Home > Healthcare > Drug Device Combination > Therapeutic Systems > Oncology Market
Oncology Market Size
Oncology Market size reached more than USD 280 billion in 2022 and is anticipated to exhibit 9.7% CAGR from 2023-2032. Thriving cancer burden worldwide will drive industry growth.
The increasing support by several governments and organizations through initiatives for creating awareness regarding the treatment of cancer will augment the oncology industry progress. The rising administrative support along with the surging funding towards cancer prevention research will play a key role in the market expansion.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 280 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 9.7% |
| 2032 Value Projection: | USD 690 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 276 |
| Tables, Charts & Figures: | 405 |
| Segments covered: | Cancer Diagnostics & Treatment, Cancer Type, End-use and Region |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Adverse impacts associated with cancer treatment to restrict market development
The growing risk pertaining to the side effects of cancer treatment, such as chemotherapy is likely to hinder the oncology market development. The intake of certain chemotherapy drugs may result in delayed side effects among the affected patients. Furthermore, the execution of chemotherapy can lead to long-term damages to reproductive organs, lungs, kidneys, and heart, as well as other healthy cells. The rising exposure to radiation of CT scanners given the usage of higher dose of radiation and the consequent ill-effects of cancer medications will also hamper oncology demand to some extent.
Oncology Market Trends
Side effects associated with oncology treatment such as chemotherapy can potentially hinder the growth of global industry. Patients undergoing chemotherapy may suffer from long-term damage to the heart, lungs, kidneys, or reproductive organs. This can occur after the treatment by damaging the healthy cells, thus limiting the industry progression. Moreover, certain types of chemotherapy drugs may cause delayed side effects. Few of the common side effects include hair loss, fatigue, anaemia, infections and easy bruising & bleeding among others, thereby hampering the overall market demand.
Oncology Market Analysis
Based on cancer diagnostics & treatment, the oncology market valuation from cancer treatment segment is poised to record USD 400 billion by 2032. In the recent past, there has been growing adoption of immunotherapy and targeted therapies for cancer treatment as they are more convenient and effective with less side-effects than traditional chemotherapy. Hence, the escalating consumer awareness regarding the benefits of immunotherapy, hormonal therapy, and targeted therapy will anchor the market landscape.
In terms of revenue, the oncology market share from hospitals is expected to record over USD 462 billion by 2032. The growth can be attributed to the strong presence of highly trained professionals in these settings for handling advanced cancer diagnosis equipment. The increased deployment of technologically developed biopsy and devices for the diagnosis of cancer has, in turn, led to the surged number of diagnoses performed in hospitals. The growing introduction of favourable reimbursement policies for various cancer treatment surgeries in hospital facilities will further influence the industry outlook.
North America held 46% of the oncology market in 2022 due to the increasing burden of cancer, mainly in the U.S. As per American Cancer Society, around 1,958,310 new cancer cases as well as 609,820 cancer deaths are estimated to occur in the U.S. in 2023. The rising technological advances in cancer diagnostic treatment methods and cancer therapies have spurred the number of new product launches. The thriving government support for the rollout of favorable R&D initiatives by leading regional solution providers for the development of advanced cancer treatment are other factors accelerating the industry statistics.
Oncology Market Share
- F. Hoffmann-La Roche
- Merck & Co Inc
- Abbott
- Pfizer
- Bayer AG
- AbbVie Inc
- Thermo Fischer Scientific
- Kite Pharma (Gilead Science, Inc)
- GE Healthcare
- Siemens Healthineers AG
- Amgen Inc
- Biocartis
- BioMerieux SA
- Janssen Diagnostics LLC (Johnson & Johnson)
- Astellas Pharma Inc
- AstraZeneca
- Bio-Rad Laboratories Inc
- Sysmex Corporation,
- Tesaro Inc (GlaxoSmithKline Plc)
are some of the major market participants worldwide.
The oncology market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
Click here to Buy Section of this Report
By Cancer Diagnostics & Treatment
- Cancer diagnostics
- Tumor Biomarkers Test
- Imaging
- Biopsy
- Liquid Biopsy
- Immunohistochemistry
- In Situ Hybridization
- Cancer treatment
- Chemotherapy
- Targeted therapy
- Immunotherapy
- Hormonal therapy
- Others
By Cancer Type
- Lung cancer
- Prostate cancer
- Colon & rectal cancer
- Gastric cancer
- Esophageal cancer
- Liver cancer
- Breast cancer
- Others
By End-use
- Hospitals
- Diagnostic laboratories
- Diagnostic imaging centers
- Academia
- Specialty clinics
- Others
The above information is provided for the following geographies:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Poland
- Switzerland
- Netherlands
- Asia Pacific
- Japan
- China
- India
- Australia
- Indonesia
- Vietnam
- Thailand
- South Korea
- Latin America
- Mexico
- Brazil
- Argentina
- Columbia
- Middle East
- South Africa
- Saudi Arabia
- UAE
- Israel
Frequently Asked Questions (FAQ) :