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Albany, New York, Feb. 19, 2019 (GLOBE NEWSWIRE) -- The competition for global oncology information system market is getting fierce. Companies operating in the market are investing in the development of technologically advanced information systems. Besides this, rising partnerships and strategic collaborations is helping leading players to gain a strong foothold in the global oncology information system market. Some of the key players influencing the market are Elekta AB, Cerner Corporation, Accuray Incorporated, McKesson Corporation, and Koninklijke Philips N.V., among others.
The global market is likely to exhibit smooth growth in the coming years with 7.6% CAGR projected for the market over the 2017-2022 forecast period. According to TMR, the global oncology information system market was valued at US$2,285.6 mn in 2017 and is likely to rise to a valuation of US$3,293.8 mn by 2022.
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The software for patient information system segment was the largest revenue contributor in 2017 toward market growth. It is also anticipated to remain dominant in future.
North America is expected hold a largest share in the market due to technological advancement, well-established infrastructure, and higher penetration rate of systems in the healthcare practices. The global market in North America was valued at US$933.7 mn in 2017 and is expected to rise to a valuation of US$1,411.5 mn by 2022 at a robust 8.6% CAGR therein.
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Prediction of Better Outcomes Growth Opportunities Worldwide
Oncology information systems have technological advancements such as conventional record maintenance. Along with surge in prevalence of cancer worldwide, drive the market. In addition, rise in awareness about the benefits of oncology information system is expected to supplement the market growth. The prediction of treatment outcomes and better management of patient profiles offered by oncology information systems is expected to attract patients with higher purchasing power and fuel innovations and subsequent market growth.
The advantages of oncology information systems such as planned treatment, future-proofing, and remote access are expected to increase the demand for these systems. This will also motivate the government organizations to upgrade their procedure from paper-based systems to paperless systems. Furthermore, an increase in disposable income among cancer patients, and a surge in prevalence of cancer cases are anticipated to fuel the market growth. The technological advancements in these systems, such as incorporation of patient portals will also boost the global market.
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High-cost is Crucial for Widespread Adoption of Oncology Information System
High treatment costs associated with oncology information system and lack of healthcare IT professionals hamper the market growth. On the other hand, integration of oncology information systems for the treatment of rare cancer types and increased usage of artificial intelligence (AI) in oncology information systems are expected to present new opportunities to market players in the future.
The implementation of region-wide oncology information systems across different health practice locations has many challenges. A structure that supports project management and accountability contributes to success.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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