March 5, 2019: The global oncology information systems market size is expected to reach USD 3.4 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 8.4% during the forecast period. Increasing prevalence of cancer and several initiatives pertaining to cancer research taken by major players are among the key driving factors for market growth.
Increasing investment in the field of oncology are among the factors expected to drive the oncology information system market over the forecast period. For instance, in 2018, Varian announced the acquisition of Noona Healthcare. Noona's patient software application will help in capturing cancer patient-reported outcomes and facilitate direct communication with the patients. This acquisition will help Varian to boost its oncology software services. General Atlantic a Connecticut based company invested around USD 200 million for launching OneOncology, a company designed for helping community oncology practices with the technology data, innovation and research by leveraging the scale. Thus, these factors are expected to drive the OIS market growth.
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Key players are also taking initiatives for developing more advanced OIS with an aim for bringing improvement in the cancer treatment. For instance, Elekta announced investment in PalabraApps LLC for the development of advanced Elekta Clinical workflow mobility and productivity tools. The tools developed through these investments will provide the customers with solutions, which are fully integrated with the Elekta's Mosaiq OIS for addressing the growing need of enhanced clinical efficiency and quality control. Such initiatives are anticipated to propel the oncology information system market during the forecast period.
Further key findings from the report suggest:
- In terms of revenue, software segment is estimated to expand at the highest CAGR over the forecast period, attributed to the benefits offered by software, such as streamlining and fine-tuning the patient management and data management processes
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- Medical oncology is expected to register highest CAGR among application segment over the forecast period owing to the factors, such as increasing usage of chemotherapy, targeted therapy, and hormonal therapy
- Asia Pacific is expected to witness the fastest CAGR over the forecast period. Various government initiatives and increasing healthcare expenditure are anticipated to drive the regional growth
- Few key players operating in the oncology information systems market are Elekta AB, Varian Medical Systems, Accuray Incorporated, Cerner Corporation, RaySearch Laboratories and Flatiron.
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