Oncology Market size worth over $469.5bn by 2026

Oncology Market size is set to surpass USD 469.5 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Oncology market growth is owing to advancement in treatment and procedures, novel product launches as well as increasing demand for disease diagnosis. For instance, AstraZeneca has announced that Imfinzi (durvalumab) has been approved in the EU as a first-line treatment of adults with extensive-stage small cell lung cancer (ES-SCLC) in combination with either carboplatin or cisplatin. The launch of new oncology treatment offers competitive edge and expands revenue stream of the firm. Moreover, regulatory bodies play a key role in managing and ensuring safety parameters of oncology diagnostic devices that will spur the market expansion.

 

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Increasing prevalence of cancer disease across the globe will boost the industry revenue

Growing adoption of unhealthy diet including excessive fat and sugar content coupled with reduction in physical exercise has escalated number of people suffering from chronic conditions such as diabetes and cancer. According to the World Health Organization (WHO), cancer was the second leading cause of death worldwide, accounting for over 9.6 million deaths in 2018. This has led to an increase in acceptance of oncology treatment and procedures. Rising awareness regarding disease diagnosis and prevention has accelerated demand for disease detection tests.
 

High risk and cost associated with diagnostic imaging system may hamper the oncology market value

Increasing use of diagnostic tests coupled with advancements enabling accuracy and faster results has escalated price associated with diagnostics. Adoption of diagnostic imaging has grown rapidly over the years. However, all diagnostic imaging services are not covered by Medicaid and Medicare. Thus, cost burden associated with diagnostic imaging is not affordable to majority of the population. Stringent regulations along with various risks related with high radiation exposure will hinder the market demand over the forecast period.
 

Rise in cancer research is one of the key factors that will augment the growth of the cancer treatment market

The cancer treatment segment accounted for more than USD 137 billion in 2019. Growing geriatric population coupled with increasing prevalence of cancer worldwide will drive the industry share. In addition, rise in oncology research is also one of the key factors that will influence the growth of the cancer treatment market. Availability of various advance oncology treatment such as targeted therapy and hormonal therapy among others will further foster the segment growth. Furthermore, increase R&D investment to develop anti-cancer drugs will also fuel the segment expansion.
 

Browse key industry insights spread across 246 pages with 275 market data tables & 16 figures & charts from the report,Global 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 - 2026in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/oncology-market  

 

Increasing prevalence of lung cancer due to smoking and consumption of tobacco will positively impact the segment revenue

Lung cancer segment held for 10.2% of the market share in 2019. Growing prevalence of lung cancer led by consumption of tobacco coupled with the nature of its recurrence has led to massive burden on health care system. Additionally, high consumption of tobacco is responsible for the global death of approximately 7 million people every year. Similarly, lung cancer causes more than 1.6 million deaths each year across the globe. This has led to an increase in the number of cancer patients.
 

Growing number of diagnostic and pathology laboratories will surge the diagnostics laboratories segment value

Diagnostic laboratories segment will showcase considerable growth rate of 8.5% till 2026 owing to the increasing number of diagnostic and pathology laboratories. According to the American Clinical Laboratory Association (ACLA), around 7 billion diagnostic tests are performed every year in the U.S. This has been a major factor for increase in the number of diagnostic laboratories. Moreover, rising cases of cancers across the globe will increase the demand for diagnostic laboratories that will in turn impel the industry growth.
 

Rising number of initiatives to promote the value of early cancer diagnosis will enhance the European market growth

Europe oncology market size was over USD 67.6 billion in 2019 on account of increasing number of initiatives to promote the value of early cancer diagnosis in delivering effective treatment. Rapidly evolving techniques in molecular biology, growing sophistication in health care equipment and improvements and innovative approaches in technology will propel the industry expansion over the forecast timeframe. Furthermore, factors such as high sensitivity of imaging modalities as compared to traditional diagnostics will be a major factor for the regional growth.
 

Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue

The eminent players operating in the market include GE Healthcare, Janssen Diagnostics, LLC (Johnson & Johnson), F. Hoffmann-La Roche, Pfizer, Bayer AG, Merck, Abbott, Thermo Fischer Scientific, among others. These leaders focus on strategies such as innovative expansion, product development & approvals, mergers & acquisitions and collaboration to garner more revenue and sustain competition in the oncology segment.
 

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