Oncology information systems enable management of patient profiles by combining surgical, radiation, and medical oncology information in one system. Moreover, these systems facilitate management of treatment plans and schedules of cancer patients, and predict the results of the treatments. Safety and efficiency of cancer treatment is improved by use of these systems owing to their ability to predict the treatment outcome.
The global oncology information systems market size was valued at $3,082.3 Million in 2020, and is estimated to reach $5,538.66 Million by 2030, growing at a CAGR of 6% from 2021 to 2030.
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The growth of the global OIS market is attributed to rise in cancer cases and increase in adoption of technologically advanced treatments. Moreover, increase in healthcare expenditure and rise in disposable income are expected to drive the market growth during the forecast period.
The COVID-19 outbreak is anticipated to have a negative impact on the oncology information systems market. A huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19. Nonessential procedures took a potential backlog due to rapid rise in COVID-19 cases. The lockdown led to disruption of manufacturing and transportation of healthcare essentials. The demand for OIS solutions declined during the pandemic, owing to shut down of many hospitals and oncology clinics. However, increase in vaccination rate is expected to stabilize the market.
By product & services, it is divided into services and software. The services segment generated maximum revenue in 2020, accounting $2,015.77 million, and is expected to witness highest CAGR of 6.4% during the forecast period.
Medical oncology dominates the oncology information systems market. In medical oncology, oncology information systems software manages, interprets, analyzes, and stores the patient information efficiently. In addition, as the software assists to predict the treatment outcome for patients, it helps to improve the survival rate of the patient and drives the oncology information systems market growth.
In 2020, North America accounted for maximum contribution to the total revenue generated, owing to the high prevalence rate of cancer and high adoption rate of technologically advanced products. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in disposable income, increase in government initiatives to modernize healthcare infrastructure, and rise in healthcare expenditure.
Key Findings Of The Study
- By product & services, services segment was the highest contributor to the market in 2020.
- As per application, medical oncology segment was the highest contributor to the market in 2020.
- According to end user, hospitals & oncology clinics segment was the highest contributor to the market in 2020.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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The key companies profiled in the report include Accuray Incorporated, Bogardus Medical Systems, Inc., Cerner Corporation, CureMD Corporation, Elekta AB, Flatiron Health, Inc., Koninklijke Philips N.V., McKesson Corporation, RaySearch Laboratories AB, and Varian Medical Systems, Inc.
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