23 January 2020
Visiongain’s new report the Oncology Information Systems Market Report 2020-2030: Forecasts by Product (Software, Professional Services), by Application (Medical Oncology, Radiation Oncology, Surgical Oncology) plus analysis of leading companies indicates that the global Oncology Information Systems market will cross 3.0 billion revenues by 2030.
The global Oncology Information Systems market is likely to cross USD 3.0 billion by 2030 at a CAGR of over 16% over the forecast period. Increasing cancer prevalence, various OIS-related benefits over traditional data recording methods, and several oncology research initiatives are expected to drive growth. Increasing cancer prevalence is expected to be a market-driver with a high-impact in coming years. According to the WHO, cancer is one of the world's leading causes of death. About one in six deaths are caused by cancer. There are more than 200 types of cancer that need different diagnosis and treatment, according to Novartis. It also predicts that by 2030 more than 21 million new cancer patients will be diagnosed.
In the management of treatment schedules, delivery and plan, the oncology information system helps. The OIS also facilitates the exchange of information between the healthcare business and departments of radiation therapy. It helps to ensure a healthy treatment by providing complete information about the results of radiation therapy and treatment as and when needed to assess and improve treatment quality. Increasing cancer prevalence is expected to drive the growth of the OIS industry.
About one in eight women in the U.S. will be diagnosed with invasive breast cancer, according to breastcancer.org. Roughly 234,030 new lung cancer is predicted to be diagnosed in 2018, according to the American Lung Association. Together with technological advances and R&D, this high prevalence is expected to create growth opportunities for the industry, particularly in the United States.
In terms of revenue over the forecast period, North America is expected to hold the largest market share. It is expected that rapid adoption of technological advances in healthcare, a favorable regulatory environment, and increased investment by pharmaceutical companies would drive OIS demand in North America. U.S. held the largest share of the North America market in the forthcoming years. High prevalence of cancer and development in oncology R&D are some factors responsible for its dominance. During the forecast period, Asia Pacific is predicted to show the fastest CAGR. This rise can be attributed to high cancer incidence coupled with government initiatives and healthcare sector spending.
Key players are striving to bring innovation through various initiatives to develop advanced technologies, such as web-based solutions and the introduction of Artificial Intelligence (AI) to improve treatment. In the near future, these programs are projected to have a positive impact on the market.
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