Cancer Registry Software Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2026
The global cancer registry software market size is expected to reach USD 103.5 million by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 10.5%. Growing incidence of cancer is expected to aid growth over the forecast period. Currently, cancer is the second leading cause of death globally, and according to WHO, around 70% of the deaths occur in low- and middle-income countries. Moreover, rising adoption of Electronic Health Records (EHRs) in developed countries and increasing need for cancer registries for post-marketing surveillance are among the factors further anticipated to boost the demand for cancer registry software in the coming years. Market players are constantly involved in software updation in an attempt to minimize security risks and provide efficient software, thereby increasing market visibility and adoption. For instance, in April 2018, Elekta invested in PalabraApps LLC to improve its MOSAIQ Oncology Information System software. Increasing number of clinical trials being conducted by major pharmaceutical and biotechnological companies is expected to drive the market over the forecast period. Cancer registry data helps in tracking patients for clinical trials. Moreover, the affected locations for any specific type of cancer can be identified by using this software. Major pharmaceutical companies are increasingly preferring cancer registry software owing to less requirement of internal staff, increased cost-effectiveness, and efficient management of resources, which is further widening the scope for growth.