The prediction of treatment outcomes and better management of patient profiles offered by oncology information systems is expected to attract the patients with higher purchasing power and fuel the innovations and market growth.
Oncology Information System Market was valued at $2,247 million in 2015 and is expected to garner $3,755 million by 2022, registering a CAGR of 7.5% during the forecast period 2016 – 2022. North America is the highest contributor in the oncology information systems market; however, Asia-Pacific is witnessing the highest growth rate.
The global oncology information systems market is segmented based on product & service, application, end user, and geography. Based on product & service, it is bifurcated into software and services. The software segment is further divided into patient information systems and treatment planning systems, while the services segment includes consulting/optimization services, implementation services, and maintenance services. The market is studied across applications such as radiation, medical, and surgical oncology. Based on end user, tit is classified into hospitals & oncology clinics, and research centers. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The market is expected to witness a moderate growth during the forecast period, owing to the benefits of offered by oncology information systems over conventional methods of record keeping and treatment planning. Furthermore, surge in prevalence of cancer and increase in technological advancements, such as incorporation of patient portals, are expected to boost the market growth. Use of oncology information systems to treat rare cancer and further improvements in the technology by use of artificial intelligence are expected to present various opportunities for market expansion. However, dearth of healthcare IT professionals and high costs associated with oncology information systems are expected to hamper this market growth.
The benefits of implementing oncology information systems over conventional methods of record keeping and treatment planning are expected to boost the growth of the oncology information systems market. The advantages of oncology information systems such as planned treatment, future-proofing, and remote access are expected to increase the demand for these systems and motivate the government organizations to upgrade their procedure from paper-based systems to paperless systems. Furthermore, the increase in disposable income among cancer patients, surge in prevalence of cancer cases, and technological advancements in these systems, such as incorporation of patient portals, are anticipated to fuel the market growth. Rise in healthcare expenditure in developing countries, such as India and China, advancement in software using artificial intelligence, and use of oncology information systems to treat rare cancers are expected to present multiple opportunities for market growth. However, this growth is restricted owing to lack of healthcare IT professionals and high capital costs associated with oncology information systems.
Among the product & service segment, software for patient information system was the largest revenue contributor in 2015 towards market growth, and is anticipated to continue this trend in the future. Advantages of using these systems as compared to conventional record maintenance methods such as planned treatment and remote access due to digital availability are expected to boost the growth of this segment.
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