Oncology Market Size to Worth Around US$ 536.01 BN by 2029
Precedence Research Predicts, the global oncology market size is expected to worth around US$ 536.01 billion by 2029 from valued at USD 286.04 billion in 2021 and growing at a CAGR of 8.2% from 2021 to 2030.
Oncology is a branch of medicine that deals with the prevention, diagnosis, and treatment of cancer. Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Rising concern about the cancer and patient is one of the major factor driving the market for oncology market.
Rise in various government and non-government initiatives, for instance in India States/UTs (with Legislature) have set up Illness Assistance Fund that offers coverage up to Indian rupees 1 Lakh for cancer treatment. In addition, there are other policies like National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS). This type of policies helping patient to get their treatment.
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Rise in awareness of cancer among everyone driving the market, as this awareness helps patient to have early screening. This will contribute towards the growth of the market. In addition, Technology advancement in the diagnosis of the cancer is also helping towards the growth of the market. liquid-based cytology is one of the best technology in diagnosis, it has its advantages like fewer unsatisfactory smears, faster and more efficient method, more accurate interpretation, less obscuring materials such as blood, mucous, inflammatory. This factors are feeling the market.
Worldwide cigarettes consumption is rapidly increasing, as per WHO adults consuming the deadly tobacco products is increasing significantly, which one of the major reasons is causing lungs cancer and other diseases.
Market Size in 2021
USD 286.04 Billion
Growth Rate from 2021 to 2030
CAGR of 8.2%
2022 to 2030
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- Based on Drug Class Type, the targeted therapy holds the high revenue share owing to its advantages like targeted therapy helps to alter the protein of cancer cell, because this cancer cells will put permanent breaks on the functioning of the cells. Also these therapies help to prevent cuts off blood supply to tumor.
- Based on indication, breast cancer holds the maximum revenue share owing to an alarming increase in the incidence of breast cancer. Breast cancer is largely growing issue in the U.S. About 30% of the new cancer suffered female are suffering with breast cancer.
- Based on region, North America accounted for the highest share of revenue in 2020, owing to presence of large patient population, strong presence of key bio pharmacy companies in the U.S. for oncology and the growing concern of people towards health are contributing to the growth of the oncology market. In addition, easy arability of drug, strong developed healthcare infrastructure. However, Asia-Pacific is expected to grow at the highest CAGR, owing to increase in number of cancer in India, Taiwan, Malaysia, and China.
Future of Oncology Market:
Oncology market, it is expected to have strong market growth for oncology market in the future. In addition, technology advancement and growing R&D facilities like developed and developing economies like U.S., India and other will offer strong market growth. Also the increasing number of cancer patient is the alarming concern owing to offers more and more opportunities for the market.
COVID-19 Impact Analysis:
Covid-19 Pandemic has directly affected the supply of oncology drugs to cancer patients
The pandemic has significant impact on cancer care, the caseload of cancer is around 30-50% lower than the pre pandemic due to a delay in screening and treatment.
Key Developments in the Marketplace:
September 2020- Bayer has signed an agreement with Systems Oncology, LLC. Systems oncology is an AI-based cancer therapy discovery and development company. The agreement is for ERSO which will helps in detection of breast cancer.
May 2019-Amgen signed collaboration agreement in oncology. With the terms of agreement, Amgen and Syapse will develop observational research analytics to assess treatment outcomes for areas of unmet need in oncology.
March 2019- AstraZeneca has signed a collaboration agreement with Daiichi Sankyo Company for development of trastuzumab deruxtecan (DS-8201), it is proprietary antibody-drug conjugate (ADC) and potential new targeted medicine for cancer treatment.
By Cancer Diagnostics & Treatment
- Cancer Diagnostics
- Tumor Biomarkers Test
- In Situ Hybridization
- Liquid Biopsy
- Cancer Treatment
- Targeted Therapy
- Hormonal Therapy
- Lungs Cancer
- Colorectal Cancer
- Breast Cancer
- Liver Cancer
- Bladder Cancer
- Head & Neck Cancer
- Prostate Cancer
- North America
- Asia Pacific
- Rest of the World
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