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Oncology Information Systems Market Size, Share, Growth Demand, Outlook Report 2024-2033
Oncology Information Systems Market Size
According to The Business Research Company's, The oncology information systems market size has grown strongly in recent years. It will grow from $2.88 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increasing cancer incidence, growing emphasis on precision medicine, shift towards value-based care, regulatory compliance and reporting requirements, rise in cancer research and clinical trials, focus on streamlining workflow.
The oncology information systems market size is expected to see strong growth in the next few years. It will grow to $4.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to integration with genomic data, population health management strategies, focus on cybersecurity in healthcare, patient engagement and education tools, regulatory changes and healthcare reforms. Major trends in the forecast period include advancements in medical imaging technologies, integration of electronic health records, artificial intelligence (ai) in oncology, remote patient monitoring and telemedicine, cybersecurity in healthcare, integration with wearable health technologies.
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Market Drivers and Trends:
The increasing global prevalence of cancer is expected to propel the growth of the oncology information systems market. The prevalence of cancer refers to the number of people living with cancer. The oncology information system helps by streamlining data management and patient information and is used to monitor and document various aspects of cancer care and manage cancer data in hospitals. For instance, in January 2023, according to the American Cancer Society, a US-based nonprofit cancer advocacy organization, the number of cancer cases increased from 1,898,160 in 2021 to 1,958,310 in 2023, reflecting a growth of 3.16%. , Therefore, the increasing global prevalence of cancer is driving the growth of the oncology information systems market.
Technologically advanced products are a key trend gaining popularity in the oncology information systems market. Major players in the oncology information systems market are concentrating on creating new technical advancements to improve their market share. For instance, in December 2021, Roche Holding AG, a Switzerland-based multinational healthcare company, launched its latest digital solution, 'Navify Oncology Hub'. The Navify Oncology Hub gathers and organizes patient data that is dispersed among an institution's IT platforms. It streamlines daily operations for oncology care teams and acts as a hub where all team members can quickly locate, access, and evaluate the most pertinent patient data. This solution enables patients and healthcare professionals to make individualized, insight-based decisions throughout the patient care continuum, improving outcomes and lowering societal costs.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Koninklijke Philips NV; Varian Medical Systems Inc.; McKesson Corporation; Siemens Medical Solutions USA Inc.; Elekta AB; Cerner Corporation; Flatiron Health Inc.; Accuray Incorporated; CureMD Corporation; EndoSoft LLC; RaySearch Laboratories; Advanced Data Systems Corporation; BMSI Partners Inc.; Optum Inc.; Allscripts Healthcare Solutions Inc.; Altos Solutions Inc.; Altumetrik Inc.; AmerisourceBergen Corporation; ARUP Laboratories Inc.; athenahealth Inc.; Candelis Inc.; Carestream Health Inc.; Cerner Corporation; Change Healthcare; Clinical Computer Systems Inc.; Computer Programs and Systems Inc.; Epic Systems Corporation; Flatiron Health Inc.; GE Healthcare; IBM Corporation.
Oncology Information Systems Market 2024 Key Insights:
• The oncology information systems market will grow to $4.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Rising Cancer Prevalence Fuels Surge In Oncology Information Systems Market
• Digital Advancements Redefining The Oncology Information Systems Market
• North America was the largest region in the oncology information system market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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