May 27, 2024

Oncology Information Systems Market Driven By Increased Adoption Of Electronic Health Records

The global Oncology Information Systems market facilitates enhanced cancer treatment and management. Oncology Information Systems offer electronic health records, treatment plans, and patient history to give doctors complete visibility over each patient’s medical details. By digitizing records, Oncology Information Systems enable coordinated and collaborative care across departments. They help streamline workflows, improve access to data during clinics and enable population health analysis to enhance evidence-based treatment strategies.

The Global Oncology Information Systems Market is estimated to be valued at US$ 9.44 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Oncology Information Systems market is the increased adoption of cloud-based models. Many vendors are offering cloud-based Oncology Information Systems to help healthcare providers bypass large upfront capital costs and offer services at affordable monthly or yearly subscriptions. Cloud models enable accessing data from any internet-connected device, multi-site implementation, automatic updates to latest features and functionalities and scalability based on provider needs. This has boosted the adoption of cloud-based Oncology Information Systems, especially among small to medium sized oncology clinics and physician practices. Another major trend is the integration of artificial intelligence and machine learning capabilities into Oncology Information Systems. AI tools can help physicians classify medical images, detect anomalies, predict treatment outcomes and recommend optimized treatment plans based on vast amounts of clinical data. This significantly augments physician decision making and is expected to transform cancer diagnosis and management going forward.

Porter’s Analysis

Threat of new entrants: The oncology information systems market is a consolidated market with a few well established and dominant players. High capital requirements and the need for specialized expertise in software development act as entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of numerous players offering similar products and services. However, switching costs associated with changing suppliers provide some bargaining power to existing players.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of alternative component and parts suppliers.

Threat of new substitutes: There is a low threat of substitution as there are limited alternatives or substitutes for oncology information systems.

Competitive rivalry: The market is characterized by stiff competition among the existing players owing to their comparable product portfolios and pricing strategies.

Key Takeaways

The global Oncology Information Systems market size is expected to witness high growth. The global Oncology Information Systems Market is estimated to be valued at US$ 9.44 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.

The market in North America is expected to dominate the global market during the forecast period owing to increasing cancer incidence, government support for digitalization in healthcare, and presence of major players in the region. Factors such as increasing cancer prevalence, rising awareness about cancer treatment, growing adoption of AI-powered digital tools for cancer management, and supportive government initiatives are contributing to the high growth of the market in the region.

Key players
Key players operating in the Oncology Information Systems market are 3M Company, Dow Inc., Saint-Gobain, Trelleborg AB, Freudenberg Group, Cooper Standard Holdings Inc., NITTO DENKO CORPORATION, Henniges Automotive Holdings, Inc., Lauren Manufacturing, Hebei Shida Seal Group Co. Ltd., Zhongshan Zhensheng Rubber Products Co. Ltd., Yitong Sealing Material Co. Ltd., Elasto Proxy Inc., KOMPOZIT’KOMPLEKT LLC, Edgetech Europe GmbH.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it