Oncology Market - Global Industry Assessment & Forecast
- By Cancer Diagnostics & Treatment Cancer Diagnostics, Cancer Treatment
- By Indication Lungs Cancer, Colorectal Cancer, Breast Cancer, Liver Cancer, Bladder Cancer, Head & Neck Cancer, Prostate Cancer, Other Indications
- By End Use Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics, Other End Uses
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 305.07 Billion|
|Revenue 2030:||USD 556.35 Billion|
|Revenue CAGR (2023 - 2030):||7.80%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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Global Oncology Market is valued at USD 305.07 Billion in 2022 and is projected to reach a value of USD 556.35 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.80% over the forecast period.
Carcinomas are the most common type of cancer, accounting for about 80% of all cases. Sarcomas are less common, accounting for about 10% of all cases. Leukemias and lymphomas are even less common, each accounting for about 5% of all cases. The type of cancer determines the approach to treatment. An estimated 9.6 million people have lost their lives to cancer in the world in 2018, making it the second highest cause of death overall. According to the World Health Organization, modifying one's lifestyle and getting checked for cancer at an early stage can help avoid approximately one-third of all malignancies. Breast cancer is the most prevalent type of cancer diagnosed in women in the United States, as reported by the American Cancer Society. Lung cancer is the second most common type of cancer diagnosed in women. In the United States, males are diagnosed with prostate cancer more frequently than any other type of cancer, with lung cancer coming in second place. In the United States, people of both sexes are equally likely to be diagnosed with colorectal cancer, making it the third most prevalent type of cancer overall. Lung cancer is by far the deadliest type of cancer, accounting for about 27% of all cancer deaths worldwide according to World Health Organization data from 2012. However, survival rates for lung cancer have been increasing steadily over the past few decades thanks to advances in treatment and early detection through screening programs such as low-dose CT scans for high-risk individuals. Chemotherapy held the largest share of the Oncology Market in 2016 and is expected to maintain its dominant position over the forecast period. The large share can be attributed to the wide usage of chemotherapy in various types of cancer treatment such as breast cancer, colorectal cancer, gastric cancer, and lung cancer.
Targeted therapy is expected to be the fastest-growing type of Oncology drug over the forecast period due to its efficacy in treating various types of cancer with fewer side effects than chemotherapy drugs. Immunotherapy is also expected to grow at a significant rate over the forecast period due to its effectiveness in treating various types of cancers such as melanoma, kidney cancer, bladder cancer, and Hodgkin’s lymphoma. One of the key external restraints on the Oncology Market is government regulation. Drugs and treatments must go through a rigorous approval process before they can be made available to patients. This process can take years, and even then there is no guarantee that a drug will be approved. In addition, government agencies are constantly changing their policies and regulations, which can create uncertainty for companies operating in the Oncology space. Another external restraint is reimbursement. Insurance companies and government health programs often dictate how much they are willing to pay for a particular treatment. If a treatment is not deemed cost-effective, it may not be covered at all. This can make it difficult for patients to access the latest and most innovative treatments. Clinical development timelines take many years to develop a new drug or treatment and bring it to market. During this time, companies must invest significant resources into research and development (R&D), which can put a strain on finances. Additionally, clinical trials are often lengthy and complex, with no guarantee of success. Finally, manufacturing capacity is another internal restraint that can impact the Oncology Market.
Oncology Market Size, 2022 To 2030 (USD Billion)
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The pharmaceutical sector, the industry of medical devices, and the insurance industry are all examples of other industries that have an impact on the Oncology Market. Since many cancer treatments consist of pharmaceuticals, the pharmaceutical industry plays a large role in the Oncology Market. For example, the pharmaceutical industry plays a major role in the development of new cancer drugs. The medical device industry is also responsible for developing many of the tools and technologies used in cancer diagnosis and treatment. The impact of these industries on the Oncology Market can be both positive and negative. On the one hand, new developments from these industries can lead to breakthrough treatments that save lives. On the other hand, the high cost of many cancer treatments can put them out of reach for many patients. It is important to keep an eye on developments in all industries that could impact the Oncology Market. Only by doing so can we ensure that patients have access to the best possible care. The price of these medications can be a significant contributor to the overall cost of treatment, which in turn might affect a patient's choice on whether or not to seek treatment. The Oncology Market is also influenced by the medical device business because many cancer therapies need the utilization of medical devices, such as machines used for radiation therapy or surgical instruments. Because cancer patients need health insurance to cover the costs of their treatment, the insurance market has an impact on the Oncology Market. Although the Oncology industry is directly impacted by these industries, they are not the only ones that affect the market. The policies of the government, the state of the economy, and demographic shifts are three more elements that have the potential to influence the Oncology Market.
Top Market Trends
In recent years, the Oncology Market has been driven by several factors, including advances in treatment options, an aging population, and increased awareness of the disease. The incidence of cancer is increasing globally, due to factors such as an aging population and lifestyle choices. This is leading to more people being diagnosed with cancer, and thus, a greater demand for Oncology treatments. However, one of the most important drivers of this market is the changing preferences of consumers and key players. The Oncology Market is rapidly evolving with new therapeutics, technologies, and treatments being developed and commercialized at an unprecedented rate. Here are some of the top market trends that are currently shaping the Oncology landscape:
● The Rise of Immuno-Oncology: Immuno-Oncology drugs harness the power of the immune system to fight cancer cells, and have shown tremendous success in clinical trials. Immuno-Oncology is one of the hottest areas in Oncology research right now, with over 1,000 compounds in development.
● The costs of Oncology care are rising due to the increasing prevalence of cancer and advances in technology. This is putting a financial strain on patients, families, and healthcare systems alike. Increased access to care. Thanks to initiatives like the Affordable Care Act, more people have access to quality cancer care than ever before. However, there is still room for improvement in terms of access to care in developing countries where resources are limited.
● Targeted Therapies: In particular, there has been a shift away from traditional cancer treatments, such as surgery and chemotherapy, towards more targeted therapies. This is large because targeted therapies are more effective and have fewer side effects than traditional treatments. As a result, major pharmaceutical companies are investing heavily in research and development for new targeted therapies. Targeted therapies are designed to specifically target cancer cells while sparing healthy cells. This approach is often more effective than traditional chemotherapy drugs, which can cause severe side effects by attacking both cancerous and healthy cells indiscriminately.
● Personalized Medicine: Another trend that is set by consumers and key players is the move toward personalized medicine. This involves tailoring treatment to each patient based on their genetic profile. This approach is becoming increasingly popular as it leads to better outcomes for patients. Personalized medicine is an approach to treatment that takes into account a patient’s genetic makeup. By better understanding how a patient’s genes interact with specific treatments, doctors can tailor therapies to maximize efficacy and minimize side effects.
● Big Data: The increasingly large data sets being generated by oncologists – through EHRs, clinical trials, and genomic sequencing – are providing invaluable insights into the disease process and potential new treatment strategies. Leveraging big data will be essential to improving patient outcomes in the future.
The Global Oncology Market may be broken down into below distinct categories: Cancer Diagnostics & Treatment, Indication, End Use, and Region. Based on Cancer Diagnostics & Treatment, the market is further segmented into Cancer Diagnostics and Cancer Treatment. In addition, Lung Cancer, Colorectal Cancer, Breast Cancer, Liver Cancer, Bladder Cancer, Head & Neck Cancer, Prostate Cancer, and Other Indications are the segments based on segmentation Indication. Furthermore, based on the End Use, the market is bifurcated into Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics, and Other End Uses. North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa are the five key geographical regions that make up the many submarkets that make up the Global Oncology Market.
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Based on Cancer Diagnostics & Treatment
Cancer diagnostic tests help in detection of cancer, while cancer treatments include surgery, radiation therapy, and chemotherapy. Cancer diagnostic tests include imaging tests such as X-rays, computed tomography (CT) scans, and magnetic resonance imaging (MRI) scans. These tests help in detecting the size, shape, and location of a tumor. Blood tests, biopsies, and genetic tests are also used for cancer diagnosis. Cancer treatments include surgery, radiation therapy, and chemotherapy. Surgery is the most common type of cancer treatment. It involves the removal of the tumor with healthy tissue around it. Radiation therapy uses high-energy rays to kill cancer cells. Chemotherapy uses drugs to kill cancer cells. Chemotherapy is the use of drugs to kill cancer cells. It can be given as a pill, injection, or through an IV. The most common side effects of chemotherapy are nausea and vomiting, hair loss, fatigue, and mouth sores. Radiation can be given as external beam radiation therapy or internal radiation therapy. The most common side effects of radiation therapy are fatigue and skin changes. The most common side effects of surgery are pain and swelling at the site of the incision, scarring, and anesthesia complications.
Based on Indication
Lung Cancer: Lung cancer is the leading cause of cancer death in both men and women in the United States. Each year, more people die of lung cancer than of colon, breast, and prostate cancer combined. There are two main types of lung cancer: non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC). NSCLC is the most common type of lung cancer, accounting for about 85 percent of all cases. The most common symptom of lung cancer is a cough that does not go away. Other symptoms include shortness of breath, coughing up blood, and pain in the chest or shoulder. Lung cancer can be difficult to detect in its early stages because it often does not cause any symptoms. By the time symptoms do appear, the disease may have already spread to other parts of the body. This makes early detection and treatment critical to successful treatment. There are several different types of treatment for lung cancer, including surgery, radiation therapy, chemotherapy, and targeted therapy. The type of treatment that is best for a particular person depends on many factors, including the type and stage of lung cancer, overall health, and personal preferences. Colorectal Cancer: Colorectal cancer is the third most common type of cancer in the United States. Each year, more than 140,000 people are diagnosed with the disease. Breast cancer: Cancer that starts in the breast tissue. Symptoms may include a lump in the breast, nipple discharge, and breast pain. Treatment options include surgery, chemotherapy, radiation therapy, and hormone therapy. Liver cancer: Cancer that starts in the liver. Each year, about 22,000 people are diagnosed with liver cancer. Symptoms may include fatigue, weight loss, and jaundice. Treatment options include surgery, chemotherapy, and radiation therapy. Bladder cancer: Cancer that starts in the bladder. Symptoms may include blood in the urine, urinary frequency, and pelvic pain. Treatment options include surgery, chemotherapy, and radiation therapy.
Head & neck cancer: Cancer that starts in the head or neck region. Symptoms may include a lump in the neck, difficulty swallowing, and hoarseness. Prostate cancer can be slow-growing cancer, and many men with prostate cancer will never have any symptoms. However, some men may experience urinary problems, such as a weak stream or the need to urinate more often. In some cases, prostate cancer can spread to other parts of the body, such as the bones or lymph nodes. According to the American Cancer Society, about 1 in 9 men will be diagnosed with prostate cancer during their lifetime. Treatment for prostate cancer may include surgery, radiation therapy, hormone therapy, or chemotherapy. While prostate cancer is the most common type of cancer found in men, other types of cancer can affect the prostate. Testicular cancer: This type of cancer can affect the testicles, which are located near the prostate.
Based on End Use
The hospital segment is the largest and fastest-growing segment of the Oncology Market. This segment is driven by the increasing number of cancer cases being diagnosed and treated in hospitals. The diagnostic laboratory segment is also growing rapidly due to the increasing use of sophisticated diagnostic tests to detect and diagnose cancer. Diagnostic laboratories account for approximately 28% of the total Oncology Market. The diagnostic imaging center segment is growing due to the increasing use of imaging technologies to diagnose and treat cancer. Academia accounts for approximately 10% of the total Oncology Market. The specialty clinic segment is growing due to the increasing number of cancer patients seeking treatment from specialists. The other segments of the Oncology Market include home health care, hospice care, and palliative care.
Based on Region
North America is expected to be the largest market for Oncology due to the high prevalence of cancer in the region and the availability of advanced treatment options. In addition, government support for research and development activities related to cancer is also driving market growth in North America. Europe is another key market for Oncology due to the large patient population and favorable reimbursement policies. The Asia-Pacific region is expected to witness rapid growth over the forecast period due to the increasing incidence of cancer, growing awareness about early detection and treatment options, and improving healthcare infrastructure. The RoW market includes Latin America, Middle East & Africa (MEA), and Japan. The MEA region is expected to experience significant growth over the forecast period owing to factors such as rising healthcare expenditure and growing awareness about early diagnosis and treatment of cancer.
The key players in the Global Oncology Market include- Aegerion Pharmaceuticals Inc., Abbvie Inc., Ability Pharma, Acadia Pharmaceuticals Inc., Amgen Inc., Takeda Oncology, Aslan Pharmaceuticals Ltd., Aspen Pharmacare Holdings Limited., Astrazeneca, Athenex Inc. and others.Recent Advancements
In recent years, there have been significant advancements in the field of Oncology. New treatments and therapies are being developed and tested all the time, and there has been a great deal of progress in our understanding of cancer.
● The new treatments are often more effective than existing ones, with fewer side effects. They are also often less expensive, which is good news for patients who are struggling to pay for their care. There have also been signs of progress in the early detection of cancer. New technologies such as PET scans and blood tests are helping doctors to identify cancers earlier when they are most treatable.
● The U.S. Food and Drug Administration (FDA) approved several new cancer drugs, including immunotherapies and targeted therapies. Clinical trials are underway for CAR T-cell therapy, which shows promise for treating certain types of cancer. The National Cancer Institute (NCI) investing $215 million in a precision medicine initiative to develop more targeted cancer treatments
● Some of the most promising recent advancements include immunotherapy, targeted therapy, and proton therapy. Immunotherapy is a type of treatment that helps the body's immune system to fight cancer cells. Targeted therapies are another type of advanced Cancer treatment that is proving to be effective against certain types of cancers. These therapies target specific molecules or genes that are involved in the growth and spread of Cancer cells. By targeting these specific molecules or genes, targeted therapies can kill Cancer cells while sparing healthy cells. The use of precision medicine is also increasing in the field of Oncology. Proton therapy is a type of radiation therapy that uses protons instead of X-rays to kill cancer cells.
Segmentation of the Global Oncology Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Oncology in terms of revenue?
The global Oncology valued at USD 305.07 Billion in 2022 and is expected to reach USD 556.35 Billion in 2030 growing at a CAGR of 7.80%.
Which are the prominent players in the market?
The prominent players in the market are Aegerion Pharmaceuticals Inc., Abbvie Inc., Ability Pharma, Acadia Pharmaceuticals Inc., Amgen Inc., Takeda Oncology, Aslan Pharmaceuticals Ltd., Aspen Pharmacare Holdings Limited., Astrazeneca, Athenex Inc..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 7.80% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Oncology include
- Rising incidence of cancer globally
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Oncology in 2022.