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Oncology Market size to reach $690.4 Bn by 2032

  • Published Date: April 14, 2023

Oncology Market size is expected to record USD 690.4 billion in valuation by 2032, according to a new research report by Global Market Insights Inc.

The rising count of diagnostic laboratories, mainly in the developed and developing countries, to meet the burgeoning requirements for cancer testing and diagnosis will positively influence the oncology industry growth. The surging awareness regarding cancer diagnosis and prevention and the escalating healthcare expenditure have propelled the preference for cancer diagnostic tests.

According to the National Health Services (NHS) data, about 2.2 million women are screened annually for breast cancer. The rising prominence of private diagnostic laboratories for early and adequate diagnosis of different types of cancers are other factors driving oncology demand.

However, the presence of limited trained as well as well-skilled oncologists and radiologists will hinder the oncology market expansion to some extent. As per the Journal of Global Oncology, the U.S. is likely to experience a shortage of more than 2,300 medical oncologists by 2025. The influx of continuous technological innovations for the specificity and accuracy of techniques as well as devices has spurred the value for oncology procedures requiring high standards that are maintained and provided by full-time specialists.

Increasing burden of gastric cancer worldwide to drive oncology progression

The oncology industry valuation from gastric cancer is estimated to reach USD 24 billion by 2032. The growth can be attributed to the spiking number of gastric cancer cases worldwide. According to the American Cancer Society, around 26,500 new cases and about 11,130 mortalities related to stomach cancer have been estimated in the U.S. for 2023. The growing concerns related to cancers affecting the lower part of the stomach, caused by infection from Helicobacter pylori (H pylori) bacteria is likely to favor the industry trends.

Browse key industry insights spread across 276 pages with 389 market data tables & 16 figures & charts from the report, “Oncology Market Size 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), 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, Competitive Market Share & Forecast, 2023 – 2032 In detail along with the table of contents:

Scaling number of diagnostic laboratories to enhance oncology industry outlook

Oncology market valuation from diagnostic laboratories is expected to exhibit more than 9% CAGR up to 2032 on account of the rising cases of cancers across the globe. To that end, there has been a significant increase in the number of diagnostic and pathology laboratories. As per the American Clinical Laboratory Association (ACLA), nearly 7 billion diagnostic tests are performed annually across the U.S. This increase in the number of diagnostic tests is likely to propel the preference for diagnostic laboratories, thereby influencing the oncology demand.

Rising healthcare advances to augment Europe oncology industry development

The oncology market in Europe is poised to exceed USD 132 billion by end of 2032 due to the rapidly developing techniques in molecular biology. The increasing improvements as well as the influx of innovative approaches in technology have resulted in the rising sophistication in health care equipment. This has made way for the higher sensitivity of imaging modalities as opposed to traditional diagnostics. The growing number of initiatives for early cancer diagnosis to deliver effective treatment is another impact rendering factor for the industry expansion.

Burgeoning number of inorganic partnership strategies to drive oncology industry trends

GE Healthcare, F. Hoffmann-La Roche, Janssen Diagnostics, LLC (Johnson & Johnson), Pfizer, Bayer AG, Abbott, AbbVie Inc., Merck & Co., Inc., Thermo Fischer Scientific, Kite Pharma (Gilead Science, Inc), Biocartis, BioMerieux SA, Siemens Healthineers AG, Amgen Inc., Sysmex Corporation, Astellas Pharma, Inc., AstraZeneca, Bio-Rad Laboratories, Inc., and Tesaro Inc (GlaxoSmithKline Plc) are some of the leading oncology market companies.


Authors: Rupali Swain, Subodh Kharad