Oncology Information Systems Market Worth $5.53 Billion by 2030 | Koninklijke Philips N.V., F. Hoffmann LA Roche AG, Cerner Corporation

The growth of the global OIS market is attributed to rise in cancer cases and increase in adoption of technologically advanced treatments. Moreover, increase in healthcare expenditure and rise in disposable income are expected to drive the market growth during the forecast period.

the global oncology information system market generated $3.08 billion in 2020, and is expected to reach $5.53 billion by 2030, registering a CAGR of 6.0% from 2021 to 2030.

Rise in prevalence of cancer cases and various treatment patterns coupled with availability of several OIS with improved features have boosted the growth of the global oncology information system market. However, high cost associated with the system and lack of trained workforce for handling healthcare management and information technology systems hinder the market growth. On the contrary, surge in use of artificial intelligence and development of plethora of products would open new opportunities in the future.

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The major factor that drives the OIS market is surge in the cancer cases. According to the World Health Organization (WHO), cancer is a leading cause of death across the globe, and approximately 70% of deaths due to cancer occur in low and middle income countries. By 2040, the number of new cancer cases per year are expected to rise to 29.5 million and the number of cancer-related deaths are expected to be 16.4 million. Thus, rise in prevalence of cancer is anticipated to drive the oncology information systems market.

Furthermore, increase in disposable income among cancer patients and technological advancements in these systems, such as incorporation of patient portals, are anticipated to fuel the market growth. Rise in healthcare expenditure in developing countries, such as India and China, advancement in software using artificial intelligence, and use of OIS to treat rare cancers are expected to present multiple opportunities for oncology information systems market growth. However, this growth is restricted, owing to lack of healthcare IT professionals and high capital costs associated with OIS.

The report segments the global oncology information system market on the basis of product & services, application, end user, and region.

Based on product & services, the services segment is expected to portray the highest CAGR of 6.4% during the forecast period. In addition, the segment held the largest share in 2020, contributing to nearly two-thirds of the market.

On the basis of application, the medical oncology segment is projected to manifest the highest CAGR of 6.6% during the forecast period. Furthermore, the segment held the lion's share in 2020, accounting for more than two-fifths of the market.

The report offers an analysis of the global oncology information system market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding more than one-third of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 7.4% during the forecast period.

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The global oncology information system market report includes an in-depth analysis of the prime market players such as Accuray Incorporated, BMSI Partners Inc., (Bogardus Medical Systems, Inc.), Cerner Corporation, CureMD Corporation, Elekta AB, F. Hoffmann LA Roche AG (Flatiron Health, Inc.), Siemens AG (Siemens Healthnieers), Koninklijke Philips N.V., McKesson Corporation, and Nasdaq Inc. (RaySearch Laboratories AB).

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