Global Oncology Market: Top 5 trends driving the industry expansion through 2026

The global oncology market will be substantially driven by the rise in various government and non-government initiatives to curb the occurrence of cancer diseases. For instance, in 2013, WHO introduced the Global Action Plan for the Prevention and Control of Non-communicable Diseases 2013-2020. This initiative is aimed at reducing over 25% of the overall premature deaths that are caused by cancer, diabetes as well as cardiovascular and chronic respiratory diseases through 2025.

Furthermore, WHO is also working towards limiting the instances of non-communicable diseases through collaborations with the International Agency for Research on Cancer (IARC) and a few other organizations. This health burden has augmented the need for early disease diagnosis, as well as cancer treatment methods, complementing the growth of surgical oncology.

As per reports, the oncology market size could globally cross an annual valuation of over USD 469.5 billion by 2026.

Rising preference for cancer diagnostics

Annual revenue from cancer diagnostics in the oncology market was valued close to USD 104.9 billion in 2019. This can be owed to the growing prevalence of the disease that has expanded the use of cancer diagnostics to inspect the different categories of cancers. The National Cancer Institute revealed that the rate of new cancer cases in 2017 reached 442.4 for every 100,000 men and women.

Also, the easy accessibility to the latest equipment across hospitals and diagnostics to help with disease detection has enhanced the demand for disease diagnosis.

Higher potential in prostate cancer

Oncology market value from prostate cancer is anticipated to cross USD 47.9 billion through 2026, considering the rising burden of the disease globally. The Global Cancer Observatory (GLOBOCAN) estimated that over 12.7 million new cases concerning prostate cancer were registered across the world in 2018.

To add further, the American Society of Clinical Oncology (ASCO) reported that prostate cancer was responsible for over 33,330 deaths and ranked second among the leading cause of cancer deaths for men in the U.S. in 2017. They also predicted that more than 191,930 men in the country could be affected by prostate cancer by the end of 2020. This penetration of cancer will boost the prospects for the oncology department.

To access sample pages of this report titled, “Oncology Market Size By Cancer Diagnostics & Treatment (Cancer Diagnostics {Tumor Biomarker Test, Imaging, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization}, Cancer Treatment {Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy}), 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), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents, please click on the link below:

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Increased presence in diagnostic imaging centers

Diagnostic imaging centers contributed to more than USD 17.6 billion for the oncology market in 2019 due to the optimum presence of advanced diagnostic equipment in these facilities. It has been revealed that the imaging technique is extensively deployed in the diagnosis of all cancers.

On account of this, GE Healthcare is coming up with numerous imaging devices to effectively diagnose various types of cancers. The increasing developments in such devices along with the expanding older population have added positive impetus to the growth of oncology through these centers.

Asia Pacific to emerge as a lucrative market

The Asia Pacific accommodates a substantial number of cancer patients and the regional oncology market is pegged to rise at an 11.4% CAGR through the coming years. There is rising government support towards early detection as well as the elimination of cancer. This can be attributed to the presence of a significant patient pool in some of the highly populated countries in the continent that are vulnerable to different cancers.

For instance, there were over 19.9 million cancer cases registered for women across China in 2018, making the country the second most cancer-affected region after the U.S. This factor is likely to increase the need for cancer treatment and diagnosis, subsequently fostering the demand for oncology research across the region.

Key initiatives taken by major oncology market players

Solution providers in oncology are incorporating various strategic measures like acquisitions, novel product developments, and capacity expansions to increase their global visibility. For instance, Bayer AG inked a license agreement with Systems Oncology, LLC, in September 2020 to develop ERSO, a small molecule that activates an Unfolded Protein Response (UPR) in ER-positive breast cancer cells.

The current COVID-19 pandemic has also urged the need for these firms to sustain growing competition. For instance, Aurora Tele-Oncology partnered with UMP Healthcare in December 2020, to offer oncology telemedicine services across Mainland China. This collaboration will cater to the cross-border requirements for cancer care in the region. GE Healthcare, F. Hoffmann-La Roche, Thermo Fischer Scientific, Merck, Abbott, Janssen Diagnostics, LLC (Johnson & Johnson), and Pfizer are some other leading participants in the industry.

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