products promote the direct connection between patients and physicians and aid in collecting cancer patient-reported outcomes, which contributes to the expansion of this market. The advancement of more sophisticated OIS Solutions, which aid in better patient data management and enhance cancer therapy, can also be credited with the segment's rise. The rise of the oncology information systems market in this sector is due to these solutions' assistance in collecting cancer patients' reported outcomes and facilitating direct communication between patients and physicians.
Surgery Oncology to Dominate Oncology Information Systems Market Owing to Increased Prevalence of Cancerous Tumors
The surgical oncology category is also anticipated to expand during the forecasted years. Over the years, cancer care has advanced significantly. Most solid tumors are no longer treated surgically; instead, the ideal method of care is a mix of surgery and multi-modal therapies with a primary focus on radiation, targeted molecular therapies, and chemotherapy. Some operations can be carried out in highly specialized healthcare facilities, including sarcoma surgery, isolated limb perfusion, laparoscopic cancer surgery, and cytoreductive surgery. Rising complexity of surgical treatments for solid malignancies is thus anticipated to propel the expansion of oncology information systems market. The interventional oncology market is anticipated to grow throughout the forecast period due to factors such as the benefits of minimally invasive surgical treatments, technological developments in interventional oncology, higher government funding for oncology operations.
North America’s Oncology Information Systems Market Reigns Supreme on Account of Rapidly Expanding Cancer Patient Pool
Throughout the entire forecast period, North America is anticipated to dominate the global oncology information systems market. This is due to several important variables, including the increased incidence of cancer and the accessibility of cutting-edge healthcare infrastructure. With its growing geriatric population, cancer patient population, advancements in cancer therapy, and expanding cancer awareness government programs, the United States now maintains the greatest market share in the North American area. As people get older, the incidence of cancer rises virtually exponentially. As a result, the market growth will probably be boosted by the growing elderly population, who are more susceptible to cancer. According to data from the United States Census Bureau's Demographic Turning Points for the United States: Population Projections for 2020 to 2060, the country's population of people over 65 is expected to increase from its current 23% in 2060 to approximately 73.1 million by 2030, having a positive effect on the market.
The fastest CAGR is anticipated for the Asia Pacific area, partly due to the region's increased technology sophistication and awareness of the OIS. The OIS is in great demand, and Asian nations are steadily emerging due to government policies favorable to this market and a growing public understanding of the advantages of these systems. Players who want to take advantage of this region's possibilities may find it a hotbed of income in this area. One of the top causes of death in Asian nations is cancer. Malignant lymphoma, multiple myeloma, and leukemia, three forms of blood malignancies monitored by the National Cancer Center, accounted for around 5% of all cancers in Japan. After the US, and China, India has the third-highest global blood cancer patient population. Additionally, approving and introducing novel products for malignancies will spur oncology information systems market expansion. For instance, the Chinese National Medical Products Administration (NMPA) approved the anti-PD-1 antibody tislelizumab from BeiGene in June 2022 as the first-line therapy for people with recurrent or metastatic nasopharyngeal cancer (NPC).
Global Oncology Information Systems Market: Competitive Landscape
In May 2022, Berry Oncology, a global leader in genetic testing and tumor early detection, has recently launched a HIFI system. The HIFI system comprises HIFI-det liquid biopsy technology and the HIFI-cal set of algorithms. The HIFI system has the advantage of preserving the interactiveness and scalability of the core model through iterative optimization of biomarkers. In December 2020, McKesson Corporation announced the establishment of Ontada, an oncology technology and insights firm focused on driving better outcomes for cancer patients through innovation, acceleration, and evidence generation. By facilitating deep collaboration between life sciences businesses and oncology practitioners, Ontada is ideally positioned to advance cancer care.
A few of the players in the oncology information systems market include Elekta AB, Accuray Inc., Varian Medical Systems, RaySearch Laboratories, Cerner Corp., BrainLab, Philips Healthcare, Prowess, Inc., DOSIsoft S.A., ViewRay Inc., MIM Software and Flatiron, McKesson Corporation, and Siemens Medical Solutions Inc.
Regional Classification of Global Oncology Information Systems Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Oncology Information Systems Market
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