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

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).

Cancer is the world's third most fatal disease, following only cardiovascular, parasitic, and infectious disorders. Chemoprevention is described as pharmacological intervention with synthetic or naturally occurring chemicals that have the potential to inhibit or prevent carcinogenesis. Cancer treatment includes surgery, radiation, and medications. Surgery is the first line of treatment for cancer in its early stages. Radiotherapy is most commonly used in conjunction with surgical operations in a localized environment. Finally, medications are used in conjunction with chemotherapy (CTX), which employs a diverse set of agents having cytotoxic effects. Cancer treatment that targets the alterations in cancer cells that enable them grow, divide, and disseminate is known as targeted therapy. Rising alcohol and cigarette intake has resulted in an increase in the global oncology burden. Furthermore, since industry players place a high emphasis on developing novel medication candidates targeting various types of malignancies, the market is expected to increase steadily during the forecast period.