Oncology informatics refers to a multidisciplinary field of science that helps in acquiring, storing, and using the information of tumor or cancer most effectively. Also, oncology informatics will help in collecting pieces of evidence that will useful for treating patients against cancer by using informatics tools.
The global oncology informatics market has the potential to grow with USD 8.24 billion with bolstering CAGR in the forecast period from 2020-2027. Due to the rising chronic diseases such as cancer and the emerging cost of cancer treatment, and also the adoption of oncology and emerging approach for reducing medical error is driving the market demand for global oncology informatics.
Pharmacology with a focus on genomics is playing an increasingly important role in cancer treatment, and next-generation sequencing (NGS) has gradually become an extraordinary method to study the molecular basis of individual tumors more in-depth and more accurately.
NGS (high-throughput sequencing) is mainly used in liquid biopsy in the oncology field and has broad application space in the early screening of cancer, personalized medicine, and prognosis markets. It is the main factor restricting its rapid commercialization, including efficient and accurate enrichment purposes gene sequence and complete deep sequencing, organ tracing, detection accuracy, and sensitivity,
Moreover, it generally believes that NGS-driven companion diagnostics can promote treatment options and improve patient outcomes in the future. Compared with traditional methods, NGS has many advantages in accuracy, sensitivity, and speed, and will have a significant impact on the field of oncology in the future. NGS can determine multiple genes in a single test without having to order various tests to identify disease-causing mutations.
Therefore, the multi-gene approach shortens the time to obtain answers, provides a more economical solution, and reduces the risk of exhausting precious clinical samples. NGS can provide high sensitivity and can detect mutations in DNA as low as 5% of tumor samples. Also, NGS has the potential to change the future of oncology and promote the development of personalized medicine.
The low level of data integration leads to inefficiency, which not only causes waste and mistakes in the clinical workflow, but also causes excessive treatment, hurts patients, and also leads to cost overruns. Thus, with emerging data of patient health, it is essential to analyze it properly for providing better treatment and reduce medical costs and manual medical errors.
The prevalence of technology in the healthcare industry has improved the function and operations of the medical industry and enhance the diagnostic method for better treatment. Thus, an integrated diagnostic approach that can rely on computer tools and intuitive IT interfaces to utilize the available data sources, then the clinical path can accurately formulate and paved the way for precision medicine.
Based on the type, the global oncology informatics market segmented into Electronic Health Records (EHRs), Population Health Management (PHM), Clinical Decision Support System (CDSS), Drug Discovery and Development Informatics. The clinical decision support system segment accounted for the largest share in the global oncology informatics market. The factor driving the CDSS market is due to patient health data, which is becoming more and more abundant. It expected to achieve a personalized and efficient diagnosis and treatment decisions. The integrated decision support tool brings all this information into a unified platform, which not only simplifies the workflow but also helps doctors choose the best treatment plan for the patient’s specific situation.
Based on the application, the global oncology informatics market segmented into Breast Cancer, Prostate Cancer, Colorectal Cancer, Cervical Cancer, Others. Colorectal cancer dominates the most significant share for the market oncology informatics. It is mainly owing to one of the reasons for the failure of these attempts is that colorectal cancer is a highly heterogeneous disease, which includes both inter-tumor and intra-tumor levels. With the advancement of gene-proteomics technology, it has become possible to measure molecular typing of colorectal cancer from gene transcription to protein expression in a higher dimension. Thus, making it possible to depict the high heterogeneity of colorectal cancer positively.
Based on the end-user, the global oncology informatics market classified into Pharmaceutical Industry, Life Science Industry, Contract Research Organizations (CROs), Academic Institutes and Research Centers, Others. The research centers segment has dominated the largest share in the global oncology informatics market. It mainly owes to propelling computer analysis, and modeling tools can use to integrate data in multiple formats provided by high-throughput technologies to avoid overtreatment and achieve personalized disease management. Therefore, the demand for the research centers will fuel the market demand of the global oncology informatics market.
Based on geography, the global oncology informatics market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific region is dominating the market share of the global oncology informatics market. The bolstering medical infrastructure and technology advancement in the healthcare sector and increasing investment in R&D for the development of drugs are dominating the market of the Asia Pacific region.
Companies such as 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 others are key players in the global oncology informatics market.