Pune, India, May 12, 2022 (GLOBE NEWSWIRE) --
The global oncology market size is anticipated to rise substantially through 2028, attributed to the rising incidence of cancer across many regions has stoked a growing need for innovative technologies to increase the accuracy of diagnostic tools. Governments of developed and developing countries are introducing favorable policies and initiatives to enhance the awareness of various cancer signs & symptoms, promoting early diagnosis and treatment. Here is an in-depth understanding of the trends contributing to global industry growth:
Asia Pacific (regional valuation may exceed USD 110.6 billion)
- Cancer diagnostics will enable effective treatment:
The cancer diagnostics segment accounted for more than USD 26.13 billion in APAC oncology market in 2021, as cancer cases are rising at a worrying rate across the region. Moreover, since people have become aware of the benefits of regular check-ups, the demand for cancer diagnosis has shot up in recent years.
Many of the tests like cancer biomarker tests are affordable as compared to other assessments like medical imaging. In addition, innovative technologies are being introduced in cancer diagnostic devices, which will further fuel their demand among medical professionals.
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- Breast cancer cases on the rise:
The breast cancer segment will be valued at USD 22.21 billion in Asia Pacific market by 2028. Breast cancer has become one of the most common and deadliest forms of cancer among women. There are many factors that are contributing to the alarming rise in breast cancer cases, such as obesity, age-related risks, hormonal imbalance, and replacement therapy.
In 2020, GLOBOCAN reported around 92,024 new cases of breast cancer in Japan alone. These statistics have prompted medical device companies to invest heavily in the development of state-of-the-art diagnostic tools, to facilitate timely diagnosis and treatment.
- Diagnostic imaging centers gain momentum:
The diagnostic imaging center segment generated USD 4.1 billion revenue in the regional market in 2021, because technologically advanced devices are readily available for carrying out effective diagnosis. Imaging techniques play a vital role in detecting tumors and diagnosing almost any type of cancer. Presence of skilled medical professionals has increased the patient inflow rate, which will boost the network of diagnostic imaging centers.
Europe (regional valuation to surpass USD 119.5 billion):
- Growing prostate cancer cases augment demand for advanced treatments:
The prostate cancer segment is expected to reach USD 12.1 billion in Europe oncology market by 2028. Some of the factors that are responsible for the significant surge in prostate cancer cases include unhealthy habits like tobacco chewing and smoking, sedentary lifestyle, old age, and obesity. According to the WHO, in 2020, Germany accounted for nearly 10.8% of prostate cancer cases. This scenario has fueled the need for advanced diagnostic devices among oncologists.
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- Hospitals witness sudden rise in patient admission rate:
Hospitals captured 67.1% of Europe market share in 2021 as there is a high availability of and easier access to expensive yet cutting-edge diagnostic equipment. There are highly trained medical professionals at hospitals, which has encouraged elderly patients to get admitted and undergo treatment. The geriatric population is rising, thereby increasing their chances of contracting cancer. This has driven the need for non-invasive diagnostic procedures and surgeries across hospitals in Europe.
- Germany oncology market size expands considerably:
Germany industry was valued at USD 16.9 billion in 2021, supported by various initiatives launched by the government to promote the importance of early diagnosis. Moreover, the increasing sophistication of healthcare equipment has improved their demand among end-users to accurately detect various types of cancers.
North America (regional valuation will surpass USD 246.5 billion)
- Awareness of cancer treatment grows:
Cancer treatment held 57% of North America oncology market share in 2021 as the disposable income of the regional population is rising. Moreover, governments are introducing initiatives to increase awareness of early-stage cancer diagnosis and treatment.
Lately, in February 2022, the U.S. government allocated USD 194 million to relaunch the Cancer Moonshot Program and USD 50 million to support childhood cancer data initiative. Such efforts will encourage oncologists to conduct in-depth research to discover innovative cancer treatments.
Access sample pages of the report, “North America Oncology Market Forecasts 2028” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/2106/sample
- Lung cancer cases grow across North America:
Lung cancer accounted for 10.2% of the regional industry share in 2021, as cases of this form of cancer are rising at an alarming rate. According to GLOBOCAN report by the WHO, more than 236,740 million new lung cancer cases were recorded in 2021 in the U.S. alone. Furthermore, lung cancer has a higher risk of recurrence, which will accelerate the demand for accurate cancer diagnosis and treatment.
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