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oncology information systems market 2024
PORTLAND, OREGON, UNITED STATES, February 20, 2024 /EINPresswire / -- 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
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.
Software segment to be lucrative through 2030
Among product and services, the software segment contributed 81% share of total market revenue in 2021 and would retain its lead position through 2030. In addition, this segment is projected to grow at the fastest CAGR of 7.2% 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 2025
North America contributed about 35% of the total market share in 2021 and would continue to maintain its dominance by 2030 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 2021 to 2030 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).
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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