by Oncology information systems are composed of software solutions that help manage clinical, financial and operational activities of oncology practices, hospitals and research centers. These systems help maintain accurate electronic health records, schedule patients, track medical records and treatment plans, facilitate communication between oncology care teams and generate timely reports on clinical outcomes and quality measures.
The global Oncology Information Systems Market is estimated to be valued at US$ 9.44 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing investment in cancer research from both public and private organizations is expected to drive the growth of the oncology information systems market over the forecast period. Governments as well as pharmaceutical and biotechnology companies are increasingly focusing on cancer research in order to develop novel therapeutics and diagnostic techniques. For instance, according to Cancer Research UK, the UK government’s spending on cancer research was £301 million in 2020. Similarly, the U.S. government’s National Cancer Institute had a budget of over US$ 6.2 billion for cancer research in 2021. Such significant funding is encouraging the adoption of advanced oncology information systems across hospitals and research institutes to efficiently manage large volumes of complex oncology data and drive better outcomes.
SWOT Analysis
Strength: Oncology information systems help in streamlining operations and reducing manual work by automating various workflows. They also help consolidate patient data from disparate sources into a single platform for better clinical decision making.
Weakness: High upfront costs associated with implementation and maintenance of oncology information systems. Potential issues related to data integration from legacy systems and interfaces.
Opportunity: Growing adoption of electronic health records and need to manage large amounts of cancer patient data presents major market opportunity. Integration of AI and analytics capabilities can further augment decision making.
Threats: Interoperability challenges with existing IT infrastructure of healthcare providers. Shift to newer technologies like cloud-based platforms can impact sales of on-premise systems.
Key Takeaways
The global Oncology Information Systems market demand is expected to witness high growth. The global Oncology Information Systems Market is estimated to be valued at US$ 9.44 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
The North America region currently dominates the market due to high adoption of digital health technologies and presence of major market players. Asia Pacific is expected to witness fastest growth over the forecast period supported by improving healthcare infrastructure and increasing cancer incidences in the region.
Key players
Key players operating in the Oncology Information Systems market are 3M Company, Dow Inc., Saint-Gobain, Trelleborg AB, Freudenberg Group, Cooper Standard Holdings Inc., NITTO DENKO CORPORATION, Henniges Automotive Holdings, Inc. Oncology information systems help hospitals improve workflow efficiency and enhance cancer care delivery. Major players are focusing on integrating predictive analytics and artificial intelligence into their platforms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
