Global Oncology Market Size By Cancer Diagnostics & Treatment, (Cancer Diagnostics, Cancer Treatment), By Indication (Lungs Cancer, Colorectal Cancer, Breast Cancer, Liver Cancer,Bladder Cancer), By End-Use (Hospitals, Diagnostic laboratories, Diagnostic imaging centers, Academia), By Geographic Scope And Forecast

Oncology Market Size And Forecast

Oncology Market size was valued at USD 286.63 Billion in 2021 and is projected to reach USD 578.93 Billion by 2030, growing at a CAGR of 8.12 % from 2023 to 2030.

Several factors have fueled the Oncology Market, including advancements in treatment options, an aging population, and increased disease awareness. Cancer incidence is rising globally as a result of factors such as an aging population and lifestyle choices. As a result, more people are being diagnosed with cancer, creating a greater demand for Oncology treatments. However, changing customer and key player preferences are among the most important drivers of this market.

Global Oncology Market Definition

Oncology is the medical field concerned with cancer prevention, diagnosis, and treatment. Oncology is the going to lead therapy area for advancement in terms of clinical trial activity, the number of companies making investments in therapeutics, the size of the pipeline of therapies in clinical development, novel active substances being launched, and the amount of money spent on these drugs. Cancer care continued to be provided in 2021, despite a backlog in treatment and screenings raising concerns.

In a record-breaking year, more novel cancer medicines had become accessible for the first time compared to any other year in history, and a lot of them use immunology or precision biomarkers.Implementation of breakthrough medicines and diagnostics is improving outcomes for millions of people all over the world, but broad and equitable access continues to be a significant challenge for healthcare stakeholders, including patients.

The advancements in the pharmaceutical industry over the last few years have made cancer more treatable. The increasing prevalence of cancer has resulted in an increase in the global demand for cancer drugs. The oncology drugs that are commonly used in cancer diagnosis are determined by the stage of progression. Oncology drugs can treat a variety of cancers, including blood cancer, skin cancer, lung cancer, breast cancer, gastrointestinal cancer, and bone cancer.

Global Oncology Market Overview

Preventive the global Oncology Market is experiencing growth because of the rising consumption of alcohol and tobacco. According to the International Agency for Research on Cancer (IARC) report GLOBOCAN, approximately 19.3 million new cancer cases, and approximately 10 million cancer-related deaths were recorded globally in 2020. According to the IARC, new cancer cases are expected to rise by 47% worldwide between 2020 and 2040.

As a result, the increasing prevalence of cancer is expected to encourage the implementation of oncology diagnostics and oncology treatment around the world, enhancing the global Oncology Market’s growth. Furthermore, increasing initiatives by the government and various non-profit organizations to raise awareness about cancer prevention are projected to drive market expansion. The World Health Organization’s Global Action Plan for the Prevention and Control of Noncommunicable Diseases, for example, aims to reduce premature death from cancer, cardiovascular disease, chronic respiratory diseases, and diabetes by around 25% by 2025.

The increased incidences of various chronic diseases have increased the global demand for early cancer detection and treatment. Increasing investment and advancements in the biopharmaceutical industry are encouraging the development of new drugs and therapeutics, which stimulates the economy for oncology treatment and diagnostics. The growing public awareness of the availability of various oncology drugs and diagnostics is projected to propel worldwide Oncology Market growth. As a result, market participants are enticed to invest in the Oncology Market due to its growing importance and higher profit potential.

Global Oncology MarketSegmentation Analysis

The Global Oncology Market is Segmented on the basis of Cancer Diagnostics & Treatment, Indication, End-Use, And Geography.

Oncology Market, By Cancer Diagnostics & Treatment

• Cancer Diagnostics
• Cancer Treatment

Based on Cancer Diagnostics & Treatment, the market is split into Cancer Diagnostics and Cancer Treatment. The Oncology Market was dominated by the cancer treatment segment. This is due to the increased use of traditional chemotherapy and immunotherapy for cancer treatment around the world. People are increasingly turning to targeted therapy and immunotherapy for cancer treatment because they are more advantageous, effective, and have fewer side effects than traditional chemotherapy. The low toxicity and ability of targeted therapy to specifically target cancer cells without harming normal cells are markedly boosting the growth of the cancer treatment segment. Furthermore, rising public awareness of the benefits of targeted therapy, hormonal therapy, and immunotherapy is fueling requirements for these cancer treatments among worldwide cancer patients.

Oncology Market, By Indication

• Lungs Cancer
• Colorectal Cancer
• Breast Cancer
• Liver Cancer
• Bladder Cancer
• Head & Neck Cancer
• Prostate Cancer
• Others

Based on Indication, The market is split into Lungs Cancer, Colorectal Cancer, Breast Cancer, Liver Cancer, Bladder Cancer, Head & Neck Cancer, Prostate Cancer, and Others. Due to an increase in lung cancer cases worldwide, the lung cancer segment dominated the market. According to the International Agency for Research on Cancer, there will be approximately 1.8 million deaths from lung cancer in 2020. Lung cancer is the most common type of cancer in the world, accounting for approximately 18% of cancer deaths worldwide. It is widely acknowledged to be the leading cause of cancer deaths. The increased global incidence of tobacco use is a major factor driving the growth of this segment. During the forecast period, breast cancer is expected to be the fastest-growing market. This is due to the rising prevalence of breast cancer among females. According to the IARC, breast cancer has exceeded lung cancer as the most commonly diagnosed type of cancer.

Oncology Market, By End-Use

• Hospitals
• Diagnostic laboratories
• Diagnostic imaging centers
• Academia
• Specialty clinics
• Others

Based on End-Use, The market is split into Hospitals, Diagnostic Laboratories, Diagnostic imaging centers, Academia, Specialty clinics, and Others. During the forecast period, the hospital segment is expected to be dominant. The rising prescription of medications at hospitals because of more frequent diagnoses at these institutions is the reason for this segment’s dominance. This is related to the need for drugs in hospitals and clinics, as well as the ease with which physicians and patients can obtain the appropriate type of drug in hospitals. The global pandemic of COVID-19 prompted an increase in visits. As a result of more people visiting hospitals, we would see an increase in prescriptions delivered and, as a result, an increase in sales of cancer drugs.

Oncology Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Oncology Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on the regional analysis. North America dominated the global Oncology Market. It can be caused by the rising prevalence of cancer in a major market like the United States. According to the American Cancer Society, over 1.8 million new cancer cases and 606,520 deaths were reported in the United States in 2020. Lung cancer, colorectal cancer, breast cancer, and prostate cancer are the most common cancers in North America. The involvement of established healthcare systems and increased healthcare expenditure is anticipated to keep the North American Oncology Market prominent.

Key Players

The “Global Oncology Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Roche Holding AG, Novartis AG, Johnson & Johnson, Pfizer Inc., Merck & Co., Inc., Bristol-Myers Squibb Company, AstraZeneca plc, Amgen Inc., AbbVie Inc., Sanofi S.A., Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Celgene Corporation, Bayer AG, Gilead Sciences, Inc., and other prominent players.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and global market ranking analysis of the above-mentioned players. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In April 2020, In India, F. Hoffman-La Roche initiated Atezolizumab, an immunotherapy medicine used to treat breast cancer.
• In May 2019, Syapse and Amgen, Inc. formed a partnership to conduct observational analytics research to evaluate clinical outcomes in unmet oncology needs.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Oncology market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Global Oncology Market gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region<b