Global Oncology Information Systems Market is Estimated to Witness High Growth Owing to Increasing Adoption of EHR/EMR Systems
Market Dynamics:
Increasing Adoption of EHR/EMR Systems
One of the primary drivers fueling the growth of the global oncology information systems market is the increasing adoption of EHR/EMR systems across healthcare organizations globally. EHR/EMR systems are electronic versions of patient health records and medical records that makes patient data available instantly and securely to authorized users. Oncology information systems are integrated with EHR/EMR for easy sharing of patient information between multiple caregivers. This streamlines workflows for physicians and improves coordination of care.
SWOT Analysis
Strength: The global oncology information systems market are gaining demand as the systems helps oncologists to store and manage voluminous patient data effectively. The systems also help in reducing medical errors and improves quality of cancer care. They also facilitate seamless data sharing between cancer care team which improves collaboration.
Weakness: High implementation and maintenance costs of oncology information systems poses a major challenge for healthcare providers especially in low income regions. High degree of customization required as per provider needs also increases costs. Data integration issues with legacy systems of hospitals also affects seamless information exchange.
Opportunity: Growing geriatric population globally increases cancer cases providing opportunities for market growth. Increasing adoption of predictive analytics and AI in oncology also presents new opportunities. Advancements in cloud oncology solutions makes systems affordable for smaller healthcare providers.
Threats: Cyber threats and data privacy challenges affects adoption rates. Lack of strong IT infrastructure and inter-operability standards in developing nations are also threats. Long replacement cycles and reluctance to change existing workflows are challenges
Key Takeaways
The global oncology information systems market is expected to witness high growth. The Global Oncology Information Systems Market Size is anticipated to reach US$ 8.19 Billion in 2023 from US$ 5.22 Billion in 2018 and projected to grow at a CAGR of 6.3% during the forecast period.
Regional analysis: The Asia Pacific region is fastest growing market for oncology information systems. Countries like India, China and Japan are witnessing rapid economic growth and increasing government focus on providing universal healthcare. This is driving heavy investments in healthcare IT infrastructure development. Rising cancer cases in Asia due to lifestyle changes and growing geriatric population is a major factor boosting demand. Government initiatives to establish cancer registries and enable sharing of oncology data will further accelerate market growth.
Key players: Key players operating in the Global Oncology Information Systems market are Merck & Co., Inc., Novartis AG, Amicus Therapeutics, AstraZeneca Plc, Boehringer Ingelheim, Shire Plc, Sanofi Genzyme, BioMarin Pharmaceutical, Inc., Horizon Pharma Plc, and GlaxoSmithKline Plc. They are focused on enhancing their product offerings through continuous innovation and strategic collaborations to strengthen market presence.
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