Oncology Information Systems Market Outlook

August 2, 2022 —   The oncology information systems market is projected to be worth $2.59 Bn by 2022 and is expected to grow to $5.4 Bn by 2032, at a CAGR of 7.8% from 2022 to 2032. 

Some of the key factors expected to drive oncology information systems market growth are the monumental growth of healthcare IT, the increasing global prevalence of cancer, increased development expenditure on cancer treatments and solutions, and increased adoption of oncology information systems (OIS) solutions by healthcare facilities escalating oncology information systems market key trends and opportunities. 

The growing demand for oncology information systems (OIS) software to help streamline patient information and data management has increased the demand for various types of oncology information systems (OIS) software. Oncology information systems market companies' increased investments in cancer research are expected to drive oncology information systems market growth along with oncology information systems market future trends. 

Key oncology information systems market players are focusing on launching new campaigns and strategic plans to increase product visibility and brand awareness. A hybrid distribution model based on distribution networks and collaborations with oncology information systems market vendors has aided oncology information systems market growth as well as oncology information systems market key trends and opportunities. 

The COVID-19 pandemic had a negative impact on the oncology information systems market due to the high disease burden caused by the pandemic. The focus of all healthcare systems has shifted to increasingly accommodate COVID-19 patients hampering the oncology information systems market future trends. 

The oncology information systems market is expected to grow significantly in the coming years, and companies are increasingly investing in the development of innovative and technologically advanced products positively impacting the oncology information systems market adoption trends. 

Due to a large influx of funding and budgets for the healthcare sector, major players' investments in OIS development will be a massive oncology information systems market opportunity. 

AI in oncology is one of the factors driving oncology information systems market growth. As systems and software are mostly used by pharmaceutical companies and hospitals, they have high demand for oncology information systems and in turn surging the sales of demand for oncology information systems in end-use facilities. 

Furthermore, the key oncology information systems market players are introducing new products in the same category, but with limited innovation. Companies may benefit from R&D investments to develop products with more features. 

What is Propelling the Oncology Information Systems Market? 

The rising incidence of cancer cases is one of the major factors driving the oncology information systems market growth. 

A wide range of novel technologies are being developed, with the potential to completely transform the treatment regime. As a result of the increasing prevalence of cancer, there will be a greater demand for oncology information systems to streamline patient information and data management, which will eventually drive the oncology information systems market future trends and oncology information systems market key trends and opportunities. 

There are a few other factors driving the oncology information system market forward, such as the growing need to reduce oncology care costs and the growing adoption of electronic health records (EHR) and other oncology information systems. 

What Restrains the Oncology Information Systems Market? 

The lack of qualified resources is a major hindrance to implementing oncology information systems solutions in hospitals. Currently, demand for oncology information systems majorly healthcare IT professionals outnumbers supply in both developing and developed markets, including the United States and Europe. The growing number of healthcare IT initiatives adds to the overall burden. 

What are the Trends in the Oncology Information Systems Market? 

The healthcare IT market from the oncology information systems market is expected to grow from $326.1 billion in 2021 to $821.1 billion by 2026. The healthcare IT industry of oncology information systems market is divided into several sectors, including medical technology, healthcare, medical devices, and digital health. With the use of modern and advanced technologies, oncology information systems market is disrupting the traditional healthcare delivery model and research systems influencing the oncology information systems market trends and forecasts. 

An integrated healthcare IT environment aids in the identification of gaps in the oncology care continuum while reducing ineffective or unnecessary processing steps. It contributes to the elimination of healthcare redundancy, allowing hospital systems to provide patient-centered care across and between healthcare providers which impacts oncology information systems market opportunities. 

Healthcare organizations have reduced operational costs while improving care quality by deploying various healthcares IT solutions and treatment planning solutions. This is fueling demand for oncology information systems among key end-user segments constructively affecting oncology information systems market adoption trends. 

Which is the Leading Segment in the Oncology Information Systems Market by Products & Services? 

The oncology information systems market has been segmented into solutions and professional services based on products and services. The solutions segment accounted for 73.4% of global revenue. 

The segment of oncology information systems market is also expected to grow at the fastest rate during the forecast period. This segment is dominating the market due to increasing adoption by healthcare providers for proper radiology imaging management. These solutions aid in the capture of cancer patient-reported outcomes and facilitate direct communication between patients and doctors, resulting in the oncology information systems market growth of this segment. 

The development of more advanced oncology information systems (OIS) Solutions, which aids in better patient data management and improves cancer treatment, can also be attributed to segment growth. The solutions segment of oncology information systems market is further subdivided into patient information systems and treatment planning systems, with the latter accounting for the largest oncology information systems market share. 

Professional services, on the other hand, are becoming more widely accepted, as most hospitals and clinics outsource oncology information systems (OIS) services due to a shortage of skilled professionals in hospitals and clinics. These services offer online consultation as well as customized schedules and reports, which help to improve the quality of care. 

Which is the Leading Segment in the Oncology Information Systems Market by Application? 

The oncology information systems market has been divided into three applications: medical oncology, radiation oncology, and surgical oncology. In 2021, the medical oncology segment will account for 61.4% of global revenue. 

Due to rapid advancements in immunotherapy, hormonal therapy, and targeted therapy for effectively treating various cancers, the medical oncology segment is expected to grow at the fastest CAGR over the forecast period. Furthermore, several initiatives pertaining to cancer research are being undertaken by major players, which are positively influencing oncology information systems market growth as well as demand for oncology information systems. 

In 2021, the radiation oncology segment was responsible for 53.8% of the oncology information system market. The demand for oncology information systems majorly for radiation oncology has increased due to an increase in the number of radiosurgeries, and radiological departments are producing a large volume of cancer-related data. 

During the forecast years, the surgical oncology segment is also expected to grow significantly. As a result, the increasing complexity of surgical treatments for solid malignancies is expected to drive oncology information systems market growth. 

Which is the Leading Region in the Oncology Information Systems Market? 

The North America regional oncology information systems market had the highest revenue oncology information systems market of 38.5%. The presence of sophisticated healthcare infrastructure and increased awareness about patient information management in the region are key factors driving oncology information systems market growth along with sales of oncology information systems. 

Furthermore, the increasing demand for oncology information systems to track and record cancer patients' treatment outcomes, as well as the growing importance of EMR in making better treatment decisions, are expected to drive regional oncology information systems market growth. The increasing demand for treatment schedule management, dose management, and treatment planning is expected to drive up demand for oncology information systems and sales of oncology information systems in this region. 

The strong presence of several global players in the region aids oncology information systems market growth. Asian countries, on the other hand, are experiencing high demand for oncology information systems and are gradually developing as a result of supportive government policies and increased awareness about the benefits of these systems. 

This region may serve as a hot revenue pocket for oncology information systems market players looking to capitalize on the region's potential. As a result, players seeking a large share of oncology information systems market must develop specific pricing policies as well as marketing strategies tailored to this region in order to gain a foothold in these lucrative oncology information systems markets. 

How Competition Influences the Oncology Information Systems Market? 

Key oncology information systems market companies are primarily focused on incorporating technological innovation with the introduction of web-based oncology solutions and AI-based oncology information systems market solutions with the goal of improving the treatment regime, which is expected to positively impact oncology information systems market growth in the near future.

The oncology information systems market major players account for a sizeable portion of the oncology information systems market share and are widely recognised. Small-to-midsized players are also present in the oncology information systems market; they provide a limited selection of oncology information systems and primarily cater to sales of oncology information systems local clients. 

Since most of these well-known companies have extensive global distribution networks to reach their sizable customer bases, their influence on the oncology information systems market is quite significant. 

To boost revenue oncology information systems market growth and solidify their positions in the oncology information systems market, the major players in the oncology information systems market are concentrating on strategic initiatives like product launches, acquisitions, collaborations, participation in events, and expansions. 

Recent Development 

Acquisition: 

Siemens Healthineers (Germany) completed its acquisition of Varian Medical System in August 2021. (UK). This acquisition aimed to create a one-of-a-kind, highly integrated portfolio of oncology information system workflow. This acquisition will supplement the company's existing oncology information system portfolio. 

Collaboration: 

In June 2021, Koninklijke Philips N.V. (The Netherlands) announced collaboration with Elekta (Sweden) to develop advanced, comprehensive, and personalised cancer care through precision oncology information solutions. 

Product Launch: 

McKesson Corporation (US) launched Ontada, an oncology technology and insights business dedicated to advancing cancer research and care, in December 2020. 

Partnership: 

Elekta and Philips signed an agreement in June 2021 to strengthen their existing strategic partnership to advance comprehensive and personalised cancer care through precision oncology solutions. 

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