Oncology Market

The oncology market on a global scale achieved a valuation of US$ 203.42 billion in the year 2022. Projections indicate that this market is set to surpass US$ 470.61 billion by 2030, exhibiting a substantial compound annual growth rate (CAGR) of 8.8% during the period from 2023 to 2030.

Key Takeaway:

• In 2021, the cancer diagnostic segment held a significant market share of 46.8%.
• The hospital segment is experiencing a noteworthy compound annual growth rate (CAGR) of 10.9% from 2023 to 2030.
• The breast cancer market was valued at USD 57.23 billion in 2021.
• The North America region accounted for 46.2% of the total market share in 2021.

Some sales insight revealing the strong growth of oncology during the past few years are listed below:

• Over the past five years, a total of 64 new active substances in oncology have been launched worldwide.
• In 2020, the cancer treatment segment held a significant market share of approximately 56% in the global oncology market.
• In the year 2020, there were approximately 19.3 million new cancer cases reported, with around 10 million cancer-related deaths worldwide.
• It is projected that new cancer cases will increase by 47% from 2020 to 2040 on a global scale.
• In 2020, there were approximately 1.8 million deaths attributed to lung cancer.
• Breast cancer accounted for approximately 2.3 million new cancer cases in 2020, representing around 11.7% of all reported cases.

Growth Factors                                          

The global oncology market is experiencing growth driven by the increasing burden of cancer worldwide, primarily attributed to the rising consumption of alcohol and tobacco. According to the International Agency for Research on Cancer (IARC), approximately 19.3 million new cancer cases and 10 million cancer-related deaths were recorded globally in 2020. Projections by the IARC indicate a 47% increase in new cancer cases globally from 2020 to 2040. This growing prevalence of cancer is expected to drive the adoption of oncology diagnostics and treatment, fueling the growth of the global oncology market.

Government initiatives and awareness campaigns led by non-profit organizations further contribute to market growth. For example, the World Health Organization's Global Action Plan aims to reduce premature deaths caused by cancer and other non-communicable diseases by 25% by 2025. These efforts raise awareness and promote prevention measures, bolstering the market's expansion. The increasing prevalence of chronic diseases also drives the demand for early cancer diagnostics and treatment worldwide.

The biopharmaceutical industry is witnessing substantial investments and advancements, leading to the development of innovative drugs and therapeutics in oncology. This, in turn, fuels the demand for oncology treatment and diagnostics. The growing awareness among the population regarding the availability of diverse oncology drugs and diagnostics plays a significant role in driving the market's growth. Notably, oncology therapeutics account for approximately 20% of global pharmaceutical sales, making it an attractive sector for investment and profit potential for market players.

Cancer Diagnostics & Treatment Insights

In 2022, the cancer treatment segment emerged as the dominant force in the oncology market, capturing a market share of approximately 56%. This dominance can be attributed to the widespread adoption of traditional chemotherapy and immunotherapy for cancer treatment worldwide. However, there is a growing trend of transitioning towards targeted therapy and immunotherapy, driven by their convenience, effectiveness, and lower side effects compared to traditional chemotherapy. The ability of targeted therapy to selectively target cancer cells while sparing normal cells, coupled with its low toxicity, significantly contributes to the growth of the cancer treatment segment. Additionally, the increasing awareness among individuals regarding the benefits of targeted therapy, hormonal therapy, and immunotherapy fuels the demand for these advanced cancer treatment options among patients globally.

On the other hand, the cancer diagnostics segment is projected to present substantial opportunities in the market. Growing awareness about cancer and its early detection is driving the demand for cancer diagnostics worldwide. People are increasingly inclined to detect cancer at its earliest stage possible, driving the growth of the cancer diagnostics segment. Furthermore, the availability of non-invasive and convenient diagnostic tools contributes to the expansion of this segment during the forecast period.

Indication Insights

In 2022, the lungs cancer segment emerged as the dominant player in the market, primarily driven by the increasing incidence of lungs cancer worldwide. According to the International Agency for Research on Cancer (IARC), lungs cancer accounted for approximately 1.8 million deaths in 2020, making it the most diagnosed type of cancer globally. It represents around 18% of all cancer-related deaths and stands as the leading cause of cancer mortality. The prevalence of smoking worldwide is a significant contributing factor to the growth of this segment.

On the other hand, breast cancer is expected to be the fastest-growing market segment during the forecast period. The rising prevalence of breast cancer among the female population is a key factor driving this growth. According to the IARC, breast cancer surpassed lungs cancer as the most diagnosed type of cancer in 2020. Approximately 2.3 million cases, accounting for 11.7% of all new cancer cases, were reported as breast cancer in 2020.

Regional Insights

In 2021, North America emerged as the dominant force in the global oncology market. This can be attributed to the high prevalence of cancer, particularly in major markets like the United States. The American Cancer Society reported over 1.8 million new cancer cases and 606,520 deaths in the US alone in 2020. Prominent types of cancer in North America include lung cancer, colorectal cancer, breast cancer, and prostate cancer. The North America oncology market is expected to maintain its significance due to the presence of well-developed healthcare infrastructure and increased healthcare expenditure. The adoption of oncology treatments in the US has contributed to a significant decline in cancer-related deaths, reducing them by approximately 29% since 1991.

On the other hand, Europe is anticipated to be the most promising market during the forecast period. This is primarily driven by technological advancements in cancer diagnostics. Additionally, the rising prevalence of cancer and increasing number of cancer-related deaths across Europe are expected to foster the growth of the European oncology market in the coming years. According to the European Commission, approximately 2.7 million new cancer cases and 1.3 million cancer deaths were recorded in Europe in 2020.

Key Developments

• In April 2020, F.Hoffmann-La Roche introduced Atezolizumab, an immunotherapy medication, in India specifically for the treatment of breast cancer.
• In May 2019, Syapse and Amgen, Inc. joined forces in a collaborative effort to develop observational analytics research aimed at assessing treatment outcomes in unmet areas of oncology.

Various strategic approaches, such as mergers, partnerships, acquisitions, and collaborations, play a significant role in driving market growth. Major players in the market are actively engaging in research and development initiatives, making substantial investments in the field of oncology to advance innovative diagnostics and treatment therapies. These market players are dedicated to capitalizing on existing market opportunities and are focused on capturing market share by introducing groundbreaking oncology solutions.

Some of the prominent players in the global oncology market include:

• Aegerion Pharmaceuticals Inc.
• Abbvie Inc.
• Ability Pharma
• Acadia Pharmaceuticals Inc.
• Amgen Inc.
• Takeda Oncology
• Aslan Pharmaceuticals Ltd.
• Aspen Pharmacare Holdings Limited.
• Astrazeneca
• Athenex, Inc.

Segments Covered in the Report

By Cancer Diagnostics & Treatment

• Cancer Diagnostics
  • Biopsy
  • Imaging
  • Immunohistochemistry
  • Tumor Biomarkers Test
  • In Situ Hybridization
  • Liquid Biopsy
• Cancer Treatment
  • Targeted Therapy
  • Chemotherapy
  • Hormonal Therapy
  • Immunotherapy
  • Others

By Indication

• Lungs Cancer
• Colorectal Cancer
• Breast Cancer
• Liver Cancer
• Bladder Cancer
• Head & Neck Cancer
• Prostate Cancer
• Others

By End-use

• Hospitals
• Diagnostic laboratories
• Diagnostic imaging centers
• Academia
• Specialty clinics
• Others

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• MEA
• Rest of the World