Oncology Information Systems Market Overview
The rapid growth of healthcare IT, rising cancer cases, rising investments in the oncology segment for treatment and cancer care, and the adoption of OIS solutions are all expected to fuel the market's growth. A variety of novel technologies are being introduced that have the ability to dramatically alter the treatment regimen. The Oncology Information System (OIS) is a tool that aids organizations and healthcare facilities in managing cancer treatment. As a result, the industry is expected to be driven by increased investments in oncology by governments and well-established market players. Progress in treatment development is allowing investors to put money into cancer research. In the near future, the OIS vertical is expected to be shaped by increased equity investments in cancer-therapeutics startups. Higher costs associated with OIS services, on the other hand, are expected to limit market growth over the forecast period.
The global oncology information systems market is expected to exhibit a robust 7.5% CAGR over the forecast period from 2022 to 2030, according to the latest research report from Market Research Future (MRFR). The research values the global oncology information system market at USD 4.56 billion by 2030 and projects smooth growth for the market over the forecast period due to the steady growth in the prevalence of cancer around the world and the growing acceptance of modern oncology information systems. Rising awareness about the utility of oncology information systems in making cancer treatments easier for both patients and doctors is likely to drive the global oncology information systems market over the forecast period.
The growing prevalence of cancer is likely to remain the major driver for the global oncology information systems market over the forecast period. Cancer has become a major worldwide health threat due to its growing prevalence, which included 17 million new cases in 2018, according to the International Agency for Research on Cancer. The number is expected to reach 22 million in 2030, leading to it becoming a major issue for healthcare agencies all over the world. This is likely to remain the major driver for the global Oncology Information Systems Market over the forecast period, as the growing prevalence of cancer drives proportionate growth in the markets for other equipment and devices needed to treat it.
In addition, as the market for OIS for streamlining patient and data management grows, so does the demand for different types of applications. The industry is being driven by a rise in corporate investments in cancer research. In the near future, the demand for oncology information systems is expected to expand significantly, allowing businesses to invest in the production of new, creative, and technologically advanced products. Since governments in different countries are taking steps to increase investment in oncology research, now is a good time to invest. Since oncology is a rapidly growing industry, the market has been fueled from increased investments by numerous main companies involved in cancer research, as well as increased research and development funding from cancer institutes and research centers.
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keyplayers
Accuray Incorporated, Cerner Corporation, Philips Healthcare, McKesson Corporation, Altos Solutions, Inc., Elekta AB, Varian Medical Systems, Inc., Flatiron Health, Inc., RaySearch Laboratories, Epic Systems Corporation, Bogardus Medical Systems, Inc., and CureMD Healthcare are some of the prominent players in the global oncology information systems market.
Oncology Information Systems Market Segmentation
In addition, as the market for OIS for streamlining patient and data management grows, so does the demand for different types of applications. The industry is being driven by a rise in corporate investments in cancer research. In the near future, the demand for oncology information systems is expected to expand significantly, allowing businesses to invest in the production of new, creative, and technologically advanced products. Since governments in different countries are taking steps to increase investment in oncology research, now is a good time to invest. Since oncology is a rapidly growing industry, the market has been fueled from increased investments by numerous main companies involved in cancer research, as well as increased research and development funding from cancer institutes and research centers.
Oncology Information Systems Market Regional Analysis
The Americas, Europe, Asia-Pacific, and the Middle East and Africa are the regions that make up the global oncology information systems market. The Americas are expected to dominate the global oncology information systems market due to the involvement of many major market players, an increase in the number of cancer cases, developed healthcare infrastructure, and a higher acceptance rate of technologically advanced devices or services.
During the forecast era, Europe will trail the Americas in terms of sales, owing to rising cancer incidence and increased acceptance and use of healthcare IT in European countries such as the United Kingdom, Germany, France, Spain, and Italy. While having just 9.0 percent of the global population, Europe accounts for 23.4 percent of cancer cases and 20.3 percent of cancer deaths, according to the World Health Organization (WHO) and the International Agency for Research on Cancer (IARC).
Due to the presence of a geriatric population base, increasing cancer mortality burden, and growing knowledge about oncology information systems in India, China, Japan, and Australia, the market in Asia-Pacific is expected to expand at a faster rate during the forecast period.
The Middle East and Africa has the smallest market share for oncology information systems in the world. Furthermore, due to improved healthcare quality in the Middle East, the Middle East would hold the majority of the region's market share. In the Middle East, the healthcare sector is rapidly evolving, and the industry has seen many opportunities in recent years. In the near future, the rapidly evolving technical environment will continue to affect healthcare.
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