Oncology Informatics Market expected to Witness Huge Revenue Growth to 2034

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 2031."

According to the latest research by InsightAce Analytic, the global Oncology Informatics Market Size is valued at 6.06 Billion in 2022 and is predicted to reach 11.81 Billion by the year 2031 at a 7.9 % CAGR during the forecast period for 2023-2031.

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Oncology is the branch of medicine focused on the prevention, diagnosis, and treatment of cancer. It is broadly categorized into three primary subspecialties: medical, surgical, and radiation oncology. The emerging field of oncology informatics highlights the critical role of information technology in advancing cancer care. By integrating principles from information science, computer science, and healthcare, oncology informatics emphasizes the systematic collection, management, and utilization of cancer-related data. Leveraging tools such as computational systems, clinical guidelines, and information and communication technologies, the field aims to optimize the accessibility, accuracy, and effectiveness of cancer information to support clinical decision-making and improve patient outcomes.

The primary factors driving the global oncology informatics market are the rising expense of cancer treatment, an increase in the number of cancer patients, and the expanding uptake of oncology-specific EHRs. The lack of adequate data integration results in inefficiency, which wastes resources and introduces errors into clinical workflow, resulting in excessive treatment, harming patients and incurring additional costs. Thus, focusing on lowering readmission rates and medical errors also boosts industry growth. Oncology Informatics Market growth may be constrained throughout the projection period by factors such as a scarcity of medical oncologists, the high cost of installing these solutions, a lack of system compatibility, and data security concerns. Oncology informatics use hasn't exploded recently, but the attractive development prospects in developing countries have encouraged the uptake of the technology.

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, 2023-2031 (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, 2023-2031 (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, 2023-2031 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Oncology Informatics Market, by Country, 2023-2031 (Value US$ Mn)
• U.S.
• Canada
Europe Oncology Informatics Market, by Country, 2023-2031 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Oncology Informatics Market, by Country, 2023-2031 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Oncology Informatics Market, by Country, 2023-2031 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Oncology Informatics Market, by Country, 2023-2031 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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