The Global Oncology Information Systems Market is estimated to be valued at US$ 8.19 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Oncology information systems help in managing oncology workflows efficiently by streamlining scheduling, tracking, and documentation of cancer patients and their treatments. These systems provide a centralized and integrated platform for managing large patient databases, treatment plans, and schedules, which helps improve collaboration across different oncology treatment facilities and cancer care teams. Market key trends: The increased adoption of cloud-based oncology information systems is a key trend driving the growth of the global oncology information systems market. Cloud-based solutions help to remotely access patients' records and treatment plans from any location. They also eliminate the need for maintaining servers on-premise for storing patient data. This has significantly boosted the adoption of software-as-a-service model among healthcare providers. For instance, according to a survey by BMC Health in 2021, 96% of healthcare organizations adopted cloud-based solutions for improved data management and analytics. Porter’s Analysis Threat of new entrants: High upfront costs associated with R&D investments and regulatory requirements pose entry barriers. Bargaining power of buyers: Buyers are hospitals and oncology clinics which have higher bargaining power due to availability of alternatives from different vendors. Bargaining power of suppliers: Suppliers include software vendors, healthcare IT solution providers who have moderate bargaining power as customers require interoperable solutions. Threat of new substitutes: Alternatives like conventional paper-based health records do exist but integrated oncology information systems offer advantages like medical alerts, clinical decision support. Competitive rivalry: Intense as vendors compete on parameters of product portfolio, pricing, features, customer service and support which forces them to invest in new technologies and service quality. SWOT Analysis Strengths: Integrated solutions enable improved data management, clinical outcomes. Vendors have strong technical expertise. Weaknesses: High deployment and maintenance costs. Interoperability issues with legacy systems. Opportunities: Growing adoption in developing regions. Increasing patient volumes and need for optimized oncology workflows. Threats: Data privacy and security concerns. Healthcare reforms could impact market funding. Key Takeaways The Global Oncology Information Systems Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing cancer incidence. The market size for 2023 is US$ 8.19 Bn. Regional analysis: North America is projected to dominate the global market throughout the forecast period. In this region, the US is expected to spearhead the market, owing to rising burden of cancer and presence of advanced healthcare infrastructure. Asia Pacific is anticipated to exhibit the fastest growth rate during 2023-2030, due to increasing healthcare spending and growing prevalence of cancer in countries like China and India. Key players operating in the global Oncology Information Systems market are Cerner Corporation, Elekta, Accuray, RaySearch Laboratories, Flatiron Health, Koninklijke Philips N.V., McKesson Corporation, Epic Systems Corporation, CureMD Healthcare, Varian Medical Systems, Inc. These players are adopting approaches like partnerships, collaborations and new product launches to strengthen their market position. Read Our More Blogs : https://www.dailyprbulletin.com/oncology-information-systems-market-forecast-outlook-trend-2023-2030/
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AuthorCOHERENT MARKET INSIGHTS |