Technological advancements in OIS, associated advantages of OIS over conventional record maintenance, and surge in prevalence of cancer worldwide drive the growth of the market. In addition, rise in awareness about the benefits of OIS is expected to supplement the market growth. However, high treatment costs associated with OIS and dearth of healthcare IT professionals hamper the market growth. On the other hand, integration of oncology information systems for the treatment of rare cancer types and increased usage of artificial intelligence (AI) in oncology information systems are expected to present new opportunities to market players in the future.
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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Hospitals and oncology clinics segment to dominate in terms of revenue
Oncology information systems (OIS) enable management of patient profiles by combining surgical, radiation, and medical oncology information in one system. Moreover, these systems facilitate management of treatment plans & schedules of cancer patients and predict the results of the treatment. Safety and efficiency of cancer treatment is improved by use of these systems, owing to their ability to predict the treatment outcome.
Software segment to be lucrative through 2030
Among product and services, the software segment contributed 81% share of total market revenue in 2017 and would retain its lead position through 2030. In addition, this segment is projected to grow at the fastest CAGR of 6% from 2021 to 2030 due to the higher adoption of oncology information system software among physicians to improve the management of patient information. The report also includes the analysis of the services segment.
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North America: highest revenue contributor through 2030
According to the end user, the market is divided into hospitals & oncology clinics and research centers. The hospitals & oncology clinics segment generated maximum revenue in 2020, accounting $2,939.59 million. The research centers segment is expected to witness highest CAGR of 7.5% during the forecast period.
Region wise, North America accounted for a majority of the global oncology information systems market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to increase in cancer cases and adoption of technologically advanced treatments. However, Asia-Pacific is anticipated to witness notable growth, owing to increase in disposable income and rise in investment in healthcare sector.
Leading market players
- Accuray Incorporated
- Bogardus Medical Systems, Inc.
- Cerner Corporation
- CureMD Corporation
- Elekta AB
- Flatiron Health, Inc.
- Koninklijke Philips N.V.
- McKesson Corporation
- RaySearch Laboratories AB
- Varian Medical Systems, Inc
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