Market Trends of Oncology Information System Industry
Software Segment is Expected to Hold the Largest Market Share in the Oncology Information System Market
The software segment has dominated the market owing to the increase in cancer patients globally and the tests associated with the examination and treatment of cancer patients. Software is a set of instructions, data, or programs used to operate computers and execute specific tasks. The use of software systems in cancer management can aid in controlling the rising oncology care costs and improving the efficiency of oncology care services by reducing medical errors, which is expected to significantly benefit the market.
Oncology information system (OIS) is a software solution that manages departmental, administrative, and clinical activities. It aggregates information into a complete oncology-specific electronic medical record to support medical information management. Thus, due to the benefits associated with oncology information software, the demand for it is expected to increase over the forecast period.
According to the REDECAN study published in November 2022, breast cancer was the most frequent cancer and the primary cause of cancer-related death in women in Spain, with an estimated 34,750 women diagnosed with the disease in Spain in 2022. Additionally, there were expected to be 30,948 new cases of lung cancer diagnosed in Spain in 2022.
Further, the same source mentioned above reported that in 2022, 22,316 men and 8,632 women were diagnosed with lung cancer. Thus, the growing prevalence of cancer and the need for early diagnostics are expected to increase, supporting segment expansion over the forecast period. The high number of people in the population affected by cancer results in an increasing demand for cancer management systems, which is expected to boost growth over the forecast period.
Product launches by key market players are also helping to drive the growth of the market studied. For instance, in June 2022, Roche launched its BenchMark ULTRA PLUS system, an advanced tissue staining platform. The system enables quick and accurate test results so clinicians can make timely decisions regarding a patient’s care journey. The rise in interest in the digitization of oncology services is expected to contribute to market growth over the forecast period.
Thus, the increased use of software in the management of cancer is expected to propel the growth of the segment over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall oncology information system market throughout the forecast period. This is owing to factors such as the rising prevalence of cancer and the availability of advanced healthcare infrastructure among the major factors.
For instance, according to a report published by the National Cancer Institute in May 2024, approximately 2.0 million individuals in the United States are projected to receive a cancer diagnosis. Breast cancer will be the most prevalent form, expected to affect 310,720 women and 2,790 men. Prostate cancer ranks as the primary diagnosis among men and second overall, with an estimated 299,010 cases anticipated. Lung and bronchus cancer follows as the third most frequently diagnosed cancer, with approximately 234,580 new cases expected.
Furthermore, according to a report published by the PubMed Journal in May 2024, the number of new cancer cases is expected to reach 247,100. Hence, the prevalence of cancer in the country is anticipated to create more opportunities for the development of oncology information systems by supporting the process of data integration in different phases, such as screening, prevention, diagnosis, and treatment. This is likely to boost the growth of the market.
Furthermore, an increase in awareness initiatives for cancer is expected to propel the growth of the market. For instance, every year in September, Cancer Awareness Month is observed in the United States. During National Breast Cancer Awareness Month, the government renewed its commitment to assisting patients and their families, increasing access to care, and raising awareness about the life-saving value of early detection. Such initiatives may increase awareness of the ailment and support market expansion over the forecast period.
Additionally, various organic and inorganic strategies adopted by the market players are expected to boost the market over the forecast period. For instance, in May 2022, GE Healthcare entered into an agreement with RaySearch Laboratories AB, a radiation oncology software provider, to develop a new radiation therapy simulation and treatment planning workflow solution designed to simplify how radiation will be targeted to shrink a tumor.
Thus, all aforementioned factors, such as the growing burden of cancer and government initiatives with product launches, are expected to boost market growth in the North American region over the forecast period.
