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Oncology Information System Market Reports a Steady 7.6% During 2017-2022
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Thorough research was undertaken, based on which TMR has pegged the global oncology information system market at US$2,285.6 mn in 2017. Rising at a steady 7.6% CAGR between 2017 and 2022, the global market is expected to reach US$3,293.8 by the end of 2022. “North America is expected to remain the dominant contributor to the global market for oncology information through the forecast period. By the end of 2022, its valuation is expected to reach US$1,411.5 mn,” said a lead TMR analyst.
Besides this Europe and Asia Pacific except Japan are expected to showcase lucrative prospects for the market’s growth. However, due to lack of skilled workers could restraint the latter’s growth in the coming years. Nonetheless, the rising incidence of cancer and willingness of emerging economies such India and China to spend on advanced healthcare systems will stoke growth for the market in Asia Pacific. The market will also benefit from government support in this region.
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The rising incidence of cancer is a chief factor driving the global oncology information system market. In developed countries particularly, the market has gained from the steady growth in the field of cancer research. Launch of novel techniques to battle the life-threatening ailment also accelerates the market’s pace of gains. As per TMR, the oncology information system market is likely to exhibit strong growth especially in countries such as Germany, Canada, the U.K., and the U.S. on the back of escalating investments in cancer research. Besides incidence, the rate of recurrence of cancer is also high in these countries, which subsequently fuels the demand for oncology information system.
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Government support to researches involved in the discovery of novel cancer treatments has created an environment conducive to the market’s growth in developed regions. It is important to note here that government support is important to encourage the widespread adoption of oncology information system. It eases the financial load on hospitals interested in incorporating latest technologies. Furthermore, government aid helps smaller hospitals to improve their overall quality of patient care. Sedentary lifestyle and the growing adoption of unhealthy lifestyle choices are other factors aiding the market’s expansion. The report also considers these as key drivers of the global oncology information system market.
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