Demand for Oncology Information System Rises with Growing Need to Track Progress of Oncology Treatments
Published On : Nov 27, 2018 | Category : Healthcare
The global oncology information system market is prophesied to largely benefit from the growing employment of digital tools in the healthcare industry. The need for data storage in healthcare could promote the use of oncology information system. However, one of the chief factors augmenting the demand in the global oncology information system market could be the growing demand for tools that can help keep track of several aspects of oncology treatments. Patient information including patient history and diagnostic details can be tracked using an oncology information system.
Transparency Market Research (TMR) prognosticates the global oncology information system market to attain a valuation of US$3.2 bn by the end of 2022 while posting a 7.6% CAGR during the forecast period 2017-2022. In 2017, the global oncology information system market was worth a US$2.2 bn.
Players Cash in on High Commercial Growth of Global Market
The commercial promise of the global oncology information system market is anticipated to make the competition quite intense in the near future. Players could cash in on the opportunities created due to the rising awareness about oncology information system and increasing number of cancer cases. High investment in the development of technologically sophisticated products could be a common scenario observed in the global oncology information system market. With a view to cement an advantageous position in the global oncology information system market, vendors are foreseen to focus on tactical partnerships and collaborations.
Higher Demand for Patient Information Systems Software to Augur Well
The global oncology information system market is prophesied to earn revenue from the sale of products in research centers, oncology clinics, and hospitals. However, among these, the demand for oncology information system could be higher in hospitals. There are various types of products and services offered in the global oncology information system market, viz. post-sale and maintenance services, implementation services, consulting services, treatment planning systems software, and patient information systems software. Among these, patient information systems gained larger demand in the global oncology information system market in 2017. However, their demand could cut down because of that for consulting services and treatment planning systems.
North America to Outshine despite Impressive Market Growth in APEJ
APEJ is projected to become one of the leading regions for the oncology information system market. In 2017, the regional oncology information system market secured an over 16.0% share of the global market. It is predicted to gain a decent number of basis points (BPS) during the course of the aforementioned forecast tenure. Improving government support and spending on healthcare services could be other factors propelling the demand in the APEJ oncology information system market. China and India are expected to significantly push the growth of the regional oncology information system market. Increasing prevalence of cancer could be another factor catapulting the market growth.
However, North America is envisaged to show dominance in the oncology information system market. Two of the main factors stoking the demand in the North America oncology information system market could be high technological innovation in healthcare and increasing number of advanced cancer research facilities. Besides North America and APEJ, Europe is envisioned to create opportunities in the oncology information system market.