According to Emergen Research, the global oncology informatics market size was USD 4.94 billion in 2020 and is expected to reach USD 8.57 billion in 2028 and register a revenue CAGR of 7.1% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Oncology Informatics Market, By Type (Population Health Management, Drug Discovery and Development Informatics, Electronic Health Records, Clinical Decision Support System, Image Analytics), By End-use (Hospitals & Clinics, Life Sciences Industry, Pharmaceutical Industry, Academic Institutes, and Research Centers, Contract Research Organizations, Others), and By Region, Forecast to 2028”
According to Emergen Research, the global oncology informatics market size was USD 4.94 billion in 2020 and is expected to reach USD 8.57 billion in 2028 and register a revenue CAGR of 7.1% during the forecast period, 2021-2028.
Market Dynamics:
The global oncology informatics market revenue growth is majorly supported by factors such as rise in global geriatric population, rising number of cancer patients worldwide, and increasing awareness of cancer and growing emphasis on regular health check-ups. Oncology is a medical specialty that deals with diagnosis and treatment of cancer. It provides a systematic approach to treatment and long-term care of cancer patients while ensuring improved patient outcomes. Oncology informatics allows the exchange or sharing of critical patient data & information among healthcare professionals including physicians, health administrators, and pharmacists. It helps to standardize collection and compilation of databases, automate a wide range of tasks, decrease the rate of errors, and improve the efficiency and productivity of healthcare facilities.
Growing demand for oncology informatics for improved cancer treatment and care, increasing investments by government and private organizations in cancer research, increasing availability of advanced diagnostics and treatment options in oncology, and growing adoption of electronic healthcare record (EHR) systems are other factors expected to drive market revenue growth during the forecast period.
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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 Accounted for Largest Revenue Share in 2020:
Based on type, the Electronic Health Records (EHRs) segment accounted for the largest revenue share in the global oncology informatics market in 2020. Key factors such as rapid adoption of electronic healthcare record (EHR) systems due to its various advantages contribute to the revenue growth of this segment. EHRs enable healthcare providers to better manage patient care and provide accurate and up-to-date patient information. Other advantages of EHR systems include reduced chart retrieval expenses, lower transcription costs, and re-filing features.
Pharmaceutical Industry Segment to Account for Fastest Revenue CAGR:
Based on end-use, the pharmaceutical industry segment is projected to register the fastest revenue growth rate in the global oncology informatics market over the forecast period. Major factors boosting this segment’s revenue growth are increasing government investments in pharmaceutical research & development activities, rising prevalence of life-threatening chronic illnesses including cancer, and rapid integration of advanced technologies in the healthcare sector, and growing demand for oncology informatics among pharmaceutical organizations to streamline healthcare workflow and augment the quality of care.
Asia Pacific to Account for Fastest Revenue Growth Rate:
The Asia Pacific oncology informatics market is expected to register fastest revenue growth rate in the global market over the forecast period, owing to certain favorable factors. Growing geriatric population, rising prevalence of cancer, increasing investments by government private bodies in life sciences R&D activities, rising focus on developing precision medicine, and rapidly advancing healthcare infrastructure in the region are among the key factors driving the Asia Pacific market revenue growth.
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Major Companies in the Global Oncology Informatics 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
For the purpose of this report, Emergen Research has segmented the global oncology informatics market based on type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Population Health Management (PHM)
- Drug Discovery and Development Informatics
- Electronic Health Records (EHRs)
- Clinical Decision Support System (CDSS)
- Image Analytics
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Life Sciences Industry
- Pharmaceutical Industry
- Academic Institutes and Research Centers
- Contract Research Organizations (CROs)
- Others
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Region Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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