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

Oncology Market Driver

• 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.

Oncology Market Restraint

• Adverse drug effects, stringent regulations, and patent expiration will all limit the oncology market growth. Chemotherapy medications kill cancer cells while also causing harm to normal bodily cells. As a result, the patients experience a variety of negative effects. Bone marrow suppression, gastrointestinal disorders, neuropathies, hair loss, weariness, and skin diseases are among the most prevalent side effects. As a result, the adverse effects associated with oncology medications are having a detrimental impact on market growth. Furthermore, rigorous government regulations, high medicine costs, and patent expiration are some of the key factors impeding worldwide market progress throughout the projection period.