Oncology Information System Market to Reach $3,755 Million, Globally, by 2022
PORTLAND, Oregon and PUNE, India, September 28, 2017 /PRNewswire/ --
Oncology Information System Market Report, published by Allied Market Research, forecasts that the global 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.
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Oncology information systems enable management of patient profiles by combining surgical, radiation, and medical oncology information in one system. Moreover, these systems facilitate management of treatment plans and schedules of cancer patients, and predict the results of the treatments. Safety and efficiency of cancer treatment is improved by use of these systems owing to their ability to predict the treatment outcome.
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.
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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.
Medical oncology dominates the oncology information systems market. In medical oncology, oncology information systems software manages, interprets, analyzes, and stores the patient information efficiently. In addition, as the software assists to predict the treatment outcome for patients, it helps to improve the survival rate of the patient and drives the oncology information systems market growth.
In 2015, North America accounted for maximum contribution to the total revenue generated, owing to the high prevalence rate of cancer and high adoption rate of technologically advanced products. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in disposable income, increase in government initiatives to modernize healthcare infrastructure, and rise in healthcare expenditure.
Key Findings of Oncology Information System Market:
- Research centers segment is projected to grow at the highest rate during the analysis period.
- Hospitals and oncology clinics was the highest revenue-generating segment, and is expected to continue its dominance in future.
- North America dominated global oncology information systems market, and is projected to grow at a CAGR of 7%.
- China is expected to grow highest in the Asia-Pacific region, registering a CAGR of 15.7%.
- Treatment planning systems segment was the fastest growing segment growing at a CAGR of 8.2%.
The key companies profiled in the report include Accuray Incorporated, Bogardus Medical Systems, Inc., Cerner Corporation, CureMD Corporation, Elekta AB, Flatiron Health, Inc., Koninklijke Philips N.V., McKesson Corporation, RaySearch Laboratories AB, and Varian Medical Systems, Inc.
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