Market Trends of Global Cancer Registry Software Industry
This section covers the major market trends shaping the Cancer Registry Software Market according to our research experts:
Hospital & Medical Practice are Expected to Hold a Significant Market Share Over the Forecast Period
The hospital segment highly contributes to the growth of the studied market since the majority of the hospitals have a well-developed infrastructure. The rising cancer-related procedures are augmenting the demand of hospitals. Patients have been relying on hospitals as primary care centers, which is likely to continue during the forecast period.
In several Central and Eastern European (CEE) countries, healthcare spending as a percentage of GDP has lagged that of wealthier European Union (EU) nations. Some nations, notably Poland and the Czech Republic, now feel political pressure to increase healthcare investment. The EU publication Sifted reported in November 2020 that Europe had 626 actively funded digital health companies, with 63% of them launched in the prior five years. The high number of surgeries in different nations is also propelling the growth of the market. For Instance, The Innovative Partnership For Action Against Cancer article titled 'Tackling reimbursement for radiation oncology and cancer surgery: challenges and options'' published in October 2020, reported that despite the small size of Denmark's population, the minimum number of cases is among the highest in Europe. In Denmark, more than 100 per year pancreatic surgeries are performed. Such a high number of surgeries depicts the high adoption of surgery among the patients and thus is expected to show growth over time. Hence, increasing surgeries would increase the patient preference for hospitals as it would provide them better care than other facilities due to high investments and funding available to the hospitals.
The availability of cancer registry software in hospitals is another factor in the growth of the market. For instance, in September 2021, the Indian Council of medical research (ICMR) published its report titled 'Clinicopathological Profile of Cancers in India: A Report of Hospital-Based Cancer Registries, 2021,' which stated that under the NCRP, 13,32,207 cancer cases were registered from 96 hospitals during 2012-19. Out of these, 6,10,084 cases were included for analysis. Thus, the availability of cancer registry software in the hospital provides additional advantages to the patients. Due to these advantages, the cancer registry software market is expected to grow in the upcoming future.
Hence, due to the above-mentioned factors, the market segment is likely to grow in the future.
North America is Expected to Dominate the Market Over the Forecast Period
The North American region is expected to dominate the market. The increasing prevalence of chronic disorders like cancer and new product launches are expected to drive the market in the region during the forecast period.
According to Cancer Statistics 2021, published in the American Cancer Society Journal, there are an estimated 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States, which will drive the market significantly. moreover, according to Globocan 2020, the number of new cancer cases in the country was 274,364 in 2020, and this number is expected to increase to 400,564 by 2040. Thus, the growing burden of cancer cases in the country is expected to fuel the growth of the market.
Moreover, cancer is one of the most prevalent forms of chronic disease in Mexico, and as per the report of Globocan 2020, about 195,499 people were newly diagnosed with cancer in 2020, and 90,222 died because of it. The most prevalent forms of cancer were breast, prostate, colorectum, thyroid, and cervix uteri cancer. Furthermore, as per the Globocan 2020, the cancer incidence in Mexico is expected to reach 254,665 by 2030 and 323,432 by 2040, and thus, with the increasing burden of cancer cases in the country, the adoption of cancer registry software is expected to surge. Therefore, the studied market is expected to grow over the forecast period of the study.
Similarly, increasing the adoption of cancer registries would also increase the market growth. According to the Centers for Disease Control and Prevention, as of January 2022, over 98% of National Program of Cancer Registries (NPCR) funded cancer registries use at least one Registry Plus product, with more than half of those using two or more products. Registry Plus products have become a common platform among many cancer registries, helping them meet NPCR's standards for electronic data exchange, and streamlining and automating registry operations. Such an adoption rate would increase market growth in the upcoming future.
