Oncology Market Size By Cancer Diagnostics & Treatment (Cancer Diagnostics {Tumor Biomarker Test, Imaging, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization}, Cancer Treatment {Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy}), By Cancer Type (Lung Cancer, Prostate Cancer, Colon & Rectal Cancer, Gastric Cancer, Esophageal Cancer, Liver Cancer, Breast Cancer), By End-use (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026

Published Date: Dec 2020  |  Report ID: GMI4879  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 246   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry trends

Oncology Market size exceeded USD 241.9 billion in 2019 and is poised to grow at over 10.1% between 2020 and 2026.
 

Oncology refers to a specialized branch of the medical industry that deals with the diagnosis, treatment and prevention of cancer. The growing burden of cancer worldwide will impel oncology market expansion, as the risks associated with the disease are prevalent in most developed regions.
 

Oncology Market

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Rising alcohol and tobacco consumption have led to rise in global oncology burden. Nearly 22% cancer related deaths are due to tobacco use. As per the World Cancer Report, prevalence of cancer is estimated to increase by approximately 50%, reaching over 15 million new cancer cases in 2020. Thus, the rising burden of oncology will accelerate the adoption rate of oncology treatment and diagnosis. Also, the product pipeline of industry players operating in the oncology market is strong, that will provide a significant impetus to the industry.
 

The COVID-19 pandemic has impacted every aspect of oncology care and research, as several countries across the globe have classified screening and oncology care services as a low-priority services. Moreover, in patients with cancer, COVID-19 may cause severe infections, as many patients have a weakened immune system either because of the cancer itself or the oncology therapies used to treat. Therefore, cancer patient may suffer from low immunity to fight off infection by the novel coronavirus.
 

Technological advancements in various tests to detect tumor will spur the oncology market expansion

Detection of minute changes in cell using hi-tech computer system is necessary for identifying presence of tumor in the body. Computer system including Omnyx Precision Solution helps pathologists to accurately detect tumor. Thus, technological advancements and automation have made tests more accurate and easier to perform.
 

Moreover, growth of home healthcare sector has stimulated demand for home based diagnostic tests. Liquid based cytology (LBC) tests were developed to overcome difficulties in conventional pap test for cervical cancer screening. LBC reduces specimen inadequacy by around 80%, thus allowing further applications in chlamydia, HPV, and gonorrhoea testing.
 

Side effects associated with the cancer treatment may potentially restrain the market growth

Side effects associated with oncology treatment including chemotherapy may hinder the demand of global oncology market. Patient’s with chemotherapy may suffer from long-term damage to the heart, lungs, kidneys, or reproductive organs. This can occur after the treatment by damaging the healthy cells. Moreover, certain types of chemotherapy drugs may cause delayed side effects. Few of the common side effects include hair loss, fatigue, anaemia, infections, and easy bruising & bleeding, among others. Furthermore, prominent market players are trying to develop drugs, but side effects may adversely affect their adoption rate.
 

Technological advancements in cancer diagnostics will accelerate adoption rate of cancer diagnostic tools

The cancer diagnostic segment accounted for oncology market share of 43.4% in 2019 due to rising incidence of cancer coupled with growing geriatric population. Moreover, technological advancements in cancer diagnostics will further accelerate adoption rate of cancer diagnostic tools. Furthermore, detecting cancer merely with physical exams or biomarker tests is an onerous task and imaging test is must for conformation. Thus, the demand for imaging modalities is rapidly increasing with the increasing cancer prevalence. To meet the demand, new players are entering in cancer imaging market intensifying the existing competition.
 

Increasing prevalence of breast cancer will foster the oncology market growth

Oncology Market By Cancer Type

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Breast cancer segment held around 19.9% market share in 2019. The major causes of increase in breast cancer incidence and prevalence rate are obesity, hormone imbalance, age-related risks and replacement therapy. Moreover, the incidence of breast cancer in women aged between 50 to 69 years is rising rapidly. For instance, according to the Canadian Breast Cancer Network, nearly 17,400 new cases of patients aged between 50-69 years had been diagnosed in Canada in 2018. This has led to an increase in adoption of oncology diagnosis and treatment. Furthermore, various government initiatives such as BreastScreen Aotearoa in New Zealand that provide free tests to women as well as technological advancements in screening procedures will augment the market share.
 

Availability of various technologically advanced devices and increasing hospital admission

Hospital segment value in the oncology market was over USD 161.8 billion in 2019 and is expected to show significant growth of 10.7% during the forecast timeframe. High adoption rates for technologically advanced biopsy and other devices utilized in diagnosis of cancer will increase the number of diagnosis carried out in hospital settings. Furthermore, as per the National Health Expenditures report 2019, out of the total healthcare expenditures, 32% accounts to hospital care and majority of the admissions to hospital are done for oncology treatments. Thus, this has increased the admissions and adoption of oncology treatment in hospital setting.
 

Increasing prevalence of cancer disease along with rising geriatric population in the North American region

Oncology Market By Region

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North America oncology market dominated more than 45.5% revenue share in 2019. Increasing geriatric population along with rising incidence of cancer in the region will drive the regional market demand. For instance, according to the Centers for Disease Control and Prevention, around 17 million new cases of cancer were reported in the U.S. in 2017. This has led to an increase in adoption of oncology treatment as well as early cancer detection. Furthermore, technological advancement in cancer diagnostic techniques and treatment, favorable R&D activities by industry players are the few other factors that will favor the North American industry size expansion.
 

Adoption of organic business strategies will pave growth opportunities for companies operating in the market

Prominent players operating in the oncology market include GE Healthcare, Janssen Diagnostics, LLC (Johnson & Johnson), F. Hoffmann-La Roche, Pfizer, Bayer AG, Merck, Abbott, and Thermo Fischer Scientific, among others. New product launch & approval, acquisition and collaboration are the most commonly adopted business strategies to sustain market position.
 

The oncology market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
 

Market, By Cancer Diagnostics & Treatment

  • Cancer diagnostics
    • Tumor Biomarkers Test
    • Imaging
    • Biopsy
    • Liquid Biopsy
    • Immunohistochemistry
    • In Situ Hybridization
  • Cancer treatment
    • Chemotherapy
    • Targeted therapy
    • Immunotherapy
    • Hormonal therapy
    • Others

Market, By Cancer Type

  • Lung cancer
  • Prostate cancer
  • Colon & rectal cancer
  • Gastric cancer
  • Esophageal cancer
  • Liver cancer
  • Breast cancer
  • Others

Market, By End-use

  • Hospitals
  • Diagnostic laboratories
  • Diagnostic imaging centers
  • Academia
  • Specialty clinics
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
       

Frequently Asked Questions (FAQ) :

The industry size of oncology was valued at over USD 241.9 billion in 2019 and is set to expand at more than a 10.1% CAGR through 2026.
The cancer diagnostic segment held 43.4% market share in 2019 and is estimated to witness substantial growth due to soaring cancer incidences among the geriatric population.
Breast cancer segment accounted for a market share of 19.9% in 2019 and is likely to grow with the increase in breast cancer cases due to hormone imbalance, obesity and age-related risks.
The hospital segment was recorded at over USD 161.8 billion in 2019 and is anticipated to register a growth rate of 10.7% between 2020-2026.
North America market accounted for over 45.5% revenue share in 2019 due to the growing geriatric population coupled with the rising number of cancer cases among them.

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Premium Report Details

  • Published Date: Dec 2020
  • Pages: 246
  • Tables: 275
  • Charts / Figures: 16
  • Companies covered: 19
  • Countries covered: 15

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