Oncology Informatics Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032

The Global Oncology Informatics Market Size accounted for USD 5.7 Billion in 2022 and is estimated to achieve a market size of USD 12.1 Billion by 2032 growing at a CAGR of 7.8% from 2023 to 2032.

Oncology Informatics Market Highlights

• Global oncology informatics market revenue is poised to garner USD 12.1 billion by 2032 with a CAGR of 7.8% from 2023 to 2032
• North America oncology informatics market value occupied more than USD 2.3 billion in 2022
• Asia-Pacific oncology informatics market growth will record a CAGR of more than 8% from 2023 to 2032
• According to the American Cancer Society, Inc. stats, around 2 million Americans were diagnosed with cancer in 2022
• Among product, the EHRs sub-segment generated over US$ 2.1 billion revenue in 2022
• Based end-user, the pharmaceutical industry sub-segment generated around 34% share in 2022
• Expansion of oncology informatics into emerging markets is a popular oncology informatics market trend that fuels the industry demand

Oncology bioinformatics is a specialised field that uses oncology and bioinformatics principles to study cancer at the molecular level. Bioinformatics is the study of biological data using computational tools and techniques, such as DNA, RNA, and protein sequences, as well as high-throughput data generated by various omics technologies such as genomics, proteomics, and metabolomics. These computational techniques are applied to cancer-related data in oncology bioinformatics to help understand the disease's underlying mechanisms, spot potential targets for therapy, and develop personalized treatment strategies for cancer patients.

Oncology bioinformatics is the analysis and integration of complex cancer-related data sets, such as genomic, epigenomic, transcriptomic, and proteomic data, using various computational tools and software. It entails the creation of databases and algorithms for storing, managing, and analyzing cancer-related data, as well as the creation of predictive models and machine learning approaches to aid in cancer diagnosis, prognosis, and treatment selection. Oncology bioinformatics is a rapidly expanding field with the potential to transform cancer research and clinical practice by revealing new insights into cancer biology and enabling more personalized and effective cancer treatment strategies.

Global Oncology Informatics Market Dynamics

Market Drivers

• Increasing prevalence of cancer worldwide
• Growing demand for personalized medicine
• Technological advancements in oncology informatics
• Rising adoption of electronic health records (EHRs) and digital health technologies
• Government initiatives to promote cancer research and treatment
• Increasing investments in oncology informatics by healthcare organizations and pharmaceutical companies

Market Restraints

• High cost of oncology informatics solutions and services
• Lack of skilled professionals in oncology informatics
• Data privacy and security concerns related to the storage and sharing of cancer-related data
• Limited availability of standardized cancer-related data sets for analysis
• Integration challenges with existing healthcare IT systems

Market Opportunities

• Development of cloud-based oncology informatics solutions
• Advancements in artificial intelligence and machine learning for cancer diagnosis and treatment
• Increasing focus on precision medicine and targeted therapies
• Collaboration between academia, industry, and healthcare organizations to promote cancer research and treatment

Oncology Informatics Market Report Coverage

Oncology Informatics Market Insights

The oncology informatics market is expanding rapidly as a result of several key factors. One of the primary drivers is the rising global prevalence of cancer, which has resulted in an increase in demand for advanced healthcare IT solutions, such as oncology informatics solutions, to manage clinical workflows, patient data, and treatment plans. With the rising number of cancer cases, healthcare organizations are turning to advanced technologies to improve patient care and outcomes.

The rising demand for personalized medicine is another major growth factor for the oncology information system market. Oncology informatics solutions are critical in the development of personalized cancer treatment plans because they assist healthcare providers in analyzing and integrating complex cancer-related data sets and developing customized treatment plans based on the patient's unique genomic profile.

Oncology informatics technological advancements, such as the development of artificial intelligence, cloud-based solutions, and machine learning, are also driving market growth. These advancements enable healthcare organizations to manage and analyze cancer-related data more effectively, allowing them to develop more targeted and precise treatment plans. In addition, government initiatives to promote cancer research and treatment, increased investments in oncology informatics by healthcare organizations and pharmaceutical companies, and the growing use of digital health technologies are all contributing to the market's growth.

Despite these growth drivers, the market faces challenges such as data privacy and security concerns, high cost of oncology informatics solutions and services, and a shortage of skilled professionals. However, the market is expected to grow in the coming years due to ongoing technological advancements and increased understanding about the significance of oncology information system in cancer care.

Oncology Informatics Market Segmentation

The worldwide market for oncology informatics is split based on product, application, end-user, and geography.

Oncology Informatic Products

• Electronic Health Records
• Population Health Management
• Clinical Decision Support System
• Drug Discovery and Development Informatics
• Image Analytics

According to oncology informatics industry analysis, EHRs are widely used in healthcare organisations to manage patient data, including cancer-related data, and improve clinical workflows. Population health management solutions are used to analyse and manage data from cancer patients and populations in order to improve outcomes and lower costs.

Additionally, CDSSs are used to assist healthcare providers in developing personalised cancer treatment plans based on patient-specific data and clinical guidelines. In cancer research, drug discovery and development informatics solutions are used to help identify potential drug targets and optimise drug discovery processes. Furthermore, image analytics solutions are used to analyse medical images, including cancer images, to assist healthcare providers in making more accurate diagnoses and developing more targeted treatment plans.

Oncology Informatic Applications

• Breast Cancer
• Prostate Cancer
• Colorectal Cancer
• Cervical Cancer
• Others

According to the oncology informatics market forecast, breast cancer is one of the most common types of cancer, and oncology informatics solutions are widely used in the management of breast cancer patients, including treatment planning, data management, and monitoring of treatment outcomes. In addition, prostate cancer is a common type of cancer, and oncology informatics solutions are used in the staging, diagnosis, and treatment planning of prostate cancer patients, as well as monitoring treatment outcomes.

Colorectal cancer, on the other hand, is a key application area for oncology informatics solutions, since these solutions are used in patient data management, the development of personalised treatment plans, and the monitoring of treatment outcomes for colorectal cancer patients. Furthermore, cervical cancer is an important application area for oncology informatics solutions, as these solutions are used in patient data management, screening and diagnosis, and the development of personalised treatment plans for cervical cancer patients.

Oncology Informatic End-Users

• Life Science Industry
• Academic Institutes and Research Centers
• Pharmaceutical Industry
• Contract Research Organizations
• Others

Oncology informatics solutions are used extensively in the pharmaceutical industry for drug discovery and development, clinical trials, and post-marketing surveillance. Oncology informatics solutions are used by these companies to analyse patient data and clinical trial results, as well as to develop personalised treatment plans for cancer patients.

Academic institutes and research centres, which are involved in cancer research and the development of new treatments and therapies, are also major end users of oncology informatics solutions. Oncology informatics solutions are used by these organisations to manage and analyse data related to cancer research and clinical trials, as well as to develop personalised treatment plans for cancer patients.

Contract research organisations (CROs) are also important end users of oncology informatics solutions because they manage and analyse clinical trial data for pharmaceutical companies and other healthcare organisations. Oncology informatics solutions are used by these organisations to manage and analyse patient data, as well as to develop personalised treatment plans for cancer patients.

Oncology Informatics Market Regional Segmentation

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Oncology Informatics Market Regional Analysis

North America is presently the biggest market for oncology informatics, owing to the substantial number of established healthcare organizations, a high level of healthcare expenditure, and a strong emphasis on research and development. The United States dominates the North American oncology informatics market.

The Asia-Pacific region is expected to experience significant growth in the oncology informatics market, driven by factors such as a large and ageing population, rising cancer prevalence, rising healthcare expenditure, and expanding government efforts to encourage the adoption of healthcare IT solutions. The Asia-Pacific oncology informatics market is dominated by China, Japan, and India.

Oncology Informatics Market Players

Some of the top oncology informatics companies offered in the professional report include Cerner Corporation, Change Healthcare, Hologic Inc., Inspirata Inc., Elekta AB, F. Hoffmann-La Roche Ltd., IBM Corporation, Siemens Healthineers, Koninklijke Philips N.V., and Flatiron Health (a subsidiary of Roche).