Oncology information systems are computer-based information systems designed to manage medical and clinical data related to cancer and oncology. These systems help in maintaining accurate and complete medical records of cancer patients and also enhance administrative workflow and regulatory compliance. These systems allow oncologists and healthcare providers to view medical history, lab results, imaging scans, treatment plans, clinical notes and follow-up appointment details of cancer patients, which helps in improved care coordination and management. The global Oncology Information Systems Market is estimated to be valued at US$ 8.19 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of advanced technologies such as artificial intelligence and cloud computing platforms by major players is one of the key trends responsible for accelerating the growth of the oncology information systems market. AI capabilities allow oncology information systems to analyze large volumes of cancer data and provide personalized insights and recommendations to physicians for optimizing treatment plans. Cloud-based oncology information systems offer benefits such as lower maintenance costs, easy access to patient health records from remote locations, and integration with other hospital information systems. This boosts the operational efficiency of healthcare providers and enhances cancer care outcomes. The growing investments by players as well as governments to develop technologically advanced oncology information solutions will continue to promote the growth of this market over the forecast period.
Segment Analysis
The global oncology information systems market is dominated by the software segment. The software segment contributed nearly 60% revenue share in the global market in 2023. Rising adoption of electronic health records and healthcare IT solutions has propelled the demand for oncology information systems software. The software offers efficient patient data management, treatment planning, seamless integration with other clinical systems like radiology and laboratory information systems. Availability of customizable software and regular software updates by leading vendors has further increased its adoption across hospitals and oncology clinics.
Key Takeaways
The global oncology information systems market analysis is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America accounted for the largest share of more than 35% of the global oncology information systems market in 2023 owing to rising cancer burden and presence of advanced healthcare infrastructure in the region. However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by improving healthcare infrastructure, increasing focus on quality care, and growing adoption of health IT solutions across major Asia Pacific countries.
Key players: Key players operating in the global oncology information systems market include Merck & Co., Inc., Novartis AG, Amicus Therapeutics, AstraZeneca Plc, Boehringer Ingelheim, Shire Plc, Sanofi Genzyme, BioMarin Pharmaceutical, Inc., Horizon Pharma Plc, and GlaxoSmithKline Plc. Merck & Co., Inc. offers a comprehensive range of software and solutions through its acquisition of Varian Medical Systems' oncology solutions business in 2021. Novartis AG provides integrated software solutions through its subsidiary Elekta to improve patient outcomes.
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