Increasing prevalence of various types of cancers worldwide, ongoing research on cancer, growing demand for precision medicine, and rapid adoption of advanced technologies in the healthcare sector are some key factors expected to drive global Oncology Informatics market growth.
Increasing prevalence of various types of cancers worldwide, ongoing research on cancer, growing demand for precision medicine, and rapid adoption of advanced technologies in the healthcare sector are some key factors expected to drive global Oncology Informatics market growth.
According to Emergen Research, the global oncology informatics market size was USD 4.62 billion in 2019 and is expected to reach USD 8.01 billion in 2027 and register a steady revenue CAGR of 7.1% during the forecast period, 2020-2027.
Market Dynamics:
Oncology has undergone rapid evolution with emerging developments in areas such as cancer stem cells, targeted therapies, immunotherapy along with genomic analyses over the recent past. However, these achievements have been possible due to rapid advancements in biomedical informatics and information technology. Oncology informatics is a multidisciplinary field of science that deals with resources, methods, and devices used for acquiring, storing, and using information in cancer research and treatment. There has been a sudden surge in the adoption of oncology informatics across healthcare centers for population health management, drug discovery and development informatics, clinical decision support system, and image analytics.
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Factors such as increasing need to reduce costs of cancer care, growing awareness about early diagnosis and treatment of cancer and importance of regular health checkups, and rising investments by public and private organizations in oncology research are some key factors expected to drive global market revenue growth during the forecast period. In addition, rapid adoption of electronic health record (EHR) systems and improving healthcare and research infrastructure along with treatment facilities are expected to fuel global market growth going ahead.
However, stringent regulatory norms, limited adoption of advanced tools and systems due to budget constraints, lack of skilled expertise, and high costs and time-consuming processes are some key factors that can restrain global Oncology Informatics market revenue growth going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Electronic Health Records (EHRs) Segment To Account for Largest Revenue Share:
The Electronic Health Records (EHRs) segment is expected to account for largest revenue share between 2020 and 2027. This can be attributed to increasing need for managing large patient data, growing awareness about the benefits of EHR, and rising demand for EHR solutions to reduce chart retrial expenses, availability of refiling features, and less transcription costs.
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Pharmaceutical Industry Segment to Register Robust Revenue CAGR:
The pharmaceutical industry segment is expected to register robust revenue CAGR during the forecast period owing to rising investments in research and development activities, high prevalence of cancer across the globe, and rapid adoption of advanced technologies for streamlining healthcare workflow.
North America to Lead In Terms of Revenue Share:
North America is expected to dominate other regional markets in terms of revenue share over the forecast period owing to increasing prevalence of cancer across the region, high focus on reducing cancer treatment costs, and rising research based activities on various types of cancers. In addition, rapid adoption of advanced technologies and increasing investments in R&D activities are expected to fuel North America market growth going ahead.
Major Companies in the Market Include:
- Elekta AB
- Hologic, Inc.
- Cerner Corporation
- F. Hoffmann-La Roche Ltd.
- Inspirata, Inc.
- IBM Corporation
- Laboratory Corporation of America Holdings
- Koninklijke Philips N.V.
- PerkinElmer, Inc.
- McKesson Corporation
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For the purpose of this report, Emergen Research has segmented into the global oncology informatics market on the basis of type, end-users, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Population Health Management (PHM)
- Drug Discovery and Development Informatics
- Electronic Health Records (EHRs)
- Clinical Decision Support System (CDSS)
- Image Analytics
End Users Outlook (Revenue, USD Billion; 2017-2027)
- Life Science Industry
- Academic Institutes and Research Centers
- Pharmaceutical Industry
- Contract Research Organizations (CROs)
- Others
- Hospitals
- Other Care Facilities
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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