According to Precedence Research, the oncology market size is projected to hit over US$ 581.25 billion by 2030 and is expanding growth at a remarkable CAGR of 8.2% from 2021 to 2030.
Ottawa, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The global oncology market size was reached at US$ 265.1 billion in 2020. The global oncology market is driven by the rising prevalence of cancer disease among the global population that significantly fosters the demand for the various oncology diagnostics and treatment products. Around 10 million cancer deaths were recorded in 2020 and around 19.3 million new cancer cases were diagnosed globally in 2020, as per the data provided by the International Agency for Research on Cancer in its report named GLOBOCAN.
The rising awareness regarding cancer and availability of various oncology treatment and innovative diagnostic tools for detecting cancer. The rising investments by the biopharmaceutical industry players in the research and clinical trials of various therapeutics and diagnostics are expected to fuel the growth of the global oncology market during the forecast period.
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North America accounted for around 46% of the market share in 2020 and dominated the global oncology market. The increased prevalence of cancer in the region coupled with the increased healthcare expenditure is augmenting the demand for the oncology treatment. Moreover, the increasing awareness regarding the various treatment and diagnostics related to cancer is expected to spur the growth of the market. The rapidly growing prevalence of various types of cancer such as lungs cancer, breast cancer, prostate cancer, and colorectal cancer in US has exponentially contributed in the growth of the oncology market.According to the American Cancer Society, over 1.8 million new cancer cases and 606,520 deaths were reported in the US in 2020.
Report Scope of the Oncology Market
Market Size by 2030
US$ 581.25 Billion
CAGR from 2021 to 2030
Largest Share Holder
Fastest Growing Region
2021 to 2030
Aegerion Pharmaceuticals Inc., Aslan Pharmaceuticals Ltd., Abbvie Inc., Ability Pharma, Acadia Pharmaceuticals Inc., Amgen Inc., Athenex, Inc., Takeda Oncology, Aspen Pharmacare Holdings Limited., Astrazeneca
Europe is expected to be the fastest-growing market during the forecast period. The constantly rising cases of cancer and cancer deaths across the European countries is the major reason behind the burgeoning growth of the Europe oncology market.Around 2.7 million new cancer cases and about 1.3 million cancer deaths were recorded in 2020 in Europe, as per the European Commission. Moreover, the breast cancer was the most diagnosed cancer type across the European nations in 2020. Increased demand for the advanced and innovative technologies in the healthcare industry in Europe is estimated to be the major driving force of the oncology market in Europe.
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Based on the cancer diagnostics & treatment, the cancer treatment segment dominated the oncology market, garnering a market share of around 56% in 2020. The rising adoption of the targeted therapy and the immunotherapy for the treatment of cancer is exponentially spurring the growth of the cancer treatment segment. The low side effects and effective cancer treatment are the major advantages of the latest therapies over the traditional chemotherapy that is fostering the growth of this segment.
Based on the indication, the breast cancer is estimated to be the most opportunistic segment during the forecast period. This is mainly due to the alarming rise in the breast cancer cases across the globe. According to the IARC, around 2.3 million new breast cancer cases were reported in 2020 all over the globe.
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Rapidly rising prevalence of cancer across the globe
As per the IARC, the global new cancer cases is expected to rise by 47% from 2020 to 2040. Therefore, the projected increase in the new cancer cases by almost 50% in a span of 20 years is a major factor that will play a crucial role in spurring the demand for the oncology diagnostics and treatment across the globe. The rapidly growing pharmaceutical industry is expected to boost the oncology market growth in the forthcoming years. Moreover, the increasing adoption of the immunotherapy and targeted therapy owing to their effectiveness and low complications is spurring the growth of the oncology market.
Lack of awareness and low access to healthcare facilities
There is a lack of awareness in the underdeveloped and developing economies regarding cancer. Most of the people remain undiagnosed owing to the low financial capabilities and poor access to the healthcare services and other facilities. This is a major factor that may hinder the growth of the global oncology market during the forecast period. The lack of adequate healthcare infrastructure is depriving the people from acquiring the necessary treatment and diagnostics related to cancer and various other chronic diseases.
Technological advancements in the diagnostics
The increasing awareness among the population regarding cancer and availability of various cancer diagnostic devices is expected to fuel the market growth. Moreover, the increased affordability and rising healthcare expenditure coupled with the desire to detect cancer disease in the early stages is significantly driving the growth of the oncology market.
The presence of alternatives to the oncology treatment
The rapidly growing usage of biosimilar is a major threat to the oncology market. The biosimilar such as etanercept, infliximab, and rituximab are being extensively used in the treatment of cancer. Moreover, the approval of the FDA and EMA for the use of biosimilar has helped it to gain the confidence of the consumers in the past few years. Therefore, the presence of biosimilar is a major threat to the global oncology market.
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Segments Covered in the Report
By Cancer Diagnostics & Treatment
Tumor Biomarkers Test
In Situ Hybridization
Head & Neck Cancer
Rest of the World
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