Oncology information systems are digital systems designed to keep track of the multi-pronged treatment patterns of cancer treatment. Oncology information systems deal with various parts of cancer treatment, including treatment planning and patient information records. The global oncology information system market has exhibited steady growth over the last few years due to key drivers such as the rising prevalence of cancer across the world and the rising adoption of digital resources in the healthcare sector. The global oncology information system market is likely to exhibit a strong 7.6% CAGR over the 2017-2022 forecast period, with its valuation set to rise from US$2,285.6 mn in 2017 to US$3,293.8 mn in 2022.
Here are the key insights into the growth of the oncology information system market:
The rising prevalence of cancer across the world, and especially in developed countries, is the key driver for the global oncology information system market. The oncology information system market has benefited from the steady growth of the cancer treatment research sector in countries such as the U.S., Canada, Germany, and the U.K. and is set to prosper in the coming years due to the growing investment being provided to cancer research in these regions. The growing incidence of cancer recurrence in these countries is likely to be a crucial driver for the oncology information system market in the coming years, as oncology information systems are most utile in long-term cases that require consistent coordination with the historical treatment patterns.
Government support to cancer research has also been forthcoming in developed countries, while the growing adoption of unhealthy lifestyle choices such as sedentary lifestyles, excessive consumption of junk food, and preference to addictions such as smoking and alcohol is likely to be a key driver for the global oncology information system market in the coming years. Growing government support is crucial for widespread adoption of oncology information systems, as it helps enable universal adoption and eases the financial load of incorporating the systems into the operating mechanisms of smaller hospitals.
Accordingly, North America is set to remain the dominant contributor to the global oncology information system market in the coming years. The North America oncology information system market is set to rise from a valuation of US$933.7 mn to US$1,411.5 mn over the 2017-2022 forecast period, making it the dominant geographical segment of the global oncology information system market. Europe is also likely to make a vital contribution to the global oncology information system market over the 2017-2022 forecast period, with the region expected to present an absolute opportunity of US$212.5 mn in the aforementioned period.
Developing regions such as Asia Pacific except Japan are likely to be major contributors to the global oncology information system market in the future, though their share in the global market is likely to be limited in the forecast period due to the lack of skilled workers and technological support required for advanced oncology information systems. However, the rising prevalence of cancer in leading economies such as China and India, where government support as well as private investment in the healthcare sector has grown rapidly in recent years, is likely to drive the oncology information system market in the region in the coming years. The APEJ oncology information system market is expected to gain 100 BPS over its 2017 valuation by 2022, demonstrating its role as a major future component of the global oncology information system market.
Leading players in the global oncology information system market include Accuray Inc., Koninklijke Philips N.V., Cerner Corporation, Mckesson Corporation, Flatiron Health Inc., Raysearch Laboratories, Epic Systems Corporation, Verian Medical Systems Inc., and Elekta AB.