Global Oncology Market Research Report 2021 Overview, Territorial Outlook, Technology, Demand and Estimate 2027

With the prevalence of growing cancer and rising awareness regarding cancer detection at early stages, global Oncology Market is set to witness exponential growth over the forthcoming years. According to a report by Global Market Insights, Inc., oncology market is projected to observe a remarkable CAGR of 10.1% through 2026 and is expected to surpass a valuation of USD 469.5 billion over 2020 to 2026.

The growth can also be credited to ongoing technological advancements in oncology treatment and management. Industry players such as Janssen Diagnostics, GE Healthcare, F. Hoffmann-La Roche, Merck, Abbott, Pfizer, Thermo Fischer Scientific, Bayer AG, etc. are focusing on developing innovative product offerings for effectively serving the consumer demand and gaining a strong market presence worldwide. For instance, in 2019, GE healthcare announced its commercial partnership with Theragnostics for developing a new Prostate-Specific Membrane Antigen (PSMA) imaging solution. According to the agreement, Theragnostics will develop the tracer, GalliProst, while GE Healthcare will look after the pre-approval commercial preparations as well as distribution activities post the approval.

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This apart, rising initiatives by the government and non-government organizations for reducing the burden of cancer, is also anticipated to have a positive influence on the industry growth. For instance, in 2013, the World Health Organization launched the Global Action Plan for the Prevention and Control of Non-communicable Diseases 2013-2020. Reportedly, the plan was aimed at reducing 25% of premature deaths from cardiovascular diseases, diabetes, chronic respiratory diseases and cancer by 2025.

 

An overview of the prominent segments that are likely to transform oncology market outlook is mentioned below:

 

With regards to cancer diagnostics & cancer treatment, cancer diagnostics segment recorded a substantial valuation of USD 104.9 billion in 2019 and is likely to grow over time. This can be credited to rising incidences of cancer along with several applications of cancer diagnosis for the detection of different types of cancer. Speaking of the cancer incidences, the National Cancer Institute has reported that in 2017, the rate of new cases of cancer was 442.4 per 100,000 men and women. Besides, the availability of technologically advanced cancer detection techniques across hospitals and diagnostics lab will enhance the segment outlook over the foreseeable future.

 

Based on cancer type, prostate cancer is estimated to record a valuation of USD 47.9 billion by 2026 considering a prolific surge in the prevalence of prostate cancer worldwide. According to a report by the Global Cancer Observatory (GLOBOCAN), around 12.7 million new cases of prostate cancer were recorded across the globe in 2018. Also, as per the American Society of Clinical Oncology, in 2017, prostate cancer emerged as the second major cause of death related to cancer among men in the U.S., resulting in 33,330 deaths. Besides, the report has also estimated that in 2020, around 191,930 men in the U.S. are likely to be diagnosed with prostate cancer.

 

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In terms of end-use, the diagnostic imaging centers segment recorded an appreciable valuation of USD 17.6 billion in 2019 and is expected to observe substantial growth over the upcoming years. This can be attributed to the availability of technologically enhanced diagnostic equipment. In this regard, the imaging technique has emerged as a crucial technology being extensively adopted by these centers as they play a key role in the diagnosis of almost every type of cancer. In addition, factors such as growing geriatric population and rising awareness regarding early diagnosis of cancer disease are likely to foster the segment growth further.

 

In terms of regional outlook, Asia Pacific oncology market is projected to observe a significant CAGR of 11.4% through 2026 owing to growing awareness regarding early detection and mitigation of cancer in the region. Moreover, the availability of large patient pool across highly populous countries that are susceptible to several types of cancer will instigate the demand for oncology treatment further. For instance, China has reported second highest number of cancer cases following the U.S. Reportedly, in 2018, China accounted for 19.9 million new cases of cancer in females.

 

Browse key industry insights spread across 246 pages with 254 market data tables and 29 figures & charts from the report, Oncology Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/oncology-market

Report Content

Chapter 3   Global Oncology Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2015 - 2026

3.3    Industry impact forces

3.3.1    Growth drivers

3.3.1.1    Rising incidence of cancer globally

3.3.1.2    Several initiatives undertaken by government and other organizations to spread disease awareness

3.3.1.3    Growing number of diagnostic laboratories in developing countries

3.3.1.4    Technological advancements in developed countries

3.3.2    Industry pitfalls & challenges

3.3.2.1    High capital investment coupled with high cost associated with diagnostic imaging system

3.3.2.2    High risk of side effects associated with cancer treatment

3.3.2.3    Risk related with high radiation exposure affecting use of CT scanners

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, 2019

3.7.1    Company matrix analysis

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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