Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Oncology Information Systems Market (Products & Services: Software (Patient Information Systems, Treatment Planning Systems), Professional Services; Application: Medical Oncology, Surgical Oncology, Radiation Oncology) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”, forecasts that the global oncology information systems market s expected to grow at a CAGR of nearly 8% from 2018 to 2026 and reach the market value of over $4 billion by 2026. The oncology information system can be defined as an image management solution and complete information for cancer patients, which helps medical practitioners to oversee all the aspects of oncology care required for their patients. Oncology information systems merge medical, radiation and surgical oncology information into a complete, oncology-specific Electronic Medical Record (EMR) that helps the practitioners to manage the patients' data for entire treatment journey for diagnosis. The major factors propelling the growth of the oncology information systems market include the benefits provided by implementing oncology information systems over conventional methods of planning treatments and record keeping. In addition, the compensation provided by the oncology information systems such as future-proofing planned treatment, and remote access is likely to increase the demand for these systems and prompt the government organizations to upgrade their method from paper-based systems to paperless systems. Moreover, there are some factors which are projected to flourish the market growth such as a surge in the prevalence of cancer cases, technological advancement in these systems, such as incorporation of patient portals. In developing countries such as India and China, are expected to present multiple opportunities to expand market growth due to rise in healthcare expenditure, advancement in software by using artificial intelligence, and use of oncology information systems to treat rare cancers. However, this growth is curbing due to the shortage of healthcare IT professionals and high capital costs associated with oncology information systems.
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Medical Oncology Is Likely To Dominate The Global Oncology Information Systems Market During Forecast Period
In 2017, the medical oncology segment is dominating the global oncology information systems market and is projected to grow its market during the forecast period. As medical oncology is a key style of treatment in cancer care which uses immunotherapy, targeted therapy, chemotherapy, and hormonal therapy to treat cancer in an efficient manner. Medical oncology is generally worked in combination with radiation oncology or surgical oncology to give the best clinical outcomes to the practitioners. In addition, medical oncology, the oncology information systems software manages, analyzes, interprets and stores the patient information efficiently. Furthermore, the oncology specialty team works towards preventing, diagnosing and treating cancer by contributing the highest levels of treatment protocols and customized multi-modality therapies. Moreover, medical oncology service also includes treatments for solid tumors, specialized outpatient chemotherapy with chemo ports and hematological neoplasm in adults and children.
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Essential Support Of Government Leads Widespread Adoption Of Oncology Information System
Government supports to researches involved in the innovation of cancer treatments has created a favorable environment for the growth of the market in developed regions. In addition, the government help plays a vital role to encourage the widespread adoption of the oncology information system. Latest technologies help to lessen down the financial load for interested hospitals. Furthermore, the government also helps smaller hospitals to improve their overall quality of patient care. The contributing factors help to expand markets which include the rising adoption of unhealthy lifestyle choices and a sedentary lifestyle.
The global oncology information systems market not only studies the top key players but also takes into consideration the role of the small and medium scale enterprises. Technological advancement has given improvement to the industry which is leading to new opportunities and invites new players in form of start-ups. Some of the key players operating in the global oncology information systems market, profiled in the report include Elekta AB, Varian Medical Systems, Accuray Incorporated, Cerner Corporation, RaySearch Laboratories, Flatiron and among others.
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