Summary
Major players in the cancer clinical decision tools market are McKesson Corporation, Medical Information Technology Inc., Philips Healthcare, Siemens Healthineers, Elsevier B.V., Macmillan, and National Decision Support Company.
The global cancer clinical decision tools market is expected to grow from $0.35 billion in 2021 to $0.40 billion in 2022 at a compound annual growth rate (CAGR) of 14.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The cancer clinical decision tools market is expected to reach $0.60 billion in 2026 at a CAGR of 10.7%.
The cancer clinical decision tools market consists of sales of risk assessment tools, QCancer tools, and MacMillan’s cancer decision tool.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cancer clinical decision tools refer to the tools that are developed to help medical practitioners identify suspected cancer signs and symptoms and treat patients effectively. These tools are a help for clinical decision-making, to help GPs decide whether to refer or seek further diagnostic testing in patients where they suspect there is a risk of malignancy.
The main types of cancer clinical decision tools are risk assessment tools (RAT) and Qcancer.By examining a combination of risk factors, including genetic, environmental, and behavioral risk factors, risk assessment tools make it easier to translate these risk models into estimates of an individual’s likelihood of acquiring certain malignancies.
The different sectors include hospitals and clinics.
The rise in the number of cancer cases across the globe is likely to contribute to the growth of the cancer clinical decision tools market. For instance, in January 2022, according to the American Cancer Society, there will likely be 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the US, or roughly 1,670 fatalities every day. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43 percent of all new cancer cases. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in cancer incidence rates across the globe will increase the demand for cancer clinical decision tools to make treatment decisions faster, thereby contributing to the market growth.
The breach of data and privacy of patients is a major challenge in the cancer clinical decision tools market.Hackers can get access to data centers through healthcare employees’ emails leading to a breach of patients’ information privacy.
For instance, in October 2021, according to Fortune a US-based publishing company specializing in the publication of books, articles, and magazines, the total number of global data breach cases was 1291 in 2021 increased from 1108 in 2020.Phishing and ransomware are the major tools used by cybercriminals with the total number of data breaches are increased to 17% in 2021.
The risk of the loss of data and privacy of patients harms the growth of the cancer clinical decision tools market.
In March 2021, NeoGenomics Laboratories, Inc., a US-based company that provides clinical laboratories, pharmaceutical services, and information services and focuses on cancer genetics diagnostic testing, acquired Trapelo Health, LLC, for an amount of $65 million. Through this acquisition, NeoGenomics would be able to apply precision oncology. In order to help doctors, labs, and payers choose diagnostics and treatments, enhance clinical trial matching, expedite workflow, and enable real-time alignment with the most recent clinical data, the firm offers a first-of-its-kind, interoperable, decision-support platform. The platform makes it easier for patients to access high-quality, medically acceptable therapy alternatives. This acquisition allows NeoGenomics to utilize a single technological platform developed by Trapelo Health that enables real-time, evidence-based decision assistance, treatment selection, and reimbursement assurance for oncologists, giving patients the best chance to cure cancer. Trapelo Health, LLC, is a healthcare technology company specializing in a decision-support platform, order management, and results reporting solution for molecular testing for cancer.
The regions covered in the cancer clinical decision tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the cancer clinical decision tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resale either further along the supply chain or as part of other products.
The cancer clinical decision tools market research report is one of a series of new reports that provides cancer clinical decision tools market statistics, including cancer clinical decision tools industry global market size, regional shares, competitors with a cancer clinical decision tools market share, detailed cancer clinical decision tools market segments, market trends and opportunities, and any further data you may need to thrive in the cancer clinical decision tools industry. This cancer clinical decision tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
