Global Oncology Information Systems market size was USD 2.7 billion in 2023 and the market is projected to touch USD 5.14 billion by 2032, at a CAGR of 7.9 % during the forecast period. Growing use of OIS therapies by healthcare institutions, rising development expenditures on cancer treatments and solutions, and the increasing global occurrence of cancer are some of the major drivers anticipated to propel market expansion. Percancer.org projects that by 2021, there will be more than 1.9 million new cases of cancer identified in the US alone. There are several new technologies being researched that might significantly change the process of treatment. The demand for various forms of OIS software has increased due to the growing need for OIS software to help simplify the process of information and patient data management. Market expansion is anticipated to be aided by companies’ increased investment in cancer research. It is anticipated that the market will grow greatly in the upcoming years, and businesses are actively investing in the development of novel, highly technology products. Large corporations will have a great opportunity to engage in OIS development due to the large inflow of capital and resources for the healthcare sector, especially in the area of cancer detection. By 2024–2025, the UK government plans to invest $26 billion in research and development.
The government’s the Life Sciences Vision & cancer research program has received a grant of USD 123.5 million from the Office for Life Sciences. Such initiatives, along with the introduction of new software and products by different businesses, should encourage market growth. The rise of artificial intelligence and digital currency has decreased the need for paper-based medical records, therapies, and other materials. It has also simplified patient data administration for patients and caregivers. AI in oncology is also one of the factors propelling the market’s expansion. Systems and software are in high demand at end-use facilities since they are mostly used by hospitals and pharmaceutical companies. In addition, market management is introducing new items into the same category with little to no innovation. Consequently, companies stand to gain from spending money on R&D to produce goods with more features. For instance, COTA, Inc., an oncology sector clinical information repository, and Varian Healthcare Systems, Inc. signed a strategic collaboration agreement worth USD 10.0 million. By offering operational alternatives, data analysis, decision support tools, and other services, both businesses hope to assist cancer clinics. In addition to promoting information flow between Radiation Therapy (RT) departments and healthcare enterprises, it helps with the effective management of treatment schedules, therapy delivery, and planning.
Global Oncology Information Systems dynamics
The factors influencing the dynamics of the Global Oncology Information Systems market include regulatory mandates, technological advancements, and increasing industrial safety awareness. The market for oncology information systems is primarily being pushed by the increased incidence of cancer, particularly among the growing elderly population as a result of rising tobacco product consumption and changing lifestyles. OIS is responsible for managing electronic health records (EHR), which contributes to better patient-centered care, new understanding of illness mechanisms, early disease detection, and enhanced treatment options. Accordingly, another reason driving growth is the substantial technology advancements, like the use of blockchain and artificial intelligence (AI) to reduce the errors associated with creating records, prescriptions, and treatment plans on paper.
Global Oncology Information Systems drivers
Increasing Cancer Incidence and Prevalence
The OIS market is significantly driven by the rise in cancer incidence worldwide. The increasing number of cancer patients necessitates the use of advanced systems for managing and optimizing cancer therapy and patient care. The previously discussed systems maximize treatment planning, promote enhanced interprofessional collaboration, and simplify data management.
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Technological Advancements in Healthcare IT
Medical precision & cloud-based analytics are two areas where the OIS business is largely driven by developments in healthcare technology. To improve the administration of oncology care, contemporary OIS platforms use cutting-edge elements including the cloud, big data analytics, & artificial intelligence. For example, stored in the cloud cancer analytics systems enable physicians to assess massive patient information sets efficiently and rapidly, leading to more accurate diagnoses and tailored therapies. The leading industry players’ constant creation of new technologies and solutions fuels the OIS market’s expansion.
- Restraints:
High Implementation and Maintenance Costs
The maintenance and implementation of OIS come at a high expense. This comprises the costs for initial software, hardware, and other IT infrastructure purchases as well as continuing support and upkeep services. The costs of teaching medical staff how to utilize these technologies correctly also need to be considered. These expenses can be exorbitant for many healthcare organizations, especially smaller providers or those in underdeveloped nations. Because of the high-cost barrier, OIS is not widely adopted, which restrains market expansion
Data Security and Privacy Concerns
In using OIS, privacy and data security are top priorities. The aforementioned systems handle massive amounts of sensitive patient data, which makes them attractive targets for cyberattackers. Strong data protection protocols and adherence to rules such as the General Data Protection Regulation (GDPR) in Europe, the Health Insurance Portability and Accountability Act (HIPAA) in the US, and other regional data protection standards are difficult and expensive to maintain. The possible financial and legal repercussions that healthcare providers may experience from any compromise affecting patient data are a significant obstacle to the widespread implementation of OIS.
- Opportunities:
Integration with Emerging Technologies
A few potentials arise when OIS is integrated with cutting-edge technologies like big data analytics, machine learning, and artificial intelligence (ML). These technologies can enhance OIS by leveraging advanced data processing and statistical analysis to generate more precise and customized treatment plans. the artificial intelligence can help, for example, with early cancer detection, patient outcome prediction, and medical procedure optimization by leveraging large datasets. Medical practitioners may improve patient care, save expenses, and increase operational efficacy by employing this technology. OIS builders and suppliers should expect significant growth in these domains due to the continual advancements in the technology.
- Segment Overview
By Product, The Oncology Information Systems market is segmented into Solutions, Professional Services and others. The solutions section brought in the most money globally in 2022, making about 73.6% of the total. During the course of the projected period, the segment is likewise expected to grow at the fastest rate — 8.2%. Due to the growing use of effective radiological imaging management by healthcare providers, this category is leading the market. The expansion of this market can be attributed to the solutions that aid in gathering patient-reported outcomes related to cancer and that enable direct communication between medical professionals and patients. The development of more sophisticated OIS Solutions, which help with better patient data administration and improve cancer therapy, is another factor contributing to the segment’s rise. The patient information systems and medical planning systems segments make up the further division of the solutions segment; in 2021, the treatment plan systems segment held the biggest market share. But because most healthcare facilities are outsourcing OIS services because they lack qualified staff, professional services are becoming more and more accepted. By offering personalized timetables and reports together with online consulting, these services help raise the standard of treatment.
By Application, The Oncology Information Systems market is segmented into Medical Oncology, Radiation Oncology, Surgical Oncology and others. In 2022, the medical oncology segment held the highest revenue share, accounting for 61.5% of total global sales. Due to the rapid breakthroughs in immunotherapy, hormone therapy, and targeted therapy for the successful treatment of various malignancies, the medical oncology segment is predicted to grow at the fastest compound annual growth rate (CAGR) of 8.2% throughout the forecast period. Major firms are also pursuing a number of projects related to cancer research, which is further driving the market’s expansion. The market for surgical oncology is also expected to grow significantly throughout the forecast years. The treatment of cancer has rapidly evolved over time. Surgery is no longer the preferred method of treatment for most solid malignancies; instead, a mix of multimodal therapies, mostly focused on chemotherapy, targeted molecular medicines, and radiotherapy, is used in addition to surgery. Certain procedures, such as endoscopic cancer surgery, tumor surgery, isolated limb perfusion, & cytoreductive surgery, can only be carried out in highly specialized medical facilities. As a result, it is projected that growing complexity in solid cancer surgical therapies will drive market growth.
Global Oncology Information Systems Overview by Region
The Oncology Information Systems market is mostly dominated by stringent safety regulations and established high-risk industries (oil, gas chemical, Government In 2022, the North American regional market held the highest revenue share of 38.3%. The region’s growing knowledge of patient information management and the existence of an advanced healthcare infrastructure are two major contributors to this rise. Furthermore, it is anticipated that the regional market would rise as a consequence of the increasing use of OIS to track and record cancer patients’ treatment outcomes and the growing use of EMR for improving treatment decisions. The need for OIS is anticipated to rise in this region due to the growing requirement for treatment scheduling, dose management, and treatment planning.
Furthermore, the market expansion is supported by the significant presence of numerous international players in the area, including Accuray Inc., Cerner Corp., Varian Medical Systems, which is Inc., McKesson Corp., and Epic Systems Corp. It is projected that Asia Pacific would increase at the quickest rate, 8.9%. However, because of encouraging government regulations and growing public knowledge of the advantages of these systems, Asian nations are steadily creating and experiencing a strong demand for OIS. Players looking to capitalize on this region’s potential may find it to be a lucrative hot spot. In order to establish a presence in these profitable markets, companies hoping to take a sizable portion of this market will need to create unique pricing policies and marketing plans tailored to this area.
Global Oncology Information Systems market competitive landscape
Leading companies such as Elekta AB, Accuray Inc., Varian Medical Systems, RaySearch Laboratories, Cerner Corp., BrainLab, Philips Healthcare, Prowess, Inc., DOSIsoft S.A., ViewRay Inc., MIM Software, Flatiron, McKesson Corporation, Siemens Medical Solutions, Inc. play a pivotal role in influencing the market changing aspects. Key players focus primarily on integrating technological advancements through the introduction of AI-based OIS solutions and web-based cancer treatment solutions with the aim of enhancing the treatment regimen. This is anticipated to positively impact market growth in the upcoming years.
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