(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Oncology Information System Market by Product and Services (Software and Professional Services), by Application (Medical Oncology, Surgical Oncology, and Radiation Oncology), and by End-User (Hospitals, Oncology Clinics, Governmental Institutions, and Research Centers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025. According to the report, the global oncology information system market was valued at approximately USD 2.42 billion in 2018 and is expected to generate around USD 4.11 billion by 2025, at a CAGR of around 7.9% between 2019 and 2025.
Oncology information system (OIS) is well known for managing portfolios through software across different healthcare settings, such as hospitals, research laboratories, and government institutions. Additionally, this software is also useful in visualizing treatment outcomes as it helps in planning a patient's treatment and provides necessary information related to the patient. Technological advancements made in the healthcare domain and rising cancer cases are likely to be the key growth drivers of the oncology information system market globally in the years ahead. The rising adoption of unhealthy and sedentary lifestyle choices is also aiding this market's expansion.
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The global oncology information system market is segmented on the basis of product and services, application, and end-user. Based on product and services, the market for the oncology information system is segmented into software and professional services. The software segment is further segmented into patient information systems and treatment planning systems. The services segment is divided into consulting/optimization services, implementation services, and post-sale and maintenance services. The software segment held a major market share in 2018, as it performs critical functions like comprehensive patient management, monitoring activities, clinical regimes, and pharmacy information. The rising incidences of cancer and various advantages offered by oncology information system software, such as fine-tuning and streamlining of patient data and management processes, are likely to further drive the software segment in the years ahead. Additionally, oncology information software helps hospitals and oncology clinics to manage patient treatment and data efficiently. The treatment planning system is projected to expand at a higher CAGR in the future, due to their various benefits, like proper treatment planning and scheduling. This system is the soul of radiation therapy and vital for improving patient outcomes. When the image datasets are loaded and the tumors are identified, these systems develop a detailed treatment plan for the patients.
By application, the oncology information system market is segmented into medical oncology, surgical oncology, and radiation oncology. Medical oncology is likely to show the highest CAGR in the OIS market over the estimated timeframe, owing to the growing use of chemotherapy, immunotherapy, and hormonal therapy. Radiation oncology uses radiation therapy to treat tumors that are malignant in nature. As per the stats by Royal Australian and New Zealand College of Radiologists, more than 100,000 Australians are diagnosed with cancer each year. It has also been projected that more than half of the cancer population will benefit from radiation oncology as a part of their cancer treatment over the forecast time period. Thus, to develop new technology in radiation oncology, huge investments are carried out at low cost in comparison to the other treatment methods and with rising R & D activities in the radiation therapy, the segment is likely to increase in demand thus driving the market growth for oncology information system over the forecast time period.
The end-user segment includes hospitals, oncology clinics, governmental institutions, and research centers. Hospitals held a major market share in 2018, due to their significantly large patient pool, high adoption of technologically advanced cancer treatment systems, and growing use of OIS due to high purchasing power.
By region, North America and Europe dominated the global oncology information system market in 2018. The market is likely to show a high growth rate, particularly in Canada, Germany, UK, and the U.S., due to rising investments made for cancer research activities and high incidences of cancer. Additionally, technological advancements in these systems, such as the incorporation of patient portals, and the rise in disposable income among cancer patients are likely to further fuel these regional markets' growth. Growing healthcare expenditure in developing countries like China and India and software advancements using AI (artificial intelligence) are likely to provide multiple growth opportunities to the Asia Pacific oncology information system market in the future.
Some leading players of the global oncology information system market include Koninklijke Philips N.V., Accuray, Inc., McKesson Corporation, Flatiron Health, Inc., Epic Systems Corporation, Cerner Corporation, RaySearch Laboratories, Elekta AB, CureMD Corporation, and Varian Medical Systems, Inc.
This report segments the global oncology information system market into:
Global Oncology Information System Market: Product and Services Analysis
- Software
- Patient Information Systems
- Treatment Planning Systems
- Professional Services
- Consulting/Optimization Services
- Implementation Services
- Post-Sale and Maintenance Services
Global Oncology Information System Market: Application Analysis
- Medical Oncology
- Surgical Oncology
- Radiation Oncology
Global Oncology Information System Market: End-User Analysis
- Hospitals
- Oncology Clinics
- Governmental Institutions
- Research Centers
Global Oncology Information System Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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