Oncology Information Systems Market is Expected to Reach $5,538.66 Million by 2030 | CAGR of 6%

According to a new report published by Allied Market Research, titled, "Oncology Information Systems Market by Product & Services, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global oncology information systems market size was valued at $3,082.3 Million in 2020, and is estimated to reach $5,538.66 Million by 2030, growing at a CAGR of 6% from 2021 to 2030.

Oncology information systems (OIS) enable management of patient profiles by combining surgical, radiation, and medical oncology information in one system. Moreover, these systems facilitate management of treatment plans & schedules of cancer patients and predict the results of the treatment. 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 OIS over conventional methods of record keeping and treatment planning are expected to boost the growth of the oncology information systems market. The advantages of OIS 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.

The major factor that drives the OIS market is surge in the cancer cases. According to the World Health Organization (WHO), cancer is a leading cause of death across the globe, and approximately 70% of deaths due to cancer occur in low and middle income countries. By 2040, the number of new cancer cases per year are expected to rise to 29.5 million and the number of cancer-related deaths are expected to be 16.4 million. Thus, rise in prevalence of cancer is anticipated to drive the oncology information systems market.

Furthermore, increase in disposable income among cancer patients 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 OIS to treat rare cancers are expected to present multiple opportunities for oncology information systems market growth. However, this growth is restricted, owing to lack of healthcare IT professionals and high capital costs associated with OIS.

In addition, the COVID-19 outbreak is anticipated to have a negative impact on the oncology information systems market. A huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19. Nonessential procedures took a potential backlog due to rapid rise in COVID-19 cases. The lockdown led to disruption of manufacturing and transportation of healthcare essentials. The demand for OIS solutions declined during the pandemic, owing to shut down of  many hospitals and oncology clinics. However, increase in vaccination rate is expected to stabilize the market.

By product & services, it is divided into services and software. The services segment generated maximum revenue in 2020, accounting $2,015.77 million, and is expected to witness highest CAGR of  6.4% during the forecast period.

On the basis of application, it is classified into radiation oncology, medical oncology, and surgical oncology. The medical oncology segment generated maximum revenue in 2020, accounting $1,346.85 million, and is expected to witness highest CAGR of 6.6% during the forecast period.

According to the end user, the market is divided into hospitals & oncology clinics and research centers. The hospitals & oncology clinics segment generated maximum revenue in 2020, accounting $2,939.59 million. The research centers segment is expected to witness highest CAGR of 7.5% during the forecast period.

Region wise, North America accounted for a majority of the global oncology information systems market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to increase in cancer cases and adoption of technologically advanced treatments. However, Asia-Pacific is anticipated to witness notable growth, owing to increase in disposable income and rise in investment in healthcare sector.

Key Findings Of The Study

• By product & services, services segment was the highest contributor to the market in 2020.
• As per application, medical oncology segment was the highest contributor to the market in 2020.
• According to end user, hospitals & oncology clinics segment was the highest contributor to the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.