Oncology Information System Market Introduction
An oncology information system is a digital solution for maintaining comprehensive information about cancer patients, which enables doctors and other healthcare professionals to supervise all aspects of oncology care for their patients. Oncology information systems help end-users to obtain more efficiency at the management of treatment plans, schedules, and treatment delivery for oncology patients in a hospital or other healthcare organizations.
Oncology information systems combine medical, surgical, and radiation oncology information and services, enabling end-users to manage their patients’ treatment plans-from diagnosis through post-treatment follow-up. As oncology information systems are aiding healthcare professionals to ensure proper patient care and a healthy treatment with the help of comprehensive patient, its adoption has been on the rise since the past few years.
Oncology Information System Market – Notable Developments
Some of the leading companies in the oncology information system market are Siemens Healthcare, Koninklijke Philips N.V., Bogardus Medical Systems, Inc., RaySearch Laboratories AB, Cerner Corporation, Flatiron Health, Inc., Cordata Healthcare Innovations, LLC, Varian Charm Health, Accuray Incorporated, Elekta AB, Bizmatics, Inc., IMPAC Medical Systems, Inc., Epic Systems Corporation, CureMD Corporation, Medical Systems, Inc., and McKesson Corporation.
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- Accuray Incorporated, a leading American company in the oncology information system market, announced partnership between its subsidiary – Accuray Asia Limited and CNNC High Energy Equipment Co., Ltd. – a subsidiary of China Isotope and Radiation Corporation, in January 2019. The joint venture – CNNC Accuray (Tianjin) Medical Technology Co., Ltd., will manufacture and sell radiation oncology information systems in China.
- McKesson Corporation, another leading player in the oncology information system market, announced in April 2018 that its subsidiary – McKesson Specialty Health and CoverMyMeds – a leader in electronic prior authorization (ePA) solutions and a part of McKesson Rx Technology Solutions, to introduce a new oncology information system with a patient support platform that will facilitate patient access and adherence by connecting healthcare service providers as well as patients, and the life science industry for improved outcomes.
Oncology Information System Market Dynamics
Increasing Prevalence of Cancer – The Primary Driver for the Oncology Information System Market
With the alarming rise in the number of cancer patients, applications of oncology information systems have increased significantly in the past few years. According to the World Health Organization (WHO), cancer is one of the leading causes of death across the globe, claiming one in every six deaths caused each year. The number of deaths caused due to cancer reached 9.8 million in 2018 with 18.1 million new cases, which has encouraged hospitals and healthcare organizations to adopt oncology information systems to organize their cancer care treatments and ultimately improve their surgical success rates. With the increasing prevalence of cancer across the world, the oncology information system market is expected to witness incremental growth in the coming future.
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Lack of IT Professionals in Healthcare will Restrict Growth of the Oncology Information System Market
The healthcare industry has been flourishing with the emergence of IT services in the healthcare applications, such as oncology information systems. However, the healthcare industry has been grappling with a major problem – dearth of IT experts in the healthcare industry. According to the WHO, the world was short of over 7.2 million healthcare professionals in 2013, and the number of pegged to surpass 12 million by the end of 2030, as per a report published by the Association of American Medical Colleges (AAMC). As the healthcare industry is facing a serious shortage of healthcare professionals as well IT experts in the healthcare industry, this can prove to be a predominant challenge for vendors in the oncology information system market.
Developed Regions Dominate the Oncology Information System Market, Emerging Economies will Record Fastest Growth
Developed regions, including North America and Europe, are likely to account for the largest share in growth of the oncology information system market with the availability of technologically advanced base for healthcare services. Furthermore, favorable regulatory framework, rapidly growing adoption of the latest technologies in healthcare, along with heavy investments made by the healthcare organizations will augur well for stakeholders in oncology information system markets in developed countries.
Nevertheless, untapped opportunities for IT service providers in the healthcare sector in emerging economies are expected to boost developments in the oncology information system market in emerging nations. Also, more than 70% of cancer deaths occur in middle- and low-income countries, according to WHO. Thereby, increasing prevalence of cancer in developing regions is expected to trigger adoption of oncology information systems in healthcare organizations in the region.
Oncology Information System Market Segmentation
Based on the types of products and services, the oncology information system market is segmented into,
- Professional Services
- Implementation Services
- Consulting/Optimization Services
- Post-sale & Maintenance Services
- Patient Information System
- Treatment Planning System
Based on its applications, the oncology information system market is segmented into,
- Surgical Oncology
- Radiation Oncology
- Medical Oncology
Based on its end users, the oncology information system market is segmented into,
- Hospitals & Physicians’ Offices
- Research Centers
- Governmental Institutions
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