A new report from Grand View Research says that the global oncology informatics market will grow at a rate of 5.7% per year between 2016 and 2030. This growth is caused by a rise in the number of people who get cancer, the rising cost of cancer treatment, and a trend toward fewer medical mistakes and hospital readmissions.
In 2015, North America had most of the world's oncology-informed market. The market is being driven by the rise of cancer in the region, the improvement of medical technology, and the rising cost of health care. But there are still some problems with the industry. These problems stop the market from growing.
The report looks at market trends and predicts how the market will grow. It also shows the competitive landscape and how the essential products are positioned. The analysis also looks at how different countries might grow. For example, between 2020 and 2030, North America is expected to grow at the fastest rate, with a CAGR of 20%.
This market isn't growing as fast as it could because of a lack of skilled workers and moral and legal restrictions. But adding NGS technology to other research programs and a rise in the number of people with cancer will likely make the market grow.
The market for Oncology informatics is not too big, and a few local companies compete for market share. Because of this, companies have used many different ways to grow their businesses. These strategies range from investing money into making new products to keeping prices low. One example is how Tempus works with Precision Health Informatics to improve oncology precision medicine. These changes will likely help the market grow and give people in the industry chances to make a lot of money.
The market is divided into groups based on the end-users, regions, and applications. Each section gives an overview of the market during the time frame of the forecast. The Oncology Informatics market is growing because more people are getting cancer, and people want to cut down on medical mistakes and hospital readmissions. But several problems could slow the market's growth. Some of these problems are a lack of medical oncologists, the high cost of installing systems, and worries about data safety.
The COVID-19 pandemic has had several effects on the oncology informatics market. First, it has stopped the flow of goods in many countries and slowed down a lot of processes. Even though supply was quickly restored, the pandemic caused cancer patients to face new problems. Patients couldn't get screenings or drugs for cancer, for example. Also, there has been a significant drop in the number of people screened for breast and colorectal cancer.
The COVID-19 pandemic has made it harder for hospitals to make ends meet. This has caused vendors to change how they work with them. Because of this change, there is a lot of fierce competition in the industry. Small start-ups are now becoming a threat to big companies and are adding more products to their lines.
From 2020 to 2027, the Global Oncology Informatics Market will likely grow steadily. This growth is because healthcare costs are rising, more people are getting cancer, and more people are using EHRs. The study gives an in-depth look at the market's main segments, what drives them, and how the competition works.
The oncology informatics market is growing because of the rising cost of cancer treatments, the growing number of cancer patients, and the growing use of electronic health records for oncology (EHRs). However, the main problems with the industry are that it doesn't integrate data well, installation costs are high, and there are concerns about data security. On the other hand, oncology informatics solutions that are more advanced should help solve these problems.
There are two main types of the Oncology Informatics Market: surgical oncology and radiation oncology. By 2021, it is expected that the second one will have the largest market share. Clinicians will be more productive and have a better work-life balance if they use electronic health record systems more.
Between 2017 and 2023, the global oncology informatics market is expected to grow at a compound annual growth rate (CAGR) of 7.2%. New technologies and test kits are likely to drive growth in this area. Also, the competitive landscape may change when new players enter the market. For new players to get a leg up on the competition, they need to focus on developing and integrating new technologies and cutting down on complexity and total operational costs. On the other hand, existing companies try to grow their market share by putting out new products and talking with their competitors. In this case, they might not benefit from a successful product launch or more money.
This market is also expected to grow because more people are getting cancer and the world's population is getting older. In addition, this market is also likely to grow because more people are using electronic health records, and more money is being spent on research and development in the life sciences.