Oncology Informatics Market Transforming Cancer Care with Data-Driven Solutions

Oncology Informatics Market Assessment worth $ 10.16 Billion by 2030 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Oncology Informatics Market- by Types (Electronic Health Records (EHRs), Population Health Management (PHM), Clinical Decision Support Systems (CDSS), Drug Discovery and Development Informatics, and Image

Analytics), End-Users (Pharmaceutical Industry, Life Science Industry, Contract Research Organizations (CROs), Academic Institutes and Research Centers, and Others (Hospitals and Other Care Facilities)), Trends, Industry Competition Analysis, Revenue and Forecast To 2030."

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The Booming Market of Oncology Informatics: Transforming Cancer Care
The global oncology informatics market is estimated to have reached a value of US$5.22 billion in 2021. According to a recent study by InsightAce Analytic, it is projected to experience significant growth at a CAGR of 8.11%, reaching US$10.16 billion by 2030.

Oncology informatics, the confluence of information science, computer science, and medicine, plays a vital role in enhancing cancer care. It focuses on efficiently acquiring, collecting, and utilizing cancer-related data through tools like computers, clinical guidelines, and information networks. This comprehensive approach empowers healthcare professionals to make better-informed decisions throughout the course of prevention, diagnosis, and treatment.

Several factors are propelling the growth of the oncology informatics market:
• Rising healthcare costs: The ever-increasing cost of cancer treatment necessitates optimized resource allocation. Oncology informatics helps to streamline processes, reduce errors, and potentially minimize unnecessary interventions, leading to cost savings.

• Growing cancer burden: The alarming increase in the number of cancer patients worldwide creates a demand for improved healthcare infrastructure and efficient data management solutions. Oncology informatics offers a way to effectively manage patient information and personalize treatment plans.

• Adoption of specialized EHRs: The increasing adoption of Electronic Health Records (EHRs) specifically designed for oncology is driving the market forward. These systems are tailored to capture and store complex cancer-related data, facilitating better analysis and decision-making.

However, the market also faces some challenges:
• Data integration issues: Inadequate integration between different healthcare systems can lead to inefficiencies, hindering the seamless flow of data. This can result in wasted resources, potential errors, and ultimately, suboptimal patient care.

• Limited workforce: The lack of a sufficient number of medical oncologists can hinder the widespread adoption of advanced oncology informatics solutions.

• Implementation costs: Deploying these sophisticated solutions can be expensive, posing a barrier for some healthcare institutions, particularly in resource-constrained settings.

• Data security concerns: The ever-present concern of data security breaches involving sensitive patient information can deter some from fully embracing oncology informatics solutions.

Despite these challenges, the promising potential of oncology informatics in improving cancer care is fostering its adoption, especially in developing countries. As the technology evolves and becomes more cost-effective, the global oncology informatics market is expected to witness continued growth in the years to come.

North America is anticipated to be the major contributor to the Oncology Informatics market over the forecast years due to changing lifestyles, the rising incidence of cancer, and technical developments like CRISPR in cancer treatments. Market expansion will be aided by government support for advancing cancer therapeutics and a jump in the trend of lower medical costs and readmission rates.

In addition, the Asia Pacific Oncology Informatics market is expected to grow significantly during the forecast period. The Asia Pacific region's research sector is expanding the quickest in China. The industry is anticipated to grow during the projection period due to increased research projects to develop precision medicine. The main driver propelling the oncology informatics market is rising government investment and pharmaceutical R&D in developing nations.

Major market players operating in the Oncology Informatics market include Cerner Corporation, Change Healthcare, Elekta AB, F. Hoffmann-La Roche Ltd, Hologic, Inc., IBM Corporation, Inspirata, Inc., Koninklijke Philips N.V., Laboratory Corporation of America Holdings, McKesson Corporation, MIM Software, Inc., Oncology Analytics, Inc, PerkinElmer, Inc., RELX Group, Sirenas, LLC, UnitedHealth Group, Inc, Varian, Medical Systems, Inc, and other Prominent Players.

Recent collaborations and agreements in the market:
• In October 2020, cancer informatics and digital service providers A relationship between Inspirata and Smart Reporting, a developer of structured medical reporting software, was recently announced. The collaboration improves the Dynamyx Digital Pathology software package with template reporting options to increase pathology reporting productivity.

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Market Segments
Global Oncology Informatics Market, by Types, 2022-2030 (Value US$ Mn)
• Electronic Health Records (EHRs)
• Population Health Management (PHM)
• Clinical Decision Support System (CDSS)
• Drug Discovery and Development Informatics
• Image Analytics

Global Oncology Informatics Market, by End-Users, 2022-2030 (Value US$ Mn)
• Pharmaceutical Industry
• Life Science Industry
• Contract Research Organizations (CROs)
• Academic Institutes and Research Centers
• Others (Hospitals and Other Care Facilities)

Global Oncology Informatics Market, by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America Oncology Informatics Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada

Europe Oncology Informatics Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe

Asia Pacific Oncology Informatics Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand

Latin America Oncology Informatics Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa Oncology Informatics Market, by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa

Why should buy this report:
 To receive a comprehensive analysis of the prospects for the global Oncology Informatics market
 To receive an industry overview and future trends of the Oncology Informatics market
 To analyze the Oncology Informatics market drivers and challenges
 To get information on the Oncology Informatics market value (US$Mn) forecast to 2030
 Significant investments, mergers & acquisitions in the Oncology Informatics market industry

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