Report Highlights
Key Questions Answered in the Report:
- How are oncology informatics solutions positioned to save healthcare expenditure annually? How can these solutions help in reducing healthcare expenditure for developed economies such as North America and Europe?
- How are oncology informatics solutions helping in changing the business model of healthcare delivery?
- What are the major developments such as product launches, mergers and acquisitions, collaborations, and partnerships taking place in the market, and how are they changing the overall dynamics of the global oncology informatics market?
- What are the major pricing strategies employed by the vendors that can significantly put pricing pressure on the competitors?
- What is the current user base for the leading oncology informatics solutions vendors in the market?
- What are the technological and regional trends pertaining to the global oncology informatics market?
- What is the growth potential of the global oncology informatics market in North America, Europe, Asia-Pacific, and Rest-of-the-World?
Global Oncology Informatics Market Forecast, 2019-2025
The Global Oncology Informatics Market Report by BIS Research projects the market to grow at a significant CAGR of 7.03% during the forecast period from 2019 to 2025. The market has evolved dramatically with the increasing cost of cancer care, emphasis on reduction in medical errors and readmission rates, growing number of cancer patients, and rising adoption of oncology specific EHRs.
Despite the benefits of these software solutions, the major challenges in the market are lack of shortage of medical oncologists, high upfront cost of installation of these solutions, lack of interoperability within the system, and data security concerns. Some of the major opportunities for the key vendors in the market could be integration of oncology informatics with Blockchain technology, investment opportunities in emerging economies such as India, China, and Brazil, collaboration with precision medicine providers, and introduction of systems in different languages.
Expert Quote
“Pharmaceutical companies and life science companies are the major end users of the oncology informatics market in terms of revenue share. The pharmaceutical companies market share is expected to increase up -to $2.04 billion, while life science companies’ share is estimated to be $1.27 billion by the end of 2025. However, the usage of the solutions is expected to increase in hospitals and research centers in order to streamline the workflow of the facilities and improve the quality of care.”
Scope of the Market Intelligence on Global Oncology Informatics Market
The purpose of this study is to gain a holistic view of the global oncology informatics market in terms of various influencing factors such as regional adoption trends, product types, and end users.
The scope of this report constitutes of an in-depth study of the global oncology informatics market, including a thorough analysis of the products in the market as well as their adoption spanning different geographical regions. The market has been chiefly segmented into component type, end user, and region. The report provides the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering the market.
Market Segmentation
The Global Oncology Informatics Market can be segmented on the basis of ccomponent type, end user, and region. As of 2018, oncology EHRs accounts for $2.14 billion and is expected to reach a value of $3.24 billion by the end of 2025. In terms of growth, the end users’ academic institutes and research centers segment is expected to grow at the highest CAGR of 7.69% during the forecast period.
As of 2018, North America is the largest shareholder for the overall market and is expected to reach the value of $2.92 billion by the end of 2025 growing with the CAGR of 6.02% during the forecast period. However, a higher growth rate can be expected from the Asia-Pacific region, considering its improving healthcare infrastructure, overburdened healthcare system, and focus of ASEAN countries to be recognized as medical tourism destination.
Although the adoption rate of the oncology informatics solutions has been moderate, the potential that lies in them is immense. The integration of oncology informatics solutions in the healthcare facility will not only improve customer experience but also help hospitals to provide improved quality of healthcare. To make the entire oncology healthcare system more efficient, the oncology solutions can be integrated across various stakeholders, namely pharmaceutical companies, life science companies, contract research organizations (CROs), academic institutes and research centers, and hospitals and diagnostics laboratories.
Key Companies in the Global Oncology Informatics Market
Some of the major key players in the global oncology informatics market include Cerner Corporation, Change Healthcare, Elekta AB, F.Hoffmann-La Roche Ltd., Hologic Inc., IBM Corporation, Inspirata Inc., Koninklijke Philips N.V., Laboratory Corporation of America Holdings, McKesson Corporation, MIM Software, Inc. Oncology Analytics, Inc. , PerkinElmer, Inc., RELX Group, Sirenas LLC, UnitedHealth Group, Inc. , and Varian Medical Systems, Inc.
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