17th May 2023
The oncology segment of the healthcare industry focused on the prevention, diagnosis, treatment, and research of cancer. It encompasses various products, services, and technologies that are used in the fight against cancer. The market includes pharmaceutical companies that develop and manufacture cancer drugs, medical device companies that produce equipment for cancer diagnosis and treatment, as well as research institutions, hospitals, and healthcare providers specializing in oncology. According to current research data, in 2021, there was a significant increase in the number of new oncology clinical trials, which reached the highest levels ever recorded, growing by 56% compared to 2016. These trials primarily focused on studying rare cancer types. Additionally, a record-breaking 30 new cancer drugs were launched globally in 2021, marking a total of 159 new drugs launched since 2012. All these explain the need for the expansion and development of the Oncology market.
The rising incidence of cancer globally is a significant driver for the oncology market. Factors such as aging populations, lifestyle changes, environmental factors, and improved cancer detection contribute to the increasing prevalence of cancer. Despite the challenges posed by the global pandemic in 2021, the field of oncology remained at the forefront of therapeutic innovation. It demonstrated high levels of clinical trial activity, substantial investments from numerous companies in developing cancer therapeutics, a robust pipeline of therapies in various stages of clinical development, the introduction of novel active substances, and significant expenditure on these drugs are constantly involved in the growth of Oncology Market as predicted.
The Global Oncology Market has reached a value of $251.6 billion in 2022. This market is projected to grow from $275.25 billion in 2023 to $516.23 billion in 2030 with a CAGR of 9.4% in the forecast period of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are procedures such as Cancer diagnostics, Cancer Treatment, indications including Lung Cancer, Colorectal Cancer, Breast Cancer, Liver Cancer, Bladder Cancer, Head & Neck Cancer, Prostate Cancer, Other Indications, and end-use such as Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics, Other End Uses. Leading companies such as GE Healthcare, AstraZeneca, Johnson & Johnson, Astellas Pharma, Amgen, Takeda Oncology, Abbvie Inc., Pfizer, Bayer AG, and BioMerieux SA.
The breast cancer segment plays a significant role in driving the oncology market. Breast cancer is one of the most prevalent types of cancer worldwide and affects a large number of individuals, predominantly women. According to the report, in 2021, the breast cancer market reached a valuation of USD 57.23. billion. Due to the high incidence and prevalence of breast cancer, which have led to substantial investments in research, development, and innovation in this specific area continue to drive the breast cancer segment. This led to an increase in the growth of the Oncology Market.
The cancer diagnostic segment plays a pivotal role in driving the growth and development of the oncology market. It encompasses various diagnostic technologies, tests, and procedures that aid in the early detection, accurate diagnosis, and monitoring of cancer. Further, the increase in research and development of new tests involved in the analysis of Biomarkers, which are specific molecules or genetic alterations indicative of cancer are driving the diagnostic segment as well as enhancing the market presence of Oncology globally.
The North American region holds the largest share of the oncology market. This region comprises the United States and Canada, which have robust healthcare systems, advanced medical infrastructure, and significant investments in cancer research and treatment. The rise in cancer incidence in major markets like the US has contributed to these trends. In 2020, the American Cancer Society reported over 1.8 million new cancer cases and 606,520 deaths in the US alone. For instance, Pfizer, a US-based company has announced its acquisition of Seagen, a biotechnology company, at a price of $229 per Seagen and decided to expand its oncology portfolio and advance innovative therapies to combat cancer. All these reasons, along with the high prevalence of cancer drive the demand for oncology products and services, making North America a key player in the Oncology Market.
It has been reported that the number of patients receiving cancer treatments has been steadily rising by an average of 4% over the past five years and predicted that global spending on oncology will surpass $300 billion by 2026. Hence, it is necessary that the companies should foster collaborations with academic institutions, research organizations, and other industry players to facilitate knowledge exchange, access to novel technologies, and shared resources, leading to accelerated drug development and improved patient outcomes as well as staying up to date with regulatory requirements with respect to regulatory bodies present globally. This further supports the growth of the Oncology market in the coming years as predicted in the forecast period.
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