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Worldwide Study on the Oncology Informatics Market (2019-2025): Integration of Oncology Health Informatics with Blockchain, Collaborations with Precision Medicine Providers
DUBLIN, Jan. 13, 2020 /PRNewswire/ -- The "Global Oncology Informatics Market: Focus on Competitive Landscape, Products, End-users, Regional Adoption - Analysis and Forecast, 2019-2025" report has been added to ResearchAndMarkets.com's offering.
This report projects the market to grow at a significant CAGR of 7.03% during the forecast period from 2019 to 2025.
The market has evolved dramatically with the increasing cost of cancer care, emphasis on reduction in medical errors and readmission rates, growing number of cancer patients, and rising adoption of oncology specific EHRs.
Despite the benefits of these software solutions, the major challenges in the market are lack of shortage of medical oncologists, high upfront cost of installation of these solutions, lack of interoperability within the system, and data security concerns.
Some of the major opportunities for the key vendors in the market could be integration of oncology informatics with Blockchain technology, investment opportunities in emerging economies such as India, China, and Brazil, collaboration with precision medicine providers, and introduction of systems in different languages.
Pharmaceutical companies and life science companies are the major end users of the oncology informatics market in terms of revenue share. The pharmaceutical companies market share is expected to increase up-to $2.04 billion, while life science companies' share is estimated to be $1.27 billion by the end of 2025. However, the usage of the solutions is expected to increase in hospitals and research centers in order to streamline the workflow of the facilities and improve the quality of care.
The Global Oncology Informatics Market can be segmented on the basis of ccomponent type, end user, and region. As of 2018, oncology EHRs accounts for $2.14 billion and is expected to reach a value of $3.24 billion by the end of 2025. In terms of growth, the end users' academic institutes and research centers segment is expected to grow at the highest CAGR of 7.69% during the forecast period.
As of 2018, North America is the largest shareholder for the overall market and is expected to reach the value of $2.92 billion by the end of 2025 growing with the CAGR of 6.02% during the forecast period. However, a higher growth rate can be expected from the Asia-Pacific region, considering its improving healthcare infrastructure, overburdened healthcare system, and focus of ASEAN countries to be recognized as medical tourism destination.
Although the adoption rate of the oncology informatics solutions has been moderate, the potential that lies in them is immense. The integration of oncology informatics solutions in the healthcare facility will not only improve customer experience but also help hospitals to provide improved quality of healthcare. To make the entire oncology healthcare system more efficient, the oncology solutions can be integrated across various stakeholders, namely pharmaceutical companies, life science companies, contract research organizations (CROs), academic institutes and research centers, and hospitals and diagnostics laboratories.
Key Companies in the Global Oncology Informatics Market
Some of the major key players in the global oncology informatics market include Cerner Corporation, Change Healthcare, Elekta AB, F.Hoffmann-La Roche Ltd., Hologic Inc., IBM Corporation, Inspirata Inc., Koninklijke Philips N.V., Laboratory Corporation of America Holdings, McKesson Corporation, MIM Software, Inc. Oncology Analytics, Inc., PerkinElmer, Inc., RELX Group, Sirenas LLC, UnitedHealth Group, Inc., and Varian Medical Systems, Inc.
Key Topics Covered
1 Product Definition
1.1 Oncology Information System (OIS)
1.2 Other Systems Used in Oncology Informatics
2 Market Overview
2.1 Current Market Scenario
2.2 The Role of EHRs in Oncology
2.3 Need for Integration of EHR and OIS
2.4 Pricing Models for EHR Oncology Systems
2.5 Consumer Preference for Different Pricing Models
3 Scope of the Report
4 Research Methodology
4.1 Research Methodology
5 Industry Analysis
5.1 Industry Trends
5.2 Regulatory Framework
5.2.1 Regulatory Framework in North America
5.2.2 Regulatory Framework in Europe
5.2.3 Regulatory Framework in Asia-Pacific
5.3 Patent Analysis
6 Competitive Landscape
6.1 Market Share Analysis
6.2 Key Developments and Strategies
6.2.1 Partnerships and Collaborations
6.2.2 Product Launches and Upgradations
6.2.3 Mergers and Acquisitions
6.2.4 Business Expansion
6.3 Product Mapping Analysis
7 Market Dynamics
7.1 Market Drivers
7.1.1 Increasing Cost of Cancer Care
7.1.2 Emphasis on Reduction in Medical Errors and Readmission Rates
7.1.3 Growing Number of Cancer Patients
7.1.4 Rising Adoption of Oncology-Specific EHRs
7.2 Market Restraints
7.2.1 Shortage of Medical Oncologists
7.2.2 High Cost of Implementation of Oncology-Specific EMRs
7.2.3 Lack of Interoperability Among HIT Systems
7.2.4 Data Security Concerns
7.3 Market Opportunities
7.3.1 Integration of Oncology Health Informatics with Blockchain
7.3.2 Investment Opportunities in Emerging Markets such as India, China, and Brazil
7.3.3 Collaborations with Precision Medicine Providers
7.3.4 Introduction of Solutions in Different Languages
8 Global Oncology Informatics Market (by Type)
8.2 Electronic Health Records (EHRs)
8.2.2 Role of EHR in Oncology
8.2.3 Features of Oncology EHR
8.2.4 Oncology EHR: Product Description
8.2.5 Global Installation of Oncology EHR
8.3 Population Health Management (PHM)
8.4 Clinical Decision Support System (CDSS)
8.5 Drug Discovery and Development Informatics
8.6 Image Analytics
9 Global Oncology Informatics Market (by End-user)
9.2 Pharmaceutical Industry
9.3 Life Science Industry
9.4 Contract Research Organizations (CROs)
9.5 Academic Institutes and Research Centers
9.6 Others (Hospitals and Other Care Facilities)
10 Global Oncology Informatics Market (by Region)
10.2 North America
11 Company Profiles
11.1 Cerner Corporation
11.1.1 Company Overview
11.1.2 Role of Cerner Corporation in Global Oncology Informatics Market
11.1.3 Product Offerings
11.1.5 Key Insights about Financial Health of the Company
11.1.6 Recent Developments
11.1.7 SWOT Analysis
11.2 Change Healthcare
11.3 Elekta AB
11.4 F. Hoffmann-La Roche Ltd.
11.5 Hologic, Inc.
11.6 IBM Corporation
11.7 Inspirata, Inc.
11.8 Koninklijke Philips N.V.
11.9 Laboratory Corporation of America Holdings
11.10 McKesson Corporation
11.11 MIM Software, Inc.
11.12 Oncology Analytics, Inc.
11.13 PerkinElmer, Inc.
11.14 RELX Group
11.15 Sirenas, LLC
11.16 UnitedHealth Group, Inc.
11.17 Varian Medical Systems, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2kqgct
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