Major oncology market players include GE Healthcare, Janssen Diagnostics, LLC (Johnson & Johnson), F. Hoffmann-La Roche, Pfizer, Bayer AG, Merck, Abbott, Thermo Fischer Scientific.
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The oncology market size is anticipated to record a valuation of USD 522 billion by 2028, according to the most recent study by Global Market Insights Inc. Growing initiatives by several government and non-government organizations for the treatment of cancer diseases will positively impact the global market growth. Moreover, increasing funding by government for modernization and development of healthcare infrastructures due to increasing disease burden is expected to boost the market expansion.
The cancer diagnostics segment accounted for USD 126.1 billion in 2021 led by the increasing prevalence of cancer coupled with various application of cancer diagnostics to detect various type of cancer. Furthermore, usage and availability of technologically advanced equipment in diagnostics lab and hospitals for disease detection will further drive the cancer diagnostics segment growth.
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Prostate cancer in the oncology market is poised to reach USD 53.24 billion by 2028 owing to the increasing prevalence of prostate cancer across the world. For instance, in 2020, according to the World Health Organization (WHO) report, nearly 1.41 million new cases of prostate cancer were reported worldwide. Thus, rising incidence of disease burden will increase the adoption of various cancer treatment and procedure as well as early disease diagnosis, thereby fostering the segment expansion during the forecast period.
Diagnostic imaging centers segment captured 7% of the oncology market share in 2021 impelled by the availability of technologically advanced diagnostic equipment. Additionally, imaging technique plays a crucial role in the diagnosis of almost every form of cancer thus, the usage of such devices in diagnostic imaging centers will augment the segment progression. The presence of trained professionals in diagnostic imaging centers to perform test will further fuel the market. In addition, factors such as rising aging population and increasing demand for early diagnosis of cancer disease will further upsurge the segment demand.
Asia Pacific oncology market is predicted to witness 11.7% growth rate through 2028 on account of the increased focus and awareness of government regarding early detection and eradication of cancer. Presence of large patient pool in highly populous countries that are prone to various types of cancer will favor APAC business growth.
A few notable companies operating in the market include GE Healthcare, Janssen Diagnostics, LLC (Johnson & Johnson), F. Hoffmann-La Roche, Pfizer, Bayer AG, Merck, Abbott, Thermo Fischer Scientific. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.
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Table of Contents (ToC) of the report:
Chapter 3 Global Oncology Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017-2028
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By cancer diagnostics & treatment
3.4.2 By cancer type
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2021
3.7.1 Company matrix analysis
3.8 PESTEL analysis
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