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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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

  • Report ID: GMI4879
  • Published Date: Jan 2022
  • Report Format: PDF

Industry Trends

Oncology Market Size exceeded USD 270.5 billion in 2021 and is anticipated to grow at 10.2% CAGR between 2022 and 2028. Rising alcohol and tobacco consumption have led to the rise in global oncology burden. Also, as the industry players lay a strong emphasis on developing novel drug candidates targeting different types of cancers, a steady growth is poised in the market during the forecast period.
 

Oncology Market Overview

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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 relatively low-priority services. For instance, the government of Scotland temporarily suspended screening programs for cervical, bowel and breast cancers in light of increasing cases of COVID-19 pandemic.
 

Moreover, several local- and national-level restrictions implemented by public and private authorities on the movement of people and goods is noted to significantly disrupt the pharmaceutical products and ingredients supply chain, thereby hampering the industry growth. Additionally, temporary closure of various academic institutes and challenges in providing post-sales services owing to the pandemic, resulted in the reduced supply of oncology product to end users, thereby hindering with the market expansion.
 

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

Technological advancements and automation have enhanced the accuracy levels of cancer tests and also made them user friendly, thereby fostering the industry expansion. For instance, liquid-based cytology (LBC) tests were developed to overcome difficulties in conventional pap test for cervical cancer screening. Liquid based cytology (LBC) test 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 oncology market value

Side effects associated with oncology treatment such as chemotherapy can potentially hinder the growth of global industry. Patients undergoing 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, thus limiting the industry progression. 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, thereby hampering the overall market demand.
 

Technological advancements in cancer diagnostics to further accelerate adoption rate of cancer diagnostic tools

The cancer diagnostic segment dominated more than 46.6% of the market share in 2021 led by the rising incidence of cancer coupled with technological advancements. The development of an intelligent surgical knife fulfils the growing demand for minimal invasive technologies. Furthermore, detecting cancer merely with physical exams or biomarker tests is noted to be an onerous task while imaging test is must for conformation.
 

Increasing prevalence of breast cancer will influence the segment growth

Oncology Market Size

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Breast cancer segment valued at USD 54.06 billion in 2021 due to the rising obesity, hormonal imbalance, age-related risks and replacement therapy in women, the prevalence of breast cancer increases. Additionally, various government initiatives such as BreastScreen Aotearoa in New Zealand providing free tests to women will further augment the industry value over the forthcoming years.
 

Availability of various technologically advanced devices and growing hospital admission to positively impact the segment expansion

Hospital segment is expected to register 10.4% growth rate through 2028. High acceptance rates for technologically advanced biopsy and other devices utilized in diagnosis of cancer will increase the number of diagnosis carried out in hospitals, thereby stimulating the industry demand. In addition, the increasing presence of electrosurgical procedures and related minimally invasive surgeries has increased the admissions and adoption of oncology treatment in hospital setting, thereby enhancing the segment progression.
 

Rising prevalence of cancer disease along with increasing geriatric population in the North America region

North America Oncology Market

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North America oncology market accounted for 45.8% of revenue share in 2021 driven by the growing geriatric population along with rising incidence of cancer in the region. Furthermore, technological advancement in cancer diagnostic techniques and treatment, favourable R&D activities by industry participants are the few other factors that will favour the regional growth.
 

Growth strategies of market players are focused on increasing the customer base

Few of the notable companies operating in the market are GE Healthcare, Janssen Diagnostics, LLC (Johnson & Johnson), F. Hoffmann-La Roche, Pfizer, Bayer AG, Merck, Abbott, Thermo Fischer Scientific. These industry leaders implemented various strategies such as mergers and acquisitions, collaborations, new product launch, etc. in order to capture high revenue share in the market.

The global oncology market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028, 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

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Market size of oncology surpassed USD 270.8 billion in 2021 and is expected to expand at a CAGR of 10.2% from 2022 to 2028 driven by the surging consumption of alcohol and tobacco.

The cancer diagnostics accounted for 46.6% of the overall industry share in 2021 and will grow with soaring technological advancements and the increasing incidences of cancer.

The breast cancer was around USD 54.06 billion in 2021 and is anticipated to rise driven by the escalating hormonal imbalance, growing obesity, and the prevalence of breast cancer.

North America market share was nearly 45.8% of the industry revenue in 2021 and will rise with increasing geriatric population and growing prevalence of cancer.

Major players across the industry comprise Bayer AG, GE Healthcare, Thermo Fischer Scientific, Abbott, Janssen Diagnostics, LLC, Merck, Pfizer, F. Hoffmann-La Roche, and others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 19
  • Tables & Figures: 291
  • Countries covered: 15
  • Pages: 245

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