Rising Investments in Cancer Treatment Research Driving Demand for Oncology Information System Market

In order to keep track of the various aspects of oncology treatments as well as the stupendous rise in the use of digital tools in the healthcare sector for the purpose of storing data, the adoption rate of oncology information systems is very high. Oncology information systems help in tracking patient information including patient history, treatment patterns, diagnostic details, and prescriptions. The demand for oncology information systems has increased steadily especially in developed nations on account of the growth of the cancer treatment research sectors in these nations. According to Transparency Market Research (TMR), the global oncology information system market is anticipated to rise from US$2,285.6 mn in 2017 to US$3,293.8 mn by 2022.

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The given below blog post answers three important questions by TMR with regards to the global oncology information system market

Q. Which regional market is currently leading in the oncology information system market and which regional market will show maximum growth in the future?

While at present North America is leading in the market for oncology information systems, Asia Pacific excluding Japan is also anticipated to emerge as a lucrative regional market for oncology information systems during the forecast period. This is mainly attributed to the rising prevalence of cancer in emerging economies such as India and China, as well as rising investments in the healthcare sector. By 2022, APEJ oncology information system market is anticipated to gain 100 BPS from its evaluation in 2017.

Q. Of the various services provided by oncology information systems, which type would witness the highest demand?

Among the various services offered by oncology information systems such as treatment planning systems, patient information systems, maintenance services, consulting services, wholesale services, and implementation services, it is anticipated that the highest revenue will be generated by the patient information systems segment. In 2017, the patient information system segment accounted for 34.8% of the total market and was worth US$794.4 mn. After expanding at a 7.1% CAGR between 2017 and 2022, the patient information system is anticipated to be worth US$1,117.7 million by 2022.

Q. What are the recent developments by key players within the market?

Companies such as Raysearch Laboratories has recently released an innovative new oncology information system, called RayCare which is designed to connect the different oncology discipline in order to improve the efficiency as well as optimal use of resources.

iKnowMed℠, developed by Mckesson Corporation is used for collecting all the data about a patient in a centralized database, which can be accessed by all stakeholders and be personalized. This system helps doctors and medical fraternity to stay up to date with the condition of patients and empower them to make informed and risk-free choices in point of care. It is a secure web-based model that gives mobile-optimized access to patient charts.

Developments such as these by leading players in the market are helping in the growth of the global oncology information system market.

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