Oncology Market Size to Surpass USD 628 Billion by 2032 | Europe held a 24.1% revenue share in 2022
According to Market.us, A major driving force behind the growth of the global oncology market is the increasing prevalence of cancer worldwide. As populations continue to grow and lifestyles change, the incidence of cancer is on the rise, leading to a surge in demand for innovative and effective treatments.
New York, April 10, 2023 (GLOBE NEWSWIRE) -- The global oncology market size recorded a valuation of *USD 208 billion in 2022* and is expected to reach *USD 628 billion *by the end of 2032, expanding at a *CAGR of 12%* over the decade. The term Oncology is the prevention, diagnosis, and treatment of cancer. The most chronic condition, cancer, is the third most devastating disease globally after cardiovascular, infectious diseases, and parasitic.
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*Key Takeaway:*
· *By Diagnostics & Treatment*, the In-Vitro diagnostic testing segment is growing fastest during the forecast period (2023-2032).
· *By Treatment*, the targeted therapy segment dominated the market in 2022, with a high revenue share over the forecast period 2023 to 2032.
· *By End-User*, the hospital segment s holds the majority of the global oncology market and is the dominant segment during the forecast period.
· In 2022, the *North America* region dominated the oncology market due to its increasing population and increased number of cancer patients.
· *Europe* held a *24.1%* revenue share in 2022.
· *Asia Pacific *will grow at the fastest CAGR during 2023-2032.
The growing geriatric population, increasing disposable income, and availability of advanced products are also expected to drive market growth. However, the high cost of oral care products, lack of awareness about oral care in developing and underdeveloped countries, and stringent regulatory environment are likely to impede the growth of the market in the coming years.
*Factors Affecting the Growth of the Global Oncology Market*
There are several factors that can affect the growth of the global oncology market. Some of these factors include:
· *Increasing Prevalence of Cancer: *The prevalence of cancer is rising worldwide due to the high population and lifestyle changes. This is anticipated to be a major factor driving the growth of the global oncology market.
· *Technological Advancements: *The introduction of newer treatment techniques in the global oncology market, such as AI detectors, Liquid biopsy techniques, are expected to fuel the growth of the global oncology market
· *Increasing Research and Development Activities: *Pharmaceutical and biotechnology companies are investing highly in research and development activities to develop more effective and economical best cancer immunotherapies that are expected to drive the growth of the global oncology market.
· *Increasing Government Support: *Respective governments are providing financial and other ways to support research and development activities in cancer immunotherapy. This is expected to increase the growth of the global oncology market.
· *High Cost of Treatment: *The cost of cancer treatments is high due to the high cost of R&D activities in developing cancer immunotherapies.
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*Top Trends in the Global Oncology Market*
The recent trend in the oncology market is the AI-based cancer detection system. By identifying tumors in their earliest stages, AI improves the accuracy of image identification in diagnostic procedures like the diagnosis of breast and lung cancer. Additionally, AI improves the accuracy of lung cancer detection by reducing false positives during screening. Using cancer-detecting algorithms, a reliable method for self-assessing lymph node biopsies was developed by researchers at the Naval Medical Centre San Diego and Google AI, the company's AI research arm. Using AI resulted in a 99 percent increase in metastatic breast cancer detection accuracy.
*Regional Analysis*
By regional analysis, North America is anticipated to be the fastest-growing region in the global oncology market due to the increasing prevalence of cancer, the availability of advanced healthcare infrastructure, and increasing awareness about the disease. The second largest regional market is the Europe market for oncology market. The Europe market is rapidly expanding due to the rising awareness about cancer treatment options and the increasing availability of drugs. The growing government investments in research and development activities are also driving market growth in Europe. The Asia Pacific is anticipated to witness a high growth rate due to a large geriatric population and the increasing prevalence of cancer in the region. Latin America and MEA have anticipated a moderate growth rate in the global oncology market.
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*Scope of the Report*
*Report Attribute* *Details*
Market Value (2022) USD 208 Billion
Market Size (2032) USD 628 Billion
CAGR (from 2023 to 2032) 12%
Europe Revenue Share 24.1%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032
* **Market Drivers*
Several factors will drive the global oncology market, including the rising incidence of various cancers worldwide. The global oncology market is anticipated to expand rapidly during the forecast period. The frequency of progress in the treatment and prevention of cancer is accelerating. The research and development channel is revealing a variety of new treatments, often in combination with other medicines. Many pharmaceutical companies highly invest in research into novel drugs to treat cancer, and this factor propels the oncology market during the forecast period (2023-2032).
*Market Restraints*
Lack of cancer awareness leads to late cancer detection, which results in late cancer diagnosis. A high number of cancer patients are diagnosed when it is already too late to treat them. Most people in developing countries find that diagnosing cancer is expensive, so they try to avoid getting it early to save money. The diagnosis can cost as much as $25,000 annually on average Opportunity. It takes a long time for advanced cancer drugs to be approved, and the high capital costs associated with R&D are the primary barriers to entry and long-term development in the market. Such restrictions on cancer treatments are restraining the global oncology market.
*Market Opportunities*
The global oncology market expansion is improved by the availability of non-governmental and government organizations that increase awareness and research& development. The security to improve patient outcomes through the advancement of science and the application of immunotherapy for cancer. These organizations work with scientists and researchers to develop new treatment options for the global oncology market.
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*Report Segmentation of the Global Oncology Market*
*By Diagnostics & Treatment*
The global oncology market is majorly segmented by diagnostics and treatments, such as tumor biomarker tests, imaging, biopsy, liquid biopsy, immunohistochemistry, and in situ hybridization. From the above product types in situ hybridization segment accounts for the largest share of the market. Chemotherapy is a pharmacological intervention with natural or synthetic found compounds that may reduce or prevent carcinogenesis. Cancer treatment contains surgery, radiation, and drugs. Process surgery is the primary therapy used for the basic stage of cancer. The last segment, radiotherapy, is commonly applied in a localized treatment and combination with surgical procedures. Drugs are involved with chemotherapy (CTX), which contains a wide group of drugs with cytotoxic effects. Targeted therapy is a cancer treatment that concentrates the changes in cancer cells that help them spread. Immunotherapy is a branch of cancer treatment that provides the immune system to the body during the fight against cancer. The Hormone therapy segment is a treatment that reduces or stops the growth of mainly breast and prostate cancers that require hormones to grow. Anticancer drugs minimize cell division and growth and are lowly selective toward cells. Thus, these drugs destroy not only cancer-carrying cells but also destroy normal cells.
* **By Treatment Insight*
The global oncology market is segmented per cancer treatment, such as chemotherapy, targeted therapy, immunotherapy, and hormonal therapy. Compared to conventional chemotherapy, targeted therapy and immunotherapy are more convenient and effective and have fewer side effects. As a result, more people are turning to them for treatment. The cancer treatment market is experiencing significant expansion due to the targeted therapy's low toxicity and ability to specifically target cancer cells without harming normal cells.
*By End-User Insight *
The global oral care market by end-user analysis is segmented into hospitals, diagnostic laboratories, diagnostic imaging centers, academia, and specialty clinics. Considering the above segments, the hospital segment is the largest end-user for the oncology market. Hospitals have the expertise to carry out the most precise tests because cancer diagnosis is highly specialized. Hospitals are where the majority of cancer treatments are performed, and patients frequently seek treatment there first.
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* **Market Segmentation*
*Based on Cancer Diagnostics*
· Tumor Biomarker Test
· Imaging
· Biopsy
· Liquid Biopsy
· Immunohistochemistry
· In situ Hybridization
*Based on Cancer Treatment*
· Chemotherapy
· Targeted Therapy
· Immunotherapy
· Hormonal Therapy
*Based on End-User*
· Hospitals
· Diagnostic Laboratories
· Diagnostic Imaging Centers
· Academia
· Specialty Clinics
*By Geography*
*North America*
· The US
· Canada
· Mexico
*Latin America*
· Brazil
· Colombia
· Chile
· Argentina
· Costa Rica
· Rest of Latin America
*Eastern Europe*
· Russia
· Poland
· The Czech Republic
· Greece
· Rest of Eastern Europe
* **Western Europe*
· Germany
· France
· The UK
· Spain
· Italy
· Portugal
· Ireland
· Austria
· Switzerland
· Benelux
· Nordic
· Rest of Western Europe
*APAC*
· China
· Japan
· South Korea
· India
· Australia & New Zealand
· Indonesia
· Malaysia
· Philippines
· Singapore
· Thailand
· Vietnam
· Rest of APAC
*Middle East & Africa*
· Algeria
· Egypt
· Israel
· Kuwait
· Nigeria
· Saudi Arabia
· South Africa
· Turkey
· United Arab Emirates
· Rest of MEA
*Competitive Landscape*
The competitive landscape of the market has also been examined in this report. Some of the major players include
· Aegerion Pharmaceuticals Inc.
· Abbvie Inc.
· Aslan Pharmaceuticals Ltd.
· Amgen Inc.Acadia Pharmaceuticals Inc.
· AstrazenecaAthenex Inc.
· Takeda Oncology
· Aspen Pharmacare Holdings Limited.
· Ability Pharma
· Other key players
*Recent Development of the Global Oncology Market*
· *In June 2021*, Bayer AG announced the signing of an agreement to purchase Noria Therapeutics Inc. and PSMA Therapeutics Inc. Bayer would own the company's investigational drug. Bayer will benefit from this acquisition to expand its oncology product line.
· *In April 2021*: Sanofi announced they had acquired Tidal Therapeutics. This pre-clinical biotech company is responsible for developing and maintaining an mRNA-based research platform. Sanofi will benefit from this acquisition to enhance its research capabilities in oncology and immunology.
· *In July 2021*: AstraZeneca announced the approval of their drug Imfinzi by China's National Medical Products Administration to treat patients with non-small cell lung cancer.
*Related Reports:*
· Interventional Oncology ablation market is projected to reach a USD 1,035.14 Mn by 2031 at a CAGR of 7.80%, from USD 488.44 Mn in 2021.
· Live Cell Imaging Market was valued at US$ 2.8 Billion in 2022, this market is estimated to register the highest CAGR of 9.4%.
· Liquid Biopsy Market size is expected to be worth around USD 28,308 million by 2032 from USD 7,979.00 million in 2021, growing at a CAGR of 13.50% during the forecast period from 2022 to 2032.
· Breast Biopsy Device Market was worth USD 601.67 million in 2021. It is projected to rise at a CAGR of exactly 8.3% between 2023 and 2032.
· Diagnostic ultrasound market was valued at USD 7.1 billion in 2022 and is expected to reach around USD 11.1 billion in 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 4.7%.
· Mobile Hospitals Market is projected to reach a valuation of USD 786,620 Mn by 2032 at a CAGR of 22.3%, from USD 859,20 Mn in 2021.
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