What is the global market size of Oncology Market?

Oncology Market size was valued at USD 286.04 billion in 2021 and is poised to grow from USD 309.3 billion in 2022 to USD 581.25 billion by 2030, growing at a CAGR of 8.2% in the forecast period (2023-2030).

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 Regional Insights

In 2021, North America is expected to have the biggest share of the global oncology market. The region's dominance is due to the increased incidence and prevalence of cancer in the United States, as well as new product introductions in the region. According to the National Cancer Institute, roughly 1.8 million people in the United States will be diagnosed with cancer in 2020. Europe, after North America, is expected to account for the second-largest share of the global market. Because of the rising cancer burden, high-growth countries such as the United Kingdom, Germany, France, Italy, and Spain will contribute to the expansion of the European oncology market. Because of increased population awareness, the Asia Pacific oncology market is likely to grow at a quicker rate. The rising prevalence of cancer and rising healthcare costs will boost regional growth. Latin America, the Middle East, and Africa are projected to see sluggish development due to a lack of awareness and affordability of high-cost biologic medications.

Oncology Market Report Snapshots

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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 market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. '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. '

The oncology market growth is attributed to the rising prevalence of cancer across the globe. Cancer has become the second greatest cause of death in the world, trailing only cardiovascular disease. This is caused by factors such as cigarette use, changing dietary patterns, and an extended post-reproductive lifespan. Cancer, for example, is a growing burden, with the number of new cancer cases expected to rise from 18.1 million in 2018 to 29.4 million by 2040, according to the World Health Organization (WHO). As a result, the rising prevalence of cancer is predicted to drive demand for worldwide oncology cancer medications during the forecast period. Furthermore, increased cancer awareness among the people is expected to benefit the global market in the approaching years.

The expansion of the oncology market is aided by the growing focus on R&D to increase adoption of advanced drug therapies. The goals of cancer treatment are to cure the disease, prolong survival, and improve quality of life. Immune cells are crucial in tumor growth. As a result, boosting immune responses to malignancies is an appealing therapeutic and preventative method. As a result, top market players are investing in immunotherapy research and development to treat various tumors. In March 2019, for example, FUJIFILM Corporation and the National Cancer Center Japan announced the start of a joint research effort for novel cancer immunotherapy employing a liposome formulation. Immunotherapy has a stronger market adoption due to its success in terms of efficient treatment, which results in better patient outcomes. As a result, this contributes to market growth.

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Oncology Market Regional Insights

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