According to the most recent InsightAce Analytic research, the global Oncology Informatics market is predicted to be worth US$ 5.22 billion in 2021, with a CAGR of 8.11% from 2022 to 2030.Oncology informatics plays a vital role in cancer research and treatment. Different resources, methods, and devices/tools are used in this field to deal with cancer. Oncology informatics is very useful in the process of drug discovery and development. The oncology informatics market is growing due to an increasing number of cancer patients and the rise in the adoption of advanced technologies.
There are multiple factors that drive the oncology informatics market, such as the high prevalence of cancer, rising adoption of advanced technologies (EHRs), medical errors reduction in cancer care, the rising cost of cancer care, various government initiatives for the cancer therapy developments and increase in the awareness of the different types of oncology treatments. However, factors such as the high cost of tools, shortage of medical oncologists, data security concerns, and complex and time-consuming therapy procedures can downscale the growth of the oncology informatics market over the forecast period 2020-2030.
The oncology informatics market has been segmented into Types, End-users, and Regions. The Types segment comprises Electronic Health Records (EHRs), Population Health Management (PHM), Clinical Decision Support Systems (CDSS), Drug Discovery and Development Informatics, and Image Analytics. EHR is expected to dominate the market during the forecast period. Oncology image analytics solutions are also expected to grow at the highest CAGR during the forecast period. By End-users, the market is divided into Pharmaceutical Industry, Life Science Industry, Contract Research Organizations (CROs), Academic Institutes and Research Centers, and Others (Hospitals and Other Care Facilities). In terms of revenue, pharmaceutical Industries and life science industries are the major end-users segments of the oncology informatics market. At the regional level, the oncology informatics market can be segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America is expected to be the significant market shareholder of this market, followed by Asia-Pacific, Europe, and Rest-of-the-World.
Some of the key Players of oncology informatics market are 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, Varian, Medical Systems, Inc, and other Prominent Players.
