Oncology Market Analysis

Oncology Market Analysis

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Based on cancer diagnostics and treatment, the market is bifurcated into cancer diagnostics and cancer treatment. The cancer diagnostics segment is further sub-segmented into tumor biomarkers test, imaging, biopsy, liquid biopsy, immunohistochemistry, and in situ hybridization Additionally, the cancer treatment segment is further sub-segmented into chemotherapy, targeted therapy, immunotherapy, hormonal therapy, and other cancer treatments. The cancer treatment segment dominated the market with the largest revenue share of 54.6% in 2024.
 

• The global incidence of cancer is rising due to factors like aging populations, lifestyle-related risks (such as smoking, poor diet, and lack of physical activity), and environmental influences. For instance, according to the World Health Organization (WHO), by 2050, over 35 million new cancer cases are expected, marking a 77% increase from the estimated 20 million cases in 2022. This significant rise reflects the growing global cancer burden and underscores the urgent need for advancements in prevention, early detection, and treatment strategies
   
• Additionally, governments and private organizations are investing heavily in oncology research, drug development, and treatment infrastructure. For instance, The National Cancer Institute (NCI) in the U.S. reported a fiscal year 2022 budget of USD 6.72 billion for cancer research. This investment is crucial for addressing the growing global cancer burden and improving patient outcomes across diverse populations.
   
• Such increased funding, particularly in developing regions, improves the availability of advanced treatments and accelerates the adoption of new therapies, resulting in significant segment growth.
   

Based on cancer type, the oncology market is segmented into lung cancer, prostate cancer, colon and rectal cancer, gastric cancer, esophageal cancer, liver cancer, breast cancer, and other cancer types. The breast cancer segment held a significant revenue of USD 63.2 billion in 2024.
 

• The rising incidence of breast cancer, influenced by factors such as aging populations, genetic predisposition, and lifestyle changes, is a significant market driver.
   
• For instance, according to the World Health Organization (WHO), in 2022, 2.3 million women were diagnosed with breast cancer, and 670,000 women died from the disease globally. This escalating prevalence underscores the growing demand for breast cancer treatments and diagnostics.
   
• Additionally, both public and private sectors are making substantial investments in cancer research and infrastructure, particularly in emerging markets such as Asia and the Middle East. For instance, the National Cancer Institute (NCI) reports that in fiscal year 2020, USD 2.57 billion in stamp funds were allocated for breast cancer research?.
   
• Such investments are enhancing access to advanced treatment options and early detection methods, thereby accelerating the growth of the breast cancer market and improving patient outcomes globally.
   

Based on end use, the oncology market is segmented into hospitals, diagnostic laboratories, diagnostic imaging centers, academia, specialty clinics, and other end users. The hospitals segment dominated the market with the largest revenue of USD 215 billion in 2024.
 

• The global rise in cancer cases is driving increased demand for oncology services in hospitals, leading to a notable increase in hospital admissions for cancer treatment. For example, Manipal Hospitals, India's second-largest hospital chain, reports over 400,000 patient visits annually for cancer care. This growing demand highlights the need for expanded oncology services to meet the needs of patients worldwide.
   
• Additionally, the advent of more effective and less invasive cancer treatments, including immunotherapy and personalized medicine, has increased the demand for specialized oncology services in hospitals. These advanced therapies require sophisticated technologies and highly trained personnel, prompting hospitals to expand their oncology departments to meet these evolving needs.
   

• The U.S. oncology market is projected to grow significantly, reaching USD 377.1 billion by 2034.
   
• The rising number of cancer cases in the U.S., driven by an aging population and lifestyle factors, is significantly increasing the demand for oncology services, treatments, and research.
   
• For instance, the American Cancer Society predicts that in 2024, an estimated 310,720 women in the U.S. will be diagnosed with invasive breast cancer, and 42,250 women are expected to die from the disease.
   
• This growing burden on healthcare systems is contributing to the rapid expansion of the U.S. market, as hospitals, research organizations, and pharmaceutical companies work to develop and provide more advanced therapies, diagnostics, and support services.
   

The oncology market in UK is expected to experience significant and promising growth from 2025 to 2034.
 

• The United Kingdom has experienced notable progress in cancer treatments, encompassing immunotherapy, targeted therapies, and precision medicine. These advancements have resulted in higher survival rates and enhanced patient outcomes, consequently increasing the demand for innovative oncology treatments and services.
   
• For instance, According to Cancer Research UK, cancer survival rates in the UK have doubled in the last 50 years, with 50% of people diagnosed with cancer surviving their disease for 10 years or more. This continuous improvement in cancer therapies and increased demand for services underscores the UK's commitment to advancing oncology care.
   

Japan oncology market is anticipated to witness lucrative growth between 2025 – 2034.
 

• Japan's population is among the world's oldest, with a significant proportion of citizens aged 65 and above. The aging population substantially impacts the market, as cancer incidence is higher in older individuals.
   
• For instance, according to the World Health Organization (WHO), as of 2023, 29.3% of Japan's population was aged 65 years or older. This demographic shift leads to a higher prevalence of age-related diseases, including cancer, thereby increasing the demand for oncology treatments and services.
   

The oncology market in Saudi Arabia is expected to experience significant and promising growth from 2025 to 2034.
 

• Saudi Arabia has experienced an increase in early cancer detection due to growing awareness and improved screening programs. This trend promotes earlier treatment and heightens the demand for oncology services.
   
• The rising need for diagnostics and cancer care is further fueled by public health campaigns and national cancer screening initiatives, resulting in significant market growth in the region.