Development of cancer therapies, advances in informatics methodologies, and growing treatment costs some key factors expected to drive market growth
According to Emergen Research, the global oncology informatics market size was USD 4.62 Billion in 2019 and is expected to reach USD 8.01 Billion in 2027 and register a revenue CAGR of 7.1% during the forecast period, 2020-2027.
Oncology is a branch of medical science that deals with treatment of cancer. It offers systemic approach to cancer treatment and care while ensuring cost-effective use of cancer medications and facilities better patient outcomes. The use of health informatics allows critical information to be shared between health care professionals, including physicians, pharmacists, and health administrators. Not only informatics helps in standardizing collection of databases, but it also helps to automate certain tasks, both reducing errors and improving nurse productivity associated with health care. This further increases demand for oncology informatics in cancer treatment and is expected to positively impact market revenue growth over the forecast period.
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Further, increasing number of patients suffering from cancer, growing geriatric population and rising popularity of regular health checkups are major factors expected to drive market revenue growth during the forecast period. In addition, increasing government and private investments in cancer research, availability of efficient treatment options in oncology, and growing popularity of electronic medical records (EMR) are some other factors expected to drive market growth over the forecast period. However, high cost of healthcare expenditure, stringent government regulations in cancer treatment surgery and procedures are some factors expected to restrain market revenue growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Electronic Health Records (EHRs) Segment Revenue to Expand at a Rapid CAGR:
Electronic Health Records (EHRs) segment is expected to register a rapid revenue CAGR over the forecast period due to its growing popularity and advantages. EHRs assist providers in better managing patient care by providing up-to-date, accurate, and full information at the time of care. In addition, medical practitioners profit from EHRs technology in a variety of ways, including lower transcription costs, reduced expenses of chart retrieval, and re-filing.
Pharmaceutical Organizations to Register Significant Revenue Growth:
Pharmaceutical organizations segment is expected to register significant revenue growth over the forecast period owing to rise in pharmaceutical R&D spending, growth in the geriatric population, rising incidence rate of chronic disorders and integration of IT in healthcare sector.
Asia Pacific to Account for Largest Revenue Share:
Asia Pacific is expected to account for largest revenue share in the global market over the forecast period due to increasing prevalence of cancer, rising investments in research and development activities in pharma industry, and development of precision medicine. In addition, increasing geriatric population and advancements in research and development activities to explore potential of CRISPR technology in cancer treatments are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Elekta AB
- Hologic, Inc.
- Cerner Corporation
- Hoffmann-La Roche Ltd.
- Inspirata, Inc.
- IBM Corporation
- Laboratory Corporation of America Holdings
- Koninklijke Philips N.V.
- PerkinElmer, Inc.
- McKesson Corporation
For the purpose of this report, Emergen Research has segmented the oncology informatics Market on the basis of type, end-uses, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Population Health Management (PHM)
- Drug Discovery and Development Informatics
- Electronic Health Records (EHRs)
- Clinical Decision Support System (CDSS)
- Image Analytics
End Use Outlook (Revenue, USD Billion; 2017-2027)
- Life Science Industry
- Academic Institutes and Research Centers
- Pharmaceutical Industry
- Contract Research Organizations (CROs)
- Others (Hospitals and Other Care Facilities)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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