Oncology Information Systems Market Growth, Analysis and Advancement Outlook 2030

Posted on 2023-06-08 by researchinsights in Internet & Online // 0 Comments

Oncology Information Systems Industry Overview

The global oncology information systems market was valued at USD 2.5 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 7.9% from 2023 to 2030.

Monumental growth of healthcare IT, the increasing global prevalence of cancer, increasing expenditure in development around treatments & solutions for cancer care, and increasing adoption of OIS solutions by healthcare facilities, are some of the key factors anticipated to drive the growth of the market. According to percancer.org, more than 1.9 million new cases of cancer were diagnosed in 2021, in the U.S. alone. A wide range of novel technologies is being developed, which have the potential to overhaul the treatment regime completely.

Gather more insights about the market drivers, restrains and growth of the Global Oncology Information Systems Market

The OIS not only helps healthcare settings like hospitals, clinics, and research laboratories to manage and optimize cancer care solutions but also in the exchange of patient information across organizations to optimize treatment to improve patient safety and personalize treatments for patients for the best possible outcomes. Governments have been increasing their investments in research and development around oncology thus propelling the growth of the market. The National Cancer Institute received its budget from the United States Congress during the annual federal budgeting process, for the year 2022, the total amount was $6.9 billion, a $353 million increase from 2021.

Growing demand for OIS for streamlining patient information and data management has increased the demand for various kinds of OIS software. An increase in investments in cancer research by companies is forecasted to drive market growth. The market is expected to witness considerable growth in the near future and the companies are increasingly investing in the development of innovative and technologically advanced products. The investments by major players in the OIS development are going to be a massive opportunity due to a huge influx of funding and budgets for the healthcare sector, especially in the field of cancer. In the U.K., the government plans on spending $26 billion on research and development by 2024-2025.

USD 123.5 million have been allocated to the Office for Life Sciences for the government’s Life Sciences Vision and cancer research. Such initiatives coupled with new product and software launches by different companies are expected to fuel the market growth. The introduction of blockchain technology and Artificial Intelligence has eliminated the use of paper-based treatments, patient records, etc., and has made the management of patient data easy for both caregiver and patient. Moreover, AI in oncology is one of the factors driving the growth of the market. Systems and software generate high demands in the end-use facilities as they are mostly used by pharmaceutical companies and hospitals.

In addition, the key players are introducing new products in the same but with limited innovations. Hence, investment in R&D to develop products having more features might be beneficial for the companies. For instance, in 2020, Varian Medical Systems, Inc. announced an investment of around USD 10.0 million and a strategic collaboration agreement with COTA, Inc., a curator of clinical data in the oncology sector. Both the companies aim toward empowering cancer clinics with decision support tools, data analytics, operational decisions, and much more.OIS helps in efficiently managing the treatment schedules, treatment delivery, and plans, and further aid in promoting the information flow between the Radiation Therapy (RT) departments and the healthcare companies.

OIS also ensures that clinicians are providing treatment plans with the right procedures to the right patient, with the right cancer site, thereby guaranteeing an effective treatment by providing complete information about RT and the treatment results to clinicians whenever needed for the evaluation process and to enhance the treatment quality. Moreover, the demand for treatment planning systems will witness growth in the future owing to its advantages, such as storing large amounts of data and retrieving information as and when needed as well as helping doctors in scheduling the treatment of various patients. Companies, such as Varian Medical Systems, Elekta AB, and Accuray Inc., are a few big players operating in the market.

Key market players are focusing on launching new campaigns and strategic plans to increase their product visibility, along with increasing awareness of brands. A hybrid model of distribution through distribution networks and collaborations with OIS vendors has been supporting the market growth. The COVID-19 pandemic had an adverse effect on the market owing to the high disease burden due to the pandemic. The focus of all the healthcare systems was shifted to increasingly accommodate patients affected by COVID-19. Non-essential procedures and surgeries were postponed to maintain focus on the situation at hand; moreover, due to lockdowns across nations, the supply chain logistics for medical supplies and other products were severely affected, and hence the overall trade suffered significantly.

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