Oncology information systems (OIS) are specialized information systems that are specifically designed to meet the clinical, administrative and financial information needs of oncology practices and cancer centers. OIS helps in storing and managing critical patient information, treatment plans, diagnostic reports and follow-up details to enable coordinated cancer care. It not only streamlines administrative tasks like scheduling, billing and coding but also supports clinical workflows through tools for treatment planning, imaging integration and clinical documentation. With the increasing prevalence of cancer worldwide, adoption of such digitized cancer management platforms is growing to enhance data accessibility, treatment outcomes and patient experience. The global Oncology Information Systems Market is estimated to be valued at US$ 860 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Adoption of Electronic Health Records: The first driver stated in the heading is rising adoption of electronic health records. With the shift towards digitization of healthcare, more oncology practices are implementing OIS to manage patient data electronically and have a centralized database. This not only improves clinical workflows but also helps provide integrated care as patient records can be accessed from anywhere. OIS aids clinical decision making through tools like population health analytics that deliver insights on clinical patterns, treatment outcomes and predictive modeling. This improves care quality and patient engagement.
Advanced Cancer Management Needs: Another driver is the growing needs of advanced cancer management. With new treatment approaches emerging, oncology teams require sophisticated informatics platforms to track complex care regimens involving multi-modal therapies like chemotherapy, immunotherapy and targeted drugs in combination. OIS assists in creating individualized treatment plans, monitoring toxicities and coordinating multidisciplinary care among medical, surgical and radiation oncologists and other specialists to deliver 360-degree patient management.
Segment Analysis
The global oncology information systems market is dominated by the software segment. The software sub-segment accounts for nearly 55% of the total market share owing to the increasing adoption of integrated oncology information systems by healthcare facilities. Additionally, the sub-segment is anticipated to exhibit a higher growth rate over the forecast period owing to the upcoming innovations in oncology software.
PEST Analysis
Political: Healthcare reforms and regulations regarding healthcare data privacy and security are positively impacting the market growth. Stringent regulations in developed markets are driving adoption of integrated software.
Economic: Rising healthcare spending, increasing cancer prevalence and growing geriatric population are fueling the demand for advanced oncology solutions. Additionally, high investments by key players for product development are propelling the market expansion.
Social: Growing cancer awareness initiatives by government and private organizations are influencing demand. Increasing preference for tailored treatment options are supporting adoption of oncology information systems.
Technological: Advancements in healthcare IT, artificial intelligence, cloud computing, mobile technologies and big data analytics are transforming oncology practice workflow. Integration of advanced technologies with oncology solutions is anticipated to present new opportunities over the forecast period.
Key Takeaways
The Global Oncology Information Systems Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominates the market currently due to established healthcare infrastructure and early technology adoption in the region. The Asia Pacific region is anticipated to show fastest growth during the forecast period propelled by rising healthcare expenditure, increasing patient base and growing government focus on cancer treatment in developing countries.
Key players operating in the oncology information systems market are Varian Medical Systems, McKesson Corporation, Elekta, RaySearch Laboratories, Cerner Corporation, Accuray, BrainLab, Koninklijke Philips N.V. and Flatiron Health. Key players are focusing on new product launches, partnerships and acquisitions to strengthen their positions in the market. For instance, in November 2020, RaySearch Laboratories announced the acquisition of OncologyCore, a developer of oncology optimization software.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
