WASHINGTON, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Global Oncology Market is valued at USD 283.5 Billion in 2021 and is projected to reach a value of USD 447.3 Billion by 2028 at a CAGR of 7.9% over the forecast period.
Vantage Market Research's report on the oncology market provides an overview of the current state of the therapy and prospects for the coming years. The report covers therapeutic areas such as cancer genotoxicity, melanoma, lung cancer, renal cell carcinoma, and breast cancer. It also examines microRNA-based therapies in detail and reviews key pipeline products. The report has been based on extensive interviews with key players in the field as well as analysis of publicly available information.
The report offers insights into various aspects of the oncology market including product launches and developments, collaborations and partnerships, patient segmentation, disease stage distribution, growth drivers, challenges faced by industry participants, and future prospects.
The report is a valuable resource for companies active in the oncology market and research institutes engaged in strategic planning.
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Oncology Market Overview
Cancer is one of the leading causes of death in the world, and the number of people diagnosed with cancer is increasing every year. Each year, more than 10.6 million die of cancer around the globe. The demand for cancer diagnostics and treatment in the global Oncology Market is growing rapidly, and there are many new developments in this area that are promising new treatments and cures for cancer.
There is a growing demand for cancer diagnostics and treatment, as the number of people diagnosed with cancer continues to climb. In the United States, there will be an estimated 43 million new cases of cancer over the next 20 years, and about 24 million people will die from the disease. One way that the demand for oncology market is increasing is because more people are being diagnosed with cancer at an earlier stage. In fact, according to the American Cancer Society (ACS), almost one-third of all cancers are now detected at an early stage, which allows for better treatment options and a greater chance of survival.
One important technology that has helped to improve early detection of cancer is CT scans. They are often used to diagnose tumors in the lungs, liver, and other organs. CT scans are also being used more frequently to screen for breast and other types of cancers. The results of a CT scan can help doctors determine if someone should have further tests or if they have a tumor in the Oncology Market.
Another important technology that is helping to improve early detection of cancer is MRI scans. MRI scans use powerful magnetic fields and radio waves to produce images of body parts inside and outside the body. They are often used to diagnose tumors in the brain and spine. MRI scans can also be used to screen for ovarian, cervical, and other types of cancers.
Key Aspects of the Global Oncology Market
- Today's cancer patients have a variety of diagnostic tests and treatments at their disposal, thanks to advances in technology. Many of these tests and treatments are available only through sophisticated and expensive procedures or through clinics considered to be the best in the world. This is creating growing demand for cancer diagnostics and treatment, which is driving innovation in the field.
- One important area of cancer diagnostics and treatment in the global Oncology Market that is seeing significant growth is targeted therapy. Targeted therapy is a type of treatment that uses specific drugs or combinations of drugs to attack cancer cells specifically. By knowing which genes are responsible for tumor growth, targeted therapy can be more effective than traditional chemotherapy or radiation treatments. In addition, targeted therapy has fewer side effects than those treatments, making it an attractive option for some patients.
- Another area of cancer diagnostics and treatment in the Oncology Market that is seeing rapid growth is gene sequencing. Gene sequencing can help doctors identify which genes are mutated in a patient's tumor. By understanding how these mutations cause tumors to grow, doctors can develop more effective therapies based on this knowledge. In some cases, gene sequencing can also help doctors predict how long a patient will survive after being diagnosed with cancer.
- As technology continues to evolve, so too does the way we treat cancer. With new diagnostic tests and therapies becoming available all the time, there is no limit to what can be done to improve the quality of life for patients affected by this disease.
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Major Players in Global Oncology Market
- Aegerion Pharmaceuticals Inc.
- Abbvie Inc.
- Ability Pharma
- Acadia Pharmaceuticals Inc.
- Amgen Inc.
- Takeda Oncology
- Aslan Pharmaceuticals Ltd.
- Aspen Pharmacare Holdings Limited.
- Astrazeneca
- Athenex Inc.
Key Report Findings of the Oncology Market
- Rising incidence rates of cancer are a key factor driving the growth of this market. Additionally, significant advances in cancer treatments are expected to drive the market growth over the next few years.
- Some of the leading players in this market include GE Healthcare, Roche, and Novartis AG. These companies are focusing on developing new diagnostic tools and therapies for various types of cancers. Some of the major products that these companies are developing include molecular diagnostics, targeted therapies, and immunotherapy drugs.
- The demand for cancer diagnostics in the Oncology Market is increasing due to its high prevalence rates globally and increasing incidence rates of different types of cancers including lung, breast, pancreatic, ovarian, colorectal, and prostate cancers.
- Molecular diagnostics (such as gene expression profiling) is one of the key technologies that are being used to identify precursor lesions and early stage tumors in patients with suspected cancer diagnoses. This technology has been found to be accurate in identifying malignant cells as well as normal cells in patients with various types of cancers (including lung cancer), thereby providing valuable information that can help clinicians make a better diagnosis and decide on appropriate treatment options.
Strong Demand for Early Detection of Cancer in Oncology Market
In recent years, the demand for early detection of cancer has been on the rise. This is because people are now realizing just how serious this disease can be. If caught early, most cancers can be cured using treatments that currently exist or that are in development.
One reason for the strong demand for early detection of cancer in the oncology market is the increasing prevalence of this disease. According to the World Health Organization (WHO), cancer incidence rates have been rising over the past few decades both in developed and developing countries alike. In 2019, an estimated 17 million new cases of cancer were diagnosed worldwide, and more than 10.6 million people will die from the disease. Of these cases, about 1 million were breast cancer diagnoses and 600,000 were prostate cancer diagnoses.
Another reason for the rising demand for early detection of cancer is that many people are now aware of its signs and symptoms. For example, many people now know that cancer often starts as a small lump or mass on the body or in the glandular system (such as the breast or prostate). It’s also common for people with cancer to experience changes in their appetite, energy levels, mood, or bowel habit.
There is strong demand for early cancer detection services across the globe. Many countries are investing in new technology and training to improve cancer detection. The market is expected to grow at a rate of 7% annually through 2021. This growth is expected to be particularly pronounced in Asia Pacific region owing to rising number of geriatric population and increased awareness about benefits of early diagnosis among patients.
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Top Challenges in Global Oncology Market
The oncology market is forecast to grow at a CAGR of 7.9% during the period 2022-2028. This growth can be attributed to increasing incidence of cancer and advancements in treatments. However, the market is also facing several challenges such as:
- Increasing cost of drugs and lack of awareness about cancer among the population. The cost of cancer drugs is one of the major challenges faced by the oncology market. The high cost of these drugs leads to a limited affordability for patients, which in turn restricts their access to treatment options. Moreover, the high cost also creates resistance among patients towards anticancer therapies. To overcome this challenge, companies are currently developing cheaper alternatives to existing cancer drugs.
- Another challenge that the oncology market faces is lack of awareness about cancer among the population. This problem arises due to a lack of education about cancer and its symptoms among people. Additionally, there is a need for more effective campaigns designed to educate people about cancer and its symptoms. If this problem is not addressed soon, it could lead to a decline in the sales of cancer treatments across the globe.
- Apart from these two major challenges, other factors such as increasing incidence rates of cancer and evolving technology are also contributing to the growth of the oncology market.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Oncology Market Forecast Report (2022-2028).
Global Oncology Market Segmentation
By Cancer Diagnostics & Treatment
- Cancer Diagnostics
- Cancer Treatment
By Indication
- Lungs Cancer
- Colorectal Cancer
- Breast Cancer
- Liver Cancer
- Bladder Cancer
- Head & Neck Cancer
- Prostate Cancer
- Other Indications
By End Use
- Hospitals
- Diagnostic Laboratories
- Diagnostic Imaging Centers
- Academia
- Specialty Clinics
- Other End Uses
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 283.5 Billion |
| Revenue Forecast by 2028 | USD 447.3 Billion |
| CAGR | 7.9% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Aegerion Pharmaceuticals Inc., Abbvie Inc., Ability Pharma, Acadia Pharmaceuticals Inc., Amgen Inc., Takeda Oncology, Aslan Pharmaceuticals Ltd., Aspen Pharmacare Holdings Limited., Astrazeneca, Athenex Inc. |
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