The global Oncology Informatics Market size was valued at USD 5.7 Billion in 2022 and is projected to arrive at a size of around USD 12.1 Billion by 2032 rising with a CAGR of 7.8% during the forecasted years, as reported by Acumen Research & Consulting
Oncology informatics is a subfield of information technology that applies information technology, data science, and other related disciplines to cancer research and treatment. It includes a variety of tools, technologies, and methods for managing, analyzing, and interpreting cancer-related data, such as patient data, genomic data, and medical imaging data. Oncology informatics is required for a variety of reasons. For starters, the amount of data generated in cancer research and treatment is massive and complex, encompassing patient data, genomic data, and medical imaging data. Oncology informatics provides the tools and technology to manage, integrate, and analyze this data, allowing healthcare providers and researchers to extract insights and make better decisions.
Second, oncology informatics is critical for providing personalized care. Cancer is a complex disease that affects each patient differently, and personalized medicine aims to tailor treatments to individual patient's specific needs and characteristics. Healthcare providers can use oncology informatics tools and solutions to analyze patient data and determine the most effective treatment options for each patient.
Oncology Informatics Market Statistics
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Oncology Informatics Market Dynamics
Increasing prevalence of cancer worldwide Spurs the Oncology Informatics Market Value
One of the primary drivers of the oncology informatics market is the rising global prevalence of cancer. Cancer is the second leading cause of death worldwide, according to the World Health Organization (WHO), accounting for an estimated 9.6 million deaths in 2018. The number of new cancer cases is expected to raise significantly in the coming years as a result of factors such as population growth, aging, and lifestyle changes.
To combat the rising cancer burden, healthcare providers and researchers are increasingly relying on oncology informatics tools and solutions to manage and analyze cancer-related data. These tools can assist healthcare providers in detecting and diagnosing cancer earlier, developing more personalized treatment plans, and effectively monitoring patients. In addition, oncology informatics is becoming more important in drug discovery and development, assisting researchers in identifying new targets and testing new drug candidates more quickly and efficiently.
Increasing Focus on Precision Medicine and Targeted Therapies to Generate Momentous Oncology Informatics Market Opportunities
The growing emphasis on precision medicine and targeted therapies is another important driver of the oncology informatics market. Cancer is a complex disease that impacts each patient differently, and precision medicine aims to tailor treatments to individual patient's specific needs and characteristics. This approach has grown in popularity in recent years, thanks in part to advances in genomics and other molecular profiling technologies that can target specific genetic mutations and other biomarkers linked to cancer.
Precision medicine and targeted therapies rely heavily on oncology informatics. It provides the tools and technology required for precision medicine to manage and analyze massive amounts of patient data, genomic data, and other molecular data. This can assist healthcare providers in developing more precise and personalized treatment plans, as well as identifying new targets and therapies that may be more effective for specific patient populations.
As precision medicine and targeted therapies gain traction in oncology, the demand for oncology informatics solutions is expected to rise, fueling additional innovation and advancement in the field.
Oncology Informatics Market Segmentation
The global market has been categorized into product, application, end-user, and region.
The product segment is further segmented split into electronic health records, population health management, clinical decision support system, drug discovery and development informatics, and image analytics. The application segment is divided into breast cancer, prostate cancer, colorectal cancer, cervical cancer, and others. The end-user segment is further categorized into the life science industry, academic institutes, and research centers, the pharmaceutical industry, contract research organizations, and others. North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa (MEA) are the regional categorization of the market.
Oncology Informatics Market Share
According to the oncology informatics market forecast, the electronic health records (EHRs) product segment is expected to hold the largest market share from 2023 to 2032. Furthermore, clinical decision support systems (CDSS) held the second-largest market share in 2022. On the other hand, the population health management sub-segment is expected to grow at a rapid pace in the coming years.
According to an oncology informatics industry analysis, breast cancer applications captured a significant market share in 2022, whereas prostate cancer is gaining significant traction over the forecasted timeframe of 2023 to 2032.
Furthermore, the pharmaceutical industry end-user gathered the utmost shares in 2022 whereas the academic institutes and research end-users are likely to grow with a substantial growth rate from 2023 to 2032.
Oncology Informatics Market Regional Outlook
The global oncology informatics market is expected to grow significantly across several regions. North America is expected to dominate the market due to the region's high cancer prevalence, increasing investments in cancer research, and strong support from government and private organizations for the development and adoption of advanced oncology informatics tools and technologies.
Europe is also expected to grow significantly, owing to factors such as rising cancer incidence, increased demand for precision medicine, and the existence of a large number of academic and research institutions dedicated to cancer research. The Asia Pacific region is expected to grow rapidly as well, owing to factors such as rising healthcare spending, rising cancer incidence, and an increasing focus on personalized medicine and targeted therapies.
Oncology Informatics Market Players
Some prominent oncology informatics companies covered in the industry 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).
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Mr. Frank Wilson
Acumen Research and Consulting