Oncology Market - By Cancer Diagnostics & Treatment (Cancer Diagnostics, Cancer Treatment), By Cancer Type (Lung Cancer, Prostate Cancer, Colon & Rectal Cancer, Gastric Cancer, Esophageal Cancer, Liver Cancer, Breast Cancer), By End-use (Hospitals, Diagno

Oncology Market - By Cancer Diagnostics & Treatment (Cancer Diagnostics, Cancer Treatment), By Cancer Type (Lung Cancer, Prostate Cancer, Colon & Rectal Cancer, Gastric Cancer, Esophageal Cancer, Liver Cancer, Breast Cancer), By End-use (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics) & Forecast, 2023 - 2032

Oncology Market is expected to garner commendable gains over 2023 to 2032, fueled by the growing cancer prevalence worldwide. As per WHO statistics, cancer is one of the leading causes of fatalities worldwide, resulting in nearly 10 million deaths in 2020. This calls for broad treatment options to treat the disease. Various therapies such as chemotherapy, surgery, and radiation therapy are employed in cancer therapy subject to the pivotal benefits in terms of providing palliative as well as curative effect in cancer treatment.

Technological innovations by researchers, government officials, and market players in developed economies would further influence the industry growth through 2032. For instance, the Government Office for Technology Transfer (GOTT), UK, funded the National Physical Laboratory’s novel development of ultrasound technology to enhance breast cancer diagnosis.

The oncology industry is segmented into cancer diagnostics and treatment, cancer, end-use, and region.

Based on cancer diagnostics and treatment, the cancer diagnostics segment is slated to churn profitable returns over the due course of time. Fundamental factors driving the segmental growth include growing incidences of cancer and technological advancements in the space. In addition, detecting cancer with only physical exams or biomarker tests is noted to be a monotonous task while imaging test is essential for conformation. These trends thus prompt the demand for advanced imaging modalities, stimulating the market growth.

Considering the cancer, oncology market share from breast cancer segment would accrue massive gains over the next ten years, owing to the alarming breast cancer incidences due to rising obesity, hormonal imbalance cases, and age-related risks. As per Cancer.net statistics, it has been projected that breast cancer could lead to more than 43,500 deaths in the United States in 2023. Besides, various government efforts such as BreastScreen Aotearoa in New Zealand and other countries, providing free tests to women would further boost the market size.

Oncology treatment is being largely accommodated in specialty clinics over the recent years. These healthcare settings stand as advanced cancer care establishments that cater to specific types of cancer treatments. Increased availability of advanced technology for detection and screening and specialist oncologists across these settings would further encourage the business growth.

Not to mention, growing availability of advanced technology for screening and diagnosis would offer attractive opportunities to patients for cancer treatment.

Regionally, Asia Pacific is likely to emerge as a regional hotspot for oncology industry. As per reports, the APAC oncology market is predicted to grow at more than 11.5% CAGR between 2023 to 2032. The regional growth can be credited to the burgeoning cases of cancer in countries such as India, Japan, and China. For the record, a cancer registry data reveals that there would be approximately 800,000 new cancer cases in India every year.

Furthermore, growing cognizance among the regional population about the newly developed cancer medications by key pharmaceutical companies in the Asia Pacific would foster the regional market growth in the years ahead.