Oncology Market to Reach Valuation of USD 447.3 Billion by 2028 – High Prevalence and Incidence of Cancer Disease Drives the Market

In terms of revenue, the Global Oncology Market is expected to reach USD 447.3 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 15.8% from 2022 to 2028.

Oncology is believed to be the most active area of therapy regarding innovations, given the rise in the number of clinical trials and companies investing in cancer therapeutics, the launching of novel drug substances, and the size of the pipeline of therapies in the clinical phase of development worldwide.

Advancements in Oncology have majorly improved patient outcomes, driving the growth of the Oncology market.

The availability of several technologically advanced devices and growing hospital admission positively impacts this market’s development.

Key Highlights from Report:

· Based on Cancer Diagnostics & Treatment, the Cancer Treatment segment dominates the Oncology market with the maximum market share and will continue its dominance during the forecast period. Cancer treatments include chemotherapy, surgery, and radiation therapy.

· Among End-Use Industries, the Hospital segment accounted for the largest CAGR in the forecast period owing to increased approval rates for technologically advanced biopsies and other devices used in cancer diagnosis will augment the number of diagnoses executed in hospitals.

· In terms of region, North America holds the significant market share within the Oncology market. This is due to the increased public awareness of early cancer detection in this region. Also, the promising biopharma companies in Canada and United States contribute to this region’s growth.

Market Dynamics:

The increased occurrence of cancer drives the Oncology market growth along with the rising geriatric population and the unhealthy standard of living. And other growth factors, such as the increase in the number of pipeline products and the expansion in demand for personalized medicines, also accounted for the market growth. In addition, various initiatives are undertaken by the government and other organizations to spread disease awareness. This will likely fuel the demand and boost the market expansion.

An increase in diagnostic laboratories in developing countries will further propel the overall market. Furthermore, technological advancements and automation have improved the accuracy levels of cancer tests and made them user-friendly, thus driving global market growth. Moreover, the industry players in this market are focusing on developing novel drug candidates targeting different types of cancers, which will provide favorable market prospects during the forecast period.

However, many local and national-level restrictions adopted by public & private authorities on the movement of people and goods might extensively disrupt the pharmaceutical products and ingredients supply chain, thus hindering the market growth.

Geographically, North America market is likely to observe significant market growth with the highest growth rate over the forecast period. The region’s market growth is attributable to the availability of top-notch treatment options and increasing product approvals. Moreover, technological advancement in cancer diagnostic techniques & treatment, along with the favorable R&D activities by key participants, are expected to fuel the market development in North America. In addition, the rapid advancements in genetics, tumor biology, and immunology have led to the making of many new cancer drugs, which are expected for the largest revenue share in the Oncology market.

The Global Oncology Market is Segmented as follows:

• Cancer Diagnostics & Treatment
  • Cancer Diagnostics
  • Cancer Treatment
• Indication
  • Lungs Cancer
  • Colorectal Cancer
  • Breast Cancer
  • Liver Cancer
  • Bladder Cancer
  • Head & Neck Cancer
  • Prostate Cancer
  • Other Indications
• End Use
  • Hospitals
  • Diagnostic Laboratories
  • Diagnostic Imaging Centers
  • Academia
  • Specialty Clinics
  • Other End Uses
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Oncology Market is:

Ability Pharma, Thermo Fisher Scientific Inc., Abbvie Inc., Takeda Pharmaceutical Co. Ltd., Astrazeneca Plc., Pfizer Inc., Sysmex Corporation, Bayer Ag, Agilent Technologies Inc., Biogenex

The Global Oncology Market Scope can be Tabulated as below: