PORTLAND, Oregon, November 9, 2018 /PRNewswire/ --
Technological advancements in oncology information systems (OIS), associated advantages of OIS over conventional record maintenance, and surge in prevalence of cancer worldwide would propel the growth of the global oncology information systems market
Allied Market Research published a report, titled, Oncology Information Systems Market by Product & Service (Software {Patient Information Systems and Treatment Planning Systems} and Services {Consulting/Optimization Services, Implementation Services and Maintenance Services}), Application (Radiation Oncology, Medical Oncology and Surgical Oncology), and End User (Hospitals & Oncology Clinics and Research Centers): Global Opportunity Analysis and Industry Forecast, 2017-2025. The report offers extensive analyses of the key winning strategies, industry dynamics, market size & forecast, and competitive landscape. As per the report, the global oncology information systems market was valued at $2.62 billion in 2017 and is estimated to reach $4.56 billion by 2025, registering a CAGR of 7.1% from 2018 to 2025.
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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.
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Software segment to be lucrative through 2025
Among product and services, the software segment contributed 81% share of total market revenue in 2017 and would retain its lead position through 2025. In addition, this segment is projected to grow at the fastest CAGR of 7.2% from 2018 to 2025 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.
Medical oncology segmentto lead in terms of revenueand growth rate
Among applications discussed in the study, the medical oncology segment accounted for 44% share of the total revenue in 2017 and would remain in its lead through 2025. Moreover, the segment would grow at the fastest CAGR of 7.7% during the forecast period because medical oncology information systems are extensively used to aid in the management, interpretation, analysis, and storage of patient information.
Hospitals and oncology clinics segment to dominate in terms of revenue
Among end users, the hospitals & oncology clinics segment accounted for 95% of the total market share in 2017 and would maintain its dominance through 2025. This is because most of the population prefer going to hospitals for treatment due to ease of access and host of treatment options under one roof. The oncology unit at elite hospitals are equipped with different oncology information systems that focus on improving efficiency and offering support-specific clinical and workflow needs of patients and clinicians, respectively. However, the research centers segment is projected to grow at the fastest CAGR of 9.2% during the study period, as scientists and researchers across the globe, especially in developed countries, have been conducting research on cancer due to its increased disease burden.
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North America: highest revenue contributor through 2025
North America contributed about 35% of the total market share in 2017 and would continue to maintain its dominance by 2025 due to factors such as novel product launches, increased awareness of such systems, and favorable reimbursement scenario in the U.S. However, the Asia-Pacific region would register the highest CAGR of 7.6% from 2018 to 2025 due to rapidly changing healthcare infrastructure in the developing counties such as India, China and increasing awareness of the market among consumers and healthcare professionals. The other regions analyzed in the study include Europe and Latin America, Middle East and Africa (LAMEA).
Torchbearers of the industry
The key market players operating in the global oncology information systems market 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. New product launches, joint ventures, expansions, mergers & acquisitions, partnerships, collaborations, and others are some of the strategies implemented by them to gain a stronghold in the industry.
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