Global Oncology Market Size is Expected to Reach $ 447.3 Billion by 2028

According to Vantage Market Research latest qualitative research the Global Oncology Market is valued at USD 283.5 Billion in 2021. The oncology industry is projected to reach a value of USD 447.3 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period 2022-2028.

The term “onco” means bulk or tumor while “-logy” means study. Oncology means a branch of science that deals with cancers and tumours.

Today millions of people are living with cancer or have been diagnosed with cancer. Cancer is the second largest leading cause of death in the U.S. Half of all men and one-third of women in the United States will develop cancer in their lifetime. The most important diagnostic tool is the patient's clinical history. Common symptoms that point to cancer are fatigue, fever of unknown origin, unexplained weakness, weight loss, etc.

Oncology relies on diagnostic tools such as biopsy or removing pieces of tumor tissue and examining them under a microscope. Other diagnostic tools include for the gastrointestinal tract endoscopy, imaging studies like CT scanning, X-rays, ultrasound, MRI scanning and other radiological techniques, Single Photon Emission Computed Tomography, Scintigraphy, nuclear medicine techniques and Positron emission tomography, and etc.

Get Access to Our Free Oncology Market Sample Report@ https://www.vantagemarketresearch.com/oncology-market-1883/request-sample

Competitive Landscape

The oncology market is fragmented sturdily. The leading players operating in the oncology industry are constantly modifying and adopting various growth strategies in order to stay in front in this scattered market. Innovations, Product launches, collaborations and partnerships, mergers, and acquisitions, and intensive R&D are some of the key points that are adopted by these prominent players to thrive in the competitive oncology market.

To ensure that they participate in development that drives and contributes to the discovery of cures and meaningful therapies, companies in the oncology sector need to think strategically across multiple dimensions.

List of Key Players in Oncology Market

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

Trends Analysis of Oncology Market

Precision medicine – delivering the right drug to the required patient at the correct time – is advancing rapidly, and numerous precision medicine treatments have been approved in recent years. Furthermore, the increasing need for personalized treatment, high safety and efficacy, fewer side effects compared to other drugs, and ease of combination with other targeted therapies are likely to increase the overall use and adoption of these therapies globally.

Machine learning and Artificial intelligence (AI) will become regular features of patient care: The rapid adoption of virtualized approaches to care, including machine learning and artificial intelligence, has changed the overall approach to patient care and has tremendous potential to reduce waste while improving evidence-based medicine and smarter workflows.

2021 Top-selling Oncology Drugs

Limited Time Offer | Buy this Premium “Oncology Research Report” with Exclusive Discount and Immediate Delivery@ https://www.vantagemarketresearch.com/buy-now/oncology-market-1883/0

Drivers:

The growth of the oncology market is attributed to the increasing prevalence of cancer worldwide. Cancer is the second largest leading cause of death in the world, after cardiovascular disease. This is due to factors such as excessive amount of smoking, dietary changes, and increased lifespan after reproduction. According to the World Health Organization (WHO), the rising number of new cancer cases projected to rise from 18.11 million to 29.41 million by 2040. As a result, increasing prevalence of cancer is expected to increase the demand for oncology cancer drugs worldwide during the forecast period 2022-2028. Moreover, growing cancer awareness among people is expected to benefit the global oncology market in the coming years.

Restraints:

Adverse drug effects, patent expiration and stringent regulations will all hinder the growth for oncology market. Chemotherapy drugs kill cancer cells and also damage normal body cells. As a result, the patients experience a variety of unfavorable effects. Neuropathies, bone marrow suppression, weariness, gastrointestinal disorders, skin diseases and hair loss are among the most prevalent side effects. As a result, the adverse effects related with oncology drugs are having a negative impact on growth of market for oncology. Furthermore, stringent government regulations, high drug costs, and patent expiry are some of the vital factors hindering the growth of the worldwide market during the forecast timeframe.

Oncology Market Regional Analysis

In 2021, North America holds the biggest share of the global oncology market. The region is dominated by the increasing incidence and prevalence of cancer in the United States, as well as the introduction of new products in the region. According to the World Health Organization (WHO), the rising number of new cancer cases projected to rise from 18.11 million to 29.41 million by 2040.

Europe is all set to account for the second-largest share of the global oncology industry. Because of the growing number of cancer cases, in countries such as the Germany, United Kingdom, Italy, Spain and France will promote the expansion of the European Union oncology market.

The Asia Pacific oncology market is likely to grow rapidly owing to increased population awareness. Rising prevalence of cancer and increasing cost of healthcare will drive regional growth. Latin America, Middle East and Africa are projected to witness sluggish growth due to affordability of high cost biologic drugs and lack of awareness.

Browse More Related Reports:

1. Top Companies in Oncology Market
2. ePharmacy Market
3. Medical Carts Market
4. Multiple Sclerosis Drugs Market
5. Read More Healthcare Related Reports

Contact Us:

Eric Kunz

6218 Georgia Avenue NW Ste 1 - 564

Washington DC 20011-5125

United States Tel: +1 202 380 9727

Email: sales@vantagemarketresearch.com

Website: Vantage Market Research