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).

Who are the key vendors in the Global Oncology Market?

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', 'Bristol-Myers Squibb Company', 'Pfizer Inc.', 'Merck & Co., Inc.', 'AstraZeneca PLC', 'Johnson & Johnson', 'Sanofi S.A.', 'Takeda Pharmaceutical Company Limited', 'Amgen Inc.', 'AbbVie Inc.', 'Eli Lilly and Company', 'Gilead Sciences, Inc.', 'Celgene Corporation (a subsidiary of Bristol-Myers Squibb Company)', 'Bayer AG', 'Biogen Inc.', 'Daiichi Sankyo Company, Limited', 'Astellas Pharma Inc.', 'Eisai Co., Ltd.', 'Teva Pharmaceutical Industries Ltd.'

What is the key driver of Global Oncology Market?

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.

What is the key market trend for Global Oncology Market?

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.

Which region accounted for the largest share in Oncology Market?

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 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.

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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. '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 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.

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

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.

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What is the global market size of Oncology Market?

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