Oncology Market Analysis

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.