Cancer Registry Software Market Size to Reach US$ 107.44 BN by 2029

The global cancer registry software market is growing at a registered CAGR of 9.1% from 2022 to 2030 and to reach around US$ 107.44 billion by 2030.

The growing occurrence of cancer around the ecosphere is one of the mainaspects driving the worldwide cancer registry software market. Cancer registry software supports in the following and nursing of cancer patients' health. Researchers and healthcare practitioners can use the information produced by cancer registry software to create remedies for cancer treatment. As a result, in the near future, the global cancer registry software market is predicted to develop.

Furthermore, over the forecast period, the increasingelderly population would drive the growth of the global cancer registry software market. This software also assists the government in keeping record of patients in a specific location or region. As a result, this element aids the global cancer registry software market's expansion.

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Report Highlights

• On the basis of software, standalone segment holds the largest market share in the global cancer registry software market. The standalone cancer registry software is easy to use and is automatic in nature. World Health Organization released CAN REG 5, an open-source standalone software that includes capabilities including data recovery.

• On the basis of deployment model, on-premise segment holds the largest market share in the global cancer registry software market. The on-premise cancer registry software is largely adopted by research institutes and healthcare centers.

• On the basis of component, commercial segment holds the largest market share in the global cancer registry software market. The favorable government regulations are driving the growth of the segment. The data of commercial database is easy to track.

• On the basis of end use, government and third-party segment holds the largest market share in the global cancer registry software market. The governments of emerging and established regions are installing cancer registry software for the decline of cancer disorder.

Regional Snapshot

North America is the largest segment for cancer registry software market in terms of region.The U.S. is dominating the cancer registry software market in the North America region.The factor such as growing prevalence of cancer is driving the growth of North America cancer registry software market. As of 2018, the National Cancer Institute recorded 1,735,350 new cancer cases in the U.S.

Asia-Pacific region is the fastest growing region in the cancer registry software market.India and Chinahold the highest market share in the Asia-Pacificcancer registry software market. The growing government efforts is boosting the growth of cancer registry software market in Asia-Pacific region. China has announced the commencement of its 12th Five Year Plan, which aims to improve the country’s Regional Healthcare Information Networks for rural residents.

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Market Dynamics

Drivers

Growing government initiatives

The governments in many nations are concentrating on raising public knowledge about cancer and people health management. The government are also heavily investing in healthcare information technology sector. Moreover, they are collaborating with market players for market expansion. Thus, growing government initiatives is driving the expansion of global cancer registry software market.

Restraints

Lack of integration of software

The software suppliers face a significant barrier in incorporating registries into hospital operations at the point of care. Many hospitals and physician practices that take part in published studies use multiple data collecting systems and adjust their processes to meet the needs of quasi research. As a result, this factor is restricting the expansion of global cancer registry software market. 

Opportunities

Growing prevalence of cancer

According to the American Cancer Society, there were 1,735,350 new cancer cases and 609,640 cancer deaths in the U.S. in 2018. In addition, as per the World Health Organization, cancer is the biggest cause of death globally, with roughly 10 million deaths expected in 2020 and 17 million new cases reported in 2018. Thus, growing prevalence of cancer is supporting the growth of global cancer registry software market.

Challenges

Concerns regarding data privacy

The cancer registry software includes wide range of data and information of patients. It also contains data of family members. This data can be easily hacked. Therefore, concerns related to data security and privacy has grown rapidly. As a result, this factor is a major challenge for the cancer registry software market expansion.

Recent Developments

• IBM Watson Health and Elekta announced a partnership in January 2018 to integrate Watson for Oncology into Elekta’s cancer treatment offerings.
• To boost revenue, Onco Inc., revised Oncology Version 4.4.0 in November 2018 to include new AJCC 8th, CoC, NAACCR, and SEER criteria.
• ArborMetrix Inc. U.S. announced a partnership with the Society of Interventional Radiology in June 2020. The goal of this collaboration is to provide the IR Quality Registry, which will integrate analytics to enhance patient care.
• McKesson Corporation purchased CoverMyMeds in April 2017 to expand its technology services to payers, clinicians, and pharmaceutical companies.
• Elekta purchased PalabraApps LLC in April 2018 in order to develop its MOSAIQ Oncology Information System software.

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