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Oncology Market worth over $522bn by 2028

  • Published Date: January 12, 2022

Oncology Market size is set to surpass USD 522 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Market growth is attributed to advancement in treatment & procedures, novel product launches as well as growing demand for disease diagnosis. For instance, in January 2021, AstraZeneca 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 is expected to further spur the market expansion.
 

Increasing prevalence of cancer disease across the globe to boost the oncology market progression

Growing adoption of unhealthy diet including excessive fat and sugar content coupled with reduction in physical exercise has escalated the number of people suffering from chronic conditions such as diabetes and cancer. Furthermore, growing awareness regarding disease diagnosis and prevention has accelerated demand for disease detection tests, thus positively impacting the industry growth.
 

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

Increasing use of diagnostic tests coupled with advancements enabling accuracy and faster results has escalated the price associated with diagnostics. Acceptance 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 especially in developing countries, thereby impeding the industry expansion over the coming years. Stringent regulations along with various risks related with high radiation exposure may hinder the market value during the forecast period.
 

Availability of advance cancer treatment will foster the segment growth

The cancer treatment segment in the oncology market valued at USD 144.7 billion in 2021 led by the rising geriatric population coupled with increasing prevalence of cancer worldwide. Additionally, rise in oncology research is also one of the key factors that will augment the growth of the cancer treatment market. In addition, availability of various advance oncology treatment such as targeted therapy and hormonal therapy among others will further enhance the segment expansion. Increase R&D investment to develop anti-cancer drugs will also stimulate the industry progression.
 

Browse key industry insights spread across 245 pages with 275 market data tables & 16 figures & charts from the report,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 - 2028in 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 to positively impact the segment progression

The oncology market for lung cancer segment accounted for the 10.2% the market share in 2021. Growing prevalence of lung cancer credited to consumption of tobacco coupled with the nature of its recurrence has led to massive burden on health care system, thereby augmenting the industry value.
 

Rising number of diagnostic and pathology laboratories will surge diagnostics laboratories segment revenue

Diagnostic laboratories segment in the oncology market is poised to showcase 10% growth rate through 2028 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. In addition, increasing cases of cancers across the globe will increase the demand for diagnostic laboratories that will in turn accelerate the market demand during the forecast period.
 

Growing number of initiatives to promote the value of early cancer diagnosis to fuel the growth for European region

Europe oncology market size was over USD 74.01 billion in 2021. Rising number of initiatives to promote the value of early cancer diagnosis in delivering effective treatment will provide an impetus to regional growth. Moreover, rapidly evolving techniques in molecular biology, increasing sophistication in health care equipment and improvements & innovative approaches in technology is predicted to propel the industry demand during the forecast period. Furthermore, factor such as high sensitivity of imaging modalities as compared to traditional diagnostics will be a major factor for the market revenue.

 

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

The eminent companies operating in the market include GE Healthcare, Janssen Diagnostics, LLC (Johnson & Johnson), F. Hoffmann-La Roche, Pfizer, Bayer AG, Merck, Abbott, Thermo Fischer Scientific. These players 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.
 

Authors: Sumant Ugalmugle, Rupali Swain

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