April 17, 2024
Oncology Information Systems Market

Global Oncology Information Systems Market is Driven by Need for Advanced Cancer Care

Oncology information systems are computer-based information systems that are designed to manage medical oncology workflows. They aid in the management of patient health records, schedules, medical imaging as well as other patient-centric data. Oncology information systems enable oncologists to make well-informed clinical decisions and develop personalized treatment regimens with the help of an integrated platform for imaging, diagnostics, scheduling, and monitoring. The growing complexity of cancer treatment regimens along with rising prevalence of cancer cases is driving the need for such software solutions in healthcare facilities. They help streamline clinical workflows, administrative tasks, and the delivery of high-quality and cost-effective cancer care.

The global Oncology Information Systems Market is estimated to be valued at US$ 8.19 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the global oncology information systems market is the rising deployment of cloud-based solutions. Traditionally, oncology information systems were deployed on-premise wherein storage, maintenance, and system upgrades were managed locally by the healthcare organization. However, with advancements in cloud computing technologies, cloud-based models are gaining increased adoption. Cloud-based oncology information systems are more efficient and affordable as they eliminate the upfront capital cost of hardware and storage. They ensure easy availability of patient data to oncologists from anywhere, and offer effortless integration of new features and upgrades. Another emerging trend is the integration of AI capabilities in oncology information systems. AI tools such as machine learning, predictive analytics, and natural language processing are being combined with oncology software to gain insights from large clinical datasets. This assists in treatment planning, risk analysis, workflow optimization, and overall improvement in quality of cancer care.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the oncology information systems market requires huge investments and there are few players dominating the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as switching costs for buyers are relatively high and there are few players dominating the market.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for components and the suppliers do not play a major role in influencing prices in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes available for oncology information systems.
Competitive rivalry: The competitive rivalry is high in the oncology information systems market as key players compete intensely on product offerings and pricing.

Key Takeaways

Global Oncology Information Systems Market Size is expected to witness high growth. The North America region currently dominates the market due to growing demand.

Regional analysis: North America is expected to hold the major share in the oncology information systems market during the forecast period owing to rapid adoption of digital healthcare technologies and presence of key players in the region.

Key players: Key players operating in the oncology information systems market are Merck & Co., Inc., Novartis AG, Amicus Therapeutics, AstraZeneca Plc, Boehringer Ingelheim, Shire Plc, Sanofi Genzyme, BioMarin Pharmaceutical, Inc., Horizon Pharma Plc, and GlaxoSmithKline Plc.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it