The global Oncology Information Systems Market size is expected to reach USD 4.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. The increasing prevalence of cancer and rising product development pertaining to cancer research undertaken by key players are driving the market growth. According to estimates published by GLOBOCAN in 2020, 19.3 million new cancer cases were diagnosed and 10.0 million cancer-related mortalities were recorded. The growing cancer burden is expected to boost the demand for advanced oncology therapies with accurate and efficient results, thereby aiding the market growth.
Increasing investment in the field of oncology is one of the key factors expected to boost market growth over the forthcoming years. Market players are collaborating to enhance product development and expand their business footprint. For instance, in 2020 Accuray Inc. collaborated with Brainlab, a German digital surgery company, to expand Accuray’s CyberKnife platform treatment abilities for the neuro-radiosurgery sector. Similarly, in 2020 ViewRay Inc collaborated with VieCure, an AI informatics company, to develop solutions to enhance the adoption of personalized cancer care. These factors are expected to drive the oncology information system (OIS) market growth.
Moreover, key players are focused on developing more advanced OIS with an aim to improve cancer treatment. Companies are either solely or partnering with other key players to accelerate product development. For instance, in April 2019 Accuray Inc launched Synchrony Motion Tracking and Correction technology for its Radixact system. Similarly, in January 2018 Elekta collaborated with IBM Watson Health to develop and improve Elekta’s cancer care systems. In 2020 Varian Medical Systems invested USD 10.0 million in COTA Inc. and entered a strategic collaboration with the company to strengthen its position in the oncology sector. Such initiatives are expected to boost the growth and development of OIS during the forecast period.
Related Press Release@ Oncology Information Systems Market Report
Oncology Information Systems Market Report Highlights
- The market is expected to witness significant growth over the forecast period owing to various technological advancements in OIS and the increasing prevalence of cancer
- The software segment dominated the market in 2020 owing to the increasing penetration of these software solutions across all healthcare settings including hospitals, ASCs, and cancer research centers and clinics. Additionally, these solutions aid in streamlining the patient management and data management processes
- The medical oncology segment dominated the market in 2020 and is expected to register the highest CAGR among the application segment owing to the increasing adoption of chemotherapy, hormonal therapy, and targeted therapy
- North America dominated the market in 2020 owing to improved healthcare infrastructure and rising product innovation by key players operating in the region