Agreements & Partnerships, a Key Strategy Adopted by Leading Market Players to Foster their Growth in the Global Oncology Information System Market - MarketsandMarkets
(PRWEB) April 14, 2015 -- The global oncology information system market is estimated to grow at a CAGR of 8.5% from 2014 to 2019. Although mature markets such as the U.S., the U.K. and Germany hold larger shares in the oncology information system market in 2014, the Asia-Pacific region is poised to grow at the highest CAGR of 11.5% in the next five years. Factors such as increasing government initiatives for modernization of healthcare infrastructure, growing patient population and rising focus of international and domestic players in the Asia-Pacific region are propelling growth in this market.
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Growth of the oncology information system market is driven by factors such as rapidly aging population, rising number of cancer cases and increasing focus on the development of technologically advanced OIS across the globe. However, factors such as high maintenance and service expenses and dearth of healthcare IT professionals are restraining the growth of this market. Moreover, emerging markets (such as China and India), strategic acquisitions and multi-year contracts and agreements offer significant opportunities for growth of the oncology information system market.
In this report, the global oncology information system market has been segmented on the basis of product and services [software (patient information systems and treatment planning systems) and professional services (consulting, implementation, post-sale & maintenance and training)], application (medical, radiation and surgical oncology) and end user (hospitals & physician's offices, governmental institutions and research centers). The patient information systems segment is estimated to account for the largest share of the global oncology information system market in 2014, followed by the treatment planning systems market. Factors such as new product launches, technological advancements and increasing adoption of OIS for cancer care are stimulating the growth of the patient information systems market.
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Geographically, North America (comprising the U.S. and Canada) commands the largest share of 42.8% of the global oncology information system market in 2014, followed by Europe. The North American oncology information system market is primarily driven by various factors such as growth in aging population, high prevalence of cancer cases and high adoption rate of technologically advanced devices in North American countries. However, unfavorable healthcare reforms in the U.S. constraints the growth of the oncology information system market in this region.
The global oncology information system market is highly competitive, with a large number of global and local players. As of 2013, the global oncology information system market was dominated by Elekta AB (Sweden) and Varian Medical Systems, Inc. (U.S.) which together accounted for ~80% of the market. Agreements and partnerships; development of technologically advanced OIS; and strategic acquisitions are major strategies adopted by the market players to achieve growth in the oncology information system market.
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