USD 286.04 billion
Oncology Market Size, Share, Growth Analysis, By Cancer Diagnostics & Treatment(Cancer Diagnostics {Tumor Biomarker Test, Imaging, Biopsy, Liquid Biopsy), By Cancer Type(Lung Cancer, Prostate Cancer, Colon & Rectal Cancer, Gastric Cancer), By End Use(Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia), By Region - Industry Forecast 2024-2031
Report ID:
SQSG35J2013 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
103
|Figures:
76
Oncology Market Insights
Global Oncology Market size was valued at around USD 201.8 billion in 2022 and is expected to rise from USD 224.4 billion in 2023 to reach a value of USD 471.8 billion by 2031, at a CAGR of 11.2% over the forecast period (2024–2031).
The oncology industry is growing globally, reflecting the increasing oncology burden affecting people across the globe, largely due to rising alcohol and tobacco use. The International Agency for Research on Cancer's GLOBOCAN report pointed out that there were around 10.3 million cancer-related deaths and 19.3 million new cancer cases in the world during 2020. IARC estimates new cancer cases in the world to increase to 47% between 2020 and 2040. Consequently, increasing cancer incidence is bound to spur the adoption of cancer diagnostics and cancer treatments globally. It shall further accelerate the oncology market growth globally. In addition, the market shall also expand with more government and non-profit initiatives in the way of public awareness building to prevent cancer. For that matter, under its Global Action Plan for Prevention and Control of Non-Communicable Diseases, by 2025, the World Health Organization plans to prevent the premature deaths due to diabetes, cancer, cardiovascular diseases, and chronic respiratory diseases collectively by about 25%. More widespread chronic conditions in populations also mean an increasing rate for early detection and treatment of cancer cases in different countries. The biopharmaceutical industry's increasing investments and innovations in the development of new drugs and therapies boost demand for cancer diagnosis and treatment. Growth in the global oncology market is expected to be boosted by increasing awareness among people about the availability of various drugs and diagnostics related to cancer.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Cancer Treatment
Fastest Growth
Cancer Treatment
Growth Rate
8.2% CAGR
Global Oncology Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Oncology Market Segmental Analysis
Global Oncology Market is segmented by Cancer Diagnostics & Treatment, Cancer Type, End Use, and region. Based on Cancer Diagnostics & Treatment, the market is segmented into Cancer Diagnostics (Tumor Biomarker Test, Imaging, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization), Cancer Treatment (Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy). Based on Cancer Type, the market is segmented into Lung Cancer, Prostate Cancer, Colon & Rectal Cancer, Gastric Cancer, Esophageal Cancer, Liver Cancer, and Breast Cancer. Based on End Use, the market is segmented into Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Cancer Diagnostics & Treatment
As per the oncology market forecast, the cancer treatment segment was the dominant in the market, with a market share of around 56% in 2023. This can be attributed to the rising adoption of immunotherapy and traditional chemotherapy in cancer treatments across the globe. Due to higher feasibility, effectiveness, and lower side effects of targeted therapy and immunotherapy over traditional chemotherapy, the number of patients preferring them as alternatives is growing. The low level of toxicity and the ability of targeted therapy to precisely target cancer cells while sparing the healthy cells has significantly fueled the growth of the oncology market. Furthermore, growing awareness of the potential advantages of these therapies among cancer-affected patients is inducing growing demand for targeted therapy, hormone therapy, and immunotherapy.
However, it is expected that within the healthcare market, the most promising area of development would be cancer diagnostics. Global demand for diagnostic solutions is growing because people are becoming increasingly aware of the disease of cancer and the requirement of early detection. Early cancer diagnosis is now on the rise with individuals assuming greater responsibility for their health and thus increasing this market's future expansion. The growth of the oncology industry further extends with advances in easy and non-invasive methods of diagnosis such as genetic testing, imaging technology, and liquid biopsies. These innovations are becoming increasingly popular both among patients and in the health sector because they enhance speediness, accuracy rate, and comfortability.
Analysis By Cancer Type
Due to the ever-increasing lung cancer patients across the globe, the lung cancer segment held the highest market share in 2023. The International Agency for Research on Cancer estimated the number of deaths caused by lung cancer approximately 1.8 million in 2021. It is attributed to be one of the leading causes of 18% of all cancer deaths, and it is reported that it remains to be the most common diagnosed disease in the world. It is widely accepted as the single most common cause of death from cancer globally. The major risk factor for this high incidence is smoking, which is still prevalent in many regions, especially in poorer countries. The high incidence of lung cancer is also caused considerably by hereditary and environmental factors, thus elevating the requirement for diagnostic and treatment options within this market.
Contrarily, based on the oncology market analysis, breast cancer is expected to rise at the fastest rate. The incidence increase most particularly in the cases of women accounts for this upward trend in the forecast period. Better screening programs, more awareness, and developments in testing technology have been the result of higher rates of detection these recent years. Consequently, the conditions are diagnosed at an earlier stage and therefore have a higher demand for focused therapy and survival rate. Lifestyle factors such as late childbearing, fewer physical activities, and more cases of being overweight/obesity contribute to the growing incidences of breast cancer. That is why the market for breast cancer diagnostics and treatments will go up by many times over the coming several years as research continues to uncover new discoveries and tailored therapeutics are developed.
Global Oncology Market By Cancer Diagnostics & Treatment, 2021 (%)
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Oncology Market Regional Insights
North America holds the leading position in the oncology market in 2023, based on the massive number of cases of cancer prevalent in significant markets such as the United States. According to the American Cancer Society, more than 606,520 deaths were caused due to cancer in 2020 and over 1.8 million new cases of cancer were reported in the United States. The most frequently diagnosed cancer types are breast cancer, prostate cancer, colorectal cancer, and lung cancer in this region. In North America, the oncology market is expected to be led due to an advanced system of healthcare, high expenditures on health care, and a rapid embrace of new therapies used in the treatment of cancers. Interestingly, the incidence of deaths from cancer has declined by nearly 29% over the last two decades since these drugs have been in use since 1991.
Over the projection period, Europe is predicted to be the most promising oncology market. Prime growth drivers for this expansion are the technological improvements in cancer diagnosis, particularly more accurate instruments in imaging and genetic testing. In addition, the rising incidence and mortality rate of cancer in Europe drives the demand for better diagnosis and treatment. The European Commission has estimated that in 2020, there were approximately 1.3 million deaths from cancer and 2.7 million new cases of cancer diagnosed in Europe. Further growth in the European oncology industry is expected with improvements in preventive and treatment methods, and the steady development of healthcare systems across the continent.
Global Oncology Market By Geography, 2021 - 2028
- Largest
- Fastest
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Oncology Market Dynamics
Oncology Market Drivers
Growing Incidence of Cancer
- The main factor for oncology is the increasing incidence of cancer. The higher incidence of cancer is a result of several factors, which include the increasing number of older people and the alteration in lifestyle and exposure to the environment. The increased incidence level results in increasing patients who receive a diagnosis, which in turn influences the growth of the oncology industry by demanding cancer drugs, treatments, and diagnostics. This creates big market potential because of the need for specialized drugs, early diagnostics, and novel approaches to treatment.
Technological and Research Advances in Cancer
- The oncology market grows with increased advancements in cancer research, such as genetic testing and immunotherapy, and precision medicine. With more targeted and effective cancer treatment, the advances in treatment options will improve patient outcomes. The demand for immense growth in the market is due to the emergence of technology in shattering the status quo and offering less-invasive treatment opportunities and more precise diagnostics, such as liquid biopsy and AI-driven diagnostic tools.
Oncology Market Restraints
Expensive Cancer Drugs
- The main limitation of the oncology market is that most of the treatments remain too expensive for many types of cancers. Advanced drugs such as immunotherapy and targeted drugs will be inaccessible for most patients in some areas, while increased costs in healthcare and insurance coverage will make it impossible for the market to flourish mainly due to the hefty health insurance cost across the world's less fortunate nations.
Drug Resistance and Side Effects
- Patients become disappointed with the treatment due to the toxic side effects of the treatments for cancer, including chemotherapy and immunotherapy. Many people also suffer from aggressive side effects from these that may extend to the quality of life, such as nausea, fatigue, and suppression of the immune system. Furthermore, the development of resistance to drug treatments has limited the effect of some drugs and the industry altogether since tumors become less responsive to some treatments after some time.
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Oncology Market Competitive Landscape
Extensive development strategies such as partnership, acquisitions, mergers, and collaborations help in the considerable growth of the market. The key players operating in the market have also been working hard on their R&D projects, besides huge investments in the oncology field for some of the most innovative state-of-the-art cancer diagnosis and treatment methods. These players in the market focus on increasing their market share by introducing advanced oncology solutions while simultaneously trying to benefit from the ongoing market scenarios.
Oncology Market Top Company Profiles
- Roche Holding AG
- Novartis International AG
- Pfizer Inc.
- Bristol-Myers Squibb Company
- Merck & Co., Inc.
- AstraZeneca plc
- Johnson & Johnson (Janssen Pharmaceuticals)
- Eli Lilly and Company
- Amgen Inc.
- Sanofi S.A.
- Bayer AG
- Takeda Pharmaceutical Company
- AbbVie Inc.
- Gilead Sciences, Inc.
- Astellas Pharma Inc.
- Celgene Corporation (acquired by Bristol-Myers Squibb)
- Regeneron Pharmaceuticals, Inc.
- GlaxoSmithKline plc (GSK)
- Daiichi Sankyo Company, Limited
- Seagen Inc.
Oncology Market Recent Developments
- AstraZeneca released a statement in July 2021 stating that its drug Imfinzi to treat patients with non-small cell lung cancer has been approved by China's National Medical Products Administration.
- Bayer AG announced last June 2021 that it will acquired PSMA Therapeutics Inc and Noria Therapeutics Inc. This acquisition will give the company exclusive rights to the investigational substance owned by this company. The purchase will aid the development of the portfolio of Bayer in cancer.
- Tidal Therapeutics is a pre-clinical biotech company developing an mRNA-based research platform. Sanofi acquired the company in April 2021. The acquisition allows Sanofi to expand its capacity for research in immunology, cancer, and other diseases through this novel technological platform.
Oncology Key Market Trends
- Personalized Medicine: The key oncology market trends include personalized medicine. More cancer therapies are specific to the genetic profile of each individual patient. Targeted therapies, largely due to the rapid advancements recently made in genomics and molecular profiling, prove much more effective and have fewer side effects than conventional therapies. It is changing the face of cancer care by bettering the outcomes of patients, saving wasteful expenditure on treatments, and increasing treatment success. Advancement of minimally invasive techniques
- Development of Minimally Invasive Techniques: Targeted radiation treatment and robotic surgery are two less invasive techniques that are taking the oncology field by storm. Compared to the conventional approach, these treatments afford patients shorter recovery periods with a lesser chance of complications and less discomfort after surgery. With advancements in non-invasive diagnostic technologies such as liquid biopsies, this trend is improved with increased effectiveness and patient experience of diagnosing and treating cancers.
Oncology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the oncology market is further expanding because of the development in immunotherapy, targeted medicines, cancer research, and personalized medicine. The acceptance of precision medicine is also witnessing increasing new medication treatments and diagnostic capacity, thus driving the rising needs of advanced therapies. As a result, this market is expected to rise continuously. High treatment costs, legal restrictions, and the need for better access to care remain significant barriers, however. Oncology is a core and thriving area of the healthcare business because, despite these barriers, steady progress in cancer detection and treatment offers hope for better patient outcomes.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 201.8 billion |
| Market size value in 2031 | USD 471.8 billion |
| Growth Rate | 11.2% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oncology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oncology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Oncology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Oncology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oncology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oncology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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