Growing incidence of cancer to propel market growth
The global increase in cancer cases is one of the main factors driving the market for oncology information systems. Globally, there were 19.29 million new cases of cancer in 2020, and GLOBOCAN 2020 predicts that number would rise to 28.4 million by 2040 (an increase of 47%). It is projected that 50.6 million individuals worldwide have cancer (5-year prevalence, or the total number of people living with cancer from the last 5 years). In a similar vein, the American Cancer Society reports that in 2021, there were over 1.9 million new instances of cancer diagnosed in the United States alone.
The development of a wide range of revolutionary technologies has the ability to totally change the treatment plan. As a result of the rising incidence of cancer, there will be a demand for OIS to streamline patient information and data management, which would ultimately propel the market of oncology information systems. A few other reasons, such as the growing demand to reduce the cost of cancer treatment and the rising popularity of electronic health records EHR) and other oncology information systems, are also playing significant roles in propelling the market for oncology information systems forward.
Thus, this factor is driving the market CAGR for oncology information systems.
Furthermore, the market's expansion is driven by the availability of numerous OIS with increased features. OIS has gradually taken the place of paper and manual medical records because of digitalization. These systems are made to make it simple to handle patient treatment plans, timetables, delivery, summaries, and test results. These systems' built-in software streamlines and simplifies the labour process, which helps in providing patients with high-quality care. Personal and medical histories, clinical diagnoses, actual and anticipated treatment plans, and post-therapy outcomes are all fully and accurately described by OIS. These programmes keep track of numerous patient oncology treatment regimens.
However, there is an increasing need for various forms of OIS software as a result of the increased demand for OIS to streamline patient information and data management. Market expansion is anticipated to be fueled by increased corporate expenditure in cancer research. Businesses are increasingly investing in the creation of cutting-edge items because the market is anticipated to grow greatly in the upcoming years. Thus, it is anticipated that this aspect will accelerate oncology information systems market revenue globally.
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The cancer information system RayCare may now link to Varian TrueBeam linear accelerators, according to RaySearch Laboratories AB. This is the outcome of the signed interoperability contract with Varian Medical Systems. An important feature of an oncology information system is the capability to organize radiation treatments and monitor therapy progress. Data transfer among the OIS and the treatment delivery system, in the present instance, the Varian TrueBeam linear accelerators (linacs), is required to allow an integrated workflow.
In February 2024, the All India Institute of Medical Sciences (AIIMS) Delhi, in partnership with the Centre for Development of Advanced Computing, Pune, introduced iOncology.ai, an Artificial Intelligence (AI) platform specifically developed to identify breast and ovarian cancer at an early stage.
In January 2024, HIMSS, a prominent organization dedicated to transforming the worldwide healthcare system through information and technology, introduced a revamped Infrastructure Adoption Model (INFRAM). The recently updated INFRAM places its emphasis on five essential areas that significantly contribute to the value and results of healthcare organizations: cybersecurity, adoption, sustainability, performance, and outcomes.
An integrated information and image management tool called an oncology information system makes it easier to manage and improve cancer patients' therapy and patient profiles. To manage patient portfolios, OIS software is used in healthcare facilities like hospitals, physician offices, and research labs. The OIS helps healthcare organizations like hospitals, clinics, and academic labs manage and improve cancer care services and share patient data across organizations to improve patient safety, personalized care for each patient, and optimize therapy. The market's growth is fueled by governments increasing their outlay in oncology-related studies and development.
The need for healthcare IT services is expected to rise during the forecast time frame due to factors like how well oncology information systems are replacing traditional data handling methods and validations, which reduces manual labor and automates the process.
Additionally, this software is utilized to share patient data on cancer patients between healthcare organizations and forecast treatment outcomes. The prevalence of cancer cases and the wide range of treatment options have forced healthcare providers to start using an effective data management system to manage large data sets, including medical records and treatment practices, which is a major driver of the expanding scope of the oncology information systems market. Electronic health record and medical record maintenance, patient treatment pattern maintenance, and treatment prediction are all goals of these data management systems, often known as OIS.
These advantages raise the patient-centered safety and effectiveness of cancer treatment. OIS aids medical professionals in making the best treatment decisions to increase survival rates.
The integration of advanced data analytics and artificial intelligence in oncology information systems is poised to enhance patient outcomes and streamline clinical workflows, reflecting a transformative shift in cancer care management.
U.S. National Cancer Institute