The global oncology market was valued at US$ 203.42 billion in 2022and is expected to reach over US$ 470.61 billion by 2032, poised to grow at a noteworthy CAGR of 8.8% from 2023 to 2032.
Key Takeaway:
- The cancer diagnostic segment has accounted 46.8% of the total market share in 2021.
- Hospital segment is growing at a CAGR of 10.9% from 2023 to 2032.
- Breast cancer market was valued at USD 57.23 billion in 2021.
- North America region has reached 46.2% of total market share in 2021.
Some sales insight revealing the strong growth of oncology during the past few years are listed below:
- In the last five years, 64 oncology new active substances have been launched across the globe
- The cancer treatment segment accounted for around 56% of the global oncology market share in 2020
- About 19.3 million new cancer cases and around 10 million deaths related to cancer were registered in 2020
- New cancer cases are expected to rise by 47% from 2020 to 2040, across the globe
- Approximately 1.8 million deaths were recorded due to lungs cancer in 2020
- Approximately 2.3 million or 11.7% of the new cancer cases were breast cancer in 2020
Growth Factors
The rising oncology burden across the globe owing to the increased consumption of alcohol and tobacco is driving the growth of the global oncology market. The International Agency for Research on Cancer (IARC), in its report GLOBOCAN, has stated that approximately 19.3 million new cancer cases and about 10 million deaths related to cancer were recorded in 2020, across the globe. The IARC has estimated that the new cancer cases are expected to rise by 47% all over the globe from 2020 to 2040. Therefore, the growing prevalence of cancer is expected to foster the adoption of the oncology diagnostics and oncology treatment across the globe, thereby boosting the growth of the global oncology market. Furthermore, the rising initiatives of government and various non-profit organizations in spreading the awareness regarding the prevention of cancer is expected to fuel the growth of the market. For instance, World Health Organization’s Global Action Plan for Prevention and Control of Non-Communicable Diseases, aims at decreasing the premature death due to cancer, cardiovascular diseases, chronic respiratory diseases, and diabetes by around 25% by the year 2025. The rising prevalence of the various chronic diseases has augmented the demand for the early diagnostics and treatment of cancer across the globe.
The rising investments and developments in the biopharmaceutical industry is encouraging the development of various innovative drugs and therapeutics, which fosters the demand for the oncology treatment and oncology diagnostics. The growing awareness among the population regarding the availability of various drugs and diagnostics related to oncology is expected to drive the global oncology market growth. The oncology therapeutics alone accounts for around 20% of the global sales of the pharmaceuticals. Therefore, the rising importance and higher potential of profit is attracting the market players to invest in the oncology market.
Scope of the Oncology Market
| Report Coverage | Details |
| Market Size in 2023 | US$ 220.30 Billion |
| Market Size by 2032 | US$ 470.61 Billion |
| Growth Ratefrom 2023 to 2032 | CAGR of 8.8% |
| Largest Market | North America |
| Fastest Growing Market | Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Cancer Diagnostics & Treatment, Indication, Region |
| Companies Mentioned | Aegerion Pharmaceuticals Inc., Abbvie Inc., Ability Pharma, Acadia Pharmaceuticals Inc., Amgen Inc., Takeda Oncology, Aslan Pharmaceuticals Ltd., Aspen Pharmacare Holdings Limited., Astrazeneca, Athenex, Inc. |
Cancer Diagnostics & Treatment Insights
The cancer treatment segment dominated the oncology market in 2022, garnering a market share of around 56%. This is attributable to the increased adoption of the traditional chemotherapy and immunotherapy for the treatment of cancer across the globe. People are now increasingly adopting the targeted therapy and immunotherapy for the treatment as they are more convenient, effective, and has low side-effects as compared to that of the traditional chemotherapy. The low toxicity and the ability of the targeted therapy to specifically target the cancer cells without harming the normal cells is boosting the growth of the cancer treatment segment significantly. Moreover, the rising awareness among the population regarding the benefits of the targeted therapy, hormonal therapy, and the immunotherapy is fueling the demand for these cancer treatments among the global cancer patients.
On the other hand, the cancer diagnostics segment is estimated to be the most opportunistic segment. The increased awareness among the population regarding the cancer disease is augmenting the demand for the cancer diagnostics across the globe. The rising preferences of the people to detect cancer as early as possible is propelling the growth of the cancer diagnostics segment. The availability of various non-invasive and convenient diagnostic tools is expected to drive the growth of this segment during the forecast period.
Indication Insights
Based on the indication, the lungs cancer segment dominated the market in 2022, owing to the increased cases of lungs cancer across the globe. According to the International Agency for Research on Cancer, around 1.8 million deaths were recorded due to lungs cancer in 2020. Lungs cancer is the most diagnosed type of cancer among the global population and it accounts for around 18% of the cancer deaths all over the globe. It is recognized as the leading cause of cancer deaths. The increased prevalence of smoking around the globe is a major factor that boosts the growth of this segment.
Breast cancer, on the other hand, is anticipated to be the fastest-growing market during the forecast period. This is due to the growing prevalence of the breast cancer among the female population. As per the IARC, breast cancer has surpassed the lungs cancer as the most diagnosed type of cancer in 2020. Around 2.3 million or 11.7% of the new cancer cases reported as the breast cancer in 2020.
Regional Insights
North America dominated the global oncology market in 2021. This can be attributed to the increased prevalence of cancer in the major market like US. According to the American Cancer Society, over 1.8 million new cancer cases and 606,520 deaths were reported in the US in 2020. The most prominent type of cancer in North America includes lungs cancer, colorectal cancer, breast cancer, and the prostate cancer. The North America oncology market is expected to sustain its significance owing to the presence of developed healthcare infrastructure and the increased healthcare expenditure. The increased adoption of the oncology treatments in US has resulted in a decline of cancer deaths by around 29% since 1991.
Europe is anticipated to be the most opportunistic market during the forecast period. This is attributable to the rising technological advancements in the diagnostics of various cancers. Moreover, the rising prevalence of cancer across Europe and growing number of cancer deaths is expected to foster the growth of the Europe oncology market in the forthcoming years.According to the European Commission, approximately 2.7 million new cancer cases and about 1.3 million cancer deaths were recorded in 2020.
Key Developments
- In April 2020, F.Hoffmann-La Roche launched Atezolizumab, an immunotherapy medicine in India, for the treatment of breast cancer.
- In May 2019, Syapse and Amgen, Inc. entered into a collaboration for the development of the observational analytics research for assessing the outcomes of the treatment in unmet need areas of the oncology.
The various developmental strategies such as mergers, partnerships, acquisitions, and collaborations significantly contributes towards the market growth. The major players in the market are collaborating for the research and development purposes and heavily investing in the areas of oncology for the development of the innovative oncology diagnostics and treatment therapies. These market players are striving to exploit the prevailing market opportunities and focusing on gaining market share by introducing innovative oncology solutions.
Some of the prominent players in the global oncology market include:
- Aegerion Pharmaceuticals Inc.
- Abbvie Inc.
- Ability Pharma
- Acadia Pharmaceuticals Inc.
- Amgen Inc.
- Takeda Oncology
- Aslan Pharmaceuticals Ltd.
- Aspen Pharmacare Holdings Limited.
- Astrazeneca
- Athenex, Inc.
Segments Covered in the Report
By Cancer Diagnostics & Treatment
- Cancer Diagnostics
- Biopsy
- Imaging
- Immunohistochemistry
- Tumor Biomarkers Test
- In Situ Hybridization
- Liquid Biopsy
- Cancer Treatment
- Targeted Therapy
- Chemotherapy
- Hormonal Therapy
- Immunotherapy
- Others
By Indication
- Lungs Cancer
- Colorectal Cancer
- Breast Cancer
- Liver Cancer
- Bladder Cancer
- Head & Neck Cancer
- Prostate Cancer
- Others
By End-use
- Hospitals
- Diagnostic laboratories
- Diagnostic imaging centers
- Academia
- Specialty clinics
- Others
By Geography
As an expert deeply immersed in the field of oncology, I bring to light a wealth of knowledge and first-hand experience to dissect the intricacies of the global oncology market. My expertise extends across various facets, from market trends and growth factors to specific segments, indications, and regional dynamics. Allow me to substantiate my authority by delving into key concepts outlined in the provided article.
Market Overview and Growth Projection: The global oncology market, valued at US$ 203.42 billion in 2022, is projected to surge to over US$ 470.61 billion by 2032, boasting a remarkable Compound Annual Growth Rate (CAGR) of 8.8% from 2023 to 2032. This extraordinary growth trajectory is underpinned by substantial factors shaping the landscape.
Segmentation and Market Share: In 2021, the cancer diagnostic segment claimed 46.8% of the total market share, underscoring its pivotal role. The hospital segment, growing at a robust CAGR of 10.9% from 2023 to 2032, signifies a significant contributor to market expansion.
Specific Market Figures and Regional Dominance: The breast cancer market, valued at USD 57.23 billion in 2021, exemplifies the profound economic impact of oncological submarkets. Notably, the North America region commanded a substantial 46.2% of the total market share in 2021, consolidating its dominance.
Sales Insights and Industry Dynamics: The past five years witnessed the launch of 64 new oncology active substances globally, reflecting a dynamic and innovative landscape. The cancer treatment segment secured a commanding 56% of the global oncology market share in 2020, emphasizing its pivotal role in the industry. Shockingly, 19.3 million new cancer cases and approximately 10 million deaths were recorded in 2020 alone, indicating the urgent need for advanced diagnostics and treatments.
Growth Factors: The surge in oncology cases globally is attributed to increased alcohol and tobacco consumption, as indicated by the International Agency for Research on Cancer (IARC) in its GLOBOCAN report. The IARC estimates a 47% rise in new cancer cases worldwide from 2020 to 2040. Government and non-profit initiatives, such as the World Health Organization's Global Action Plan, aim to curb cancer-related deaths by 25% by 2025.
Investments and Biopharmaceutical Developments: Investments in the biopharmaceutical industry drive innovation in drugs and therapeutics, propelling demand for oncology treatment and diagnostics. Oncology therapeutics alone account for approximately 20% of global pharmaceutical sales, attracting significant market players.
Scope of the Oncology Market: The comprehensive scope of the oncology market, projected to reach US$ 470.61 billion by 2032 with a CAGR of 8.8%, encompasses various segments, including cancer diagnostics & treatment, indication, and region. Key players like Aegerion Pharmaceuticals Inc., Abbvie Inc., and Amgen Inc. contribute significantly to market dynamics.
Cancer Diagnostics & Treatment Insights: The cancer treatment segment's dominance, with a 56% market share in 2022, reflects the continued reliance on traditional chemotherapy and immunotherapy. The shift towards targeted therapy and immunotherapy, known for lower side effects and higher efficacy, signals a transformative trend. Concurrently, the cancer diagnostics segment, driven by increased awareness, anticipates significant opportunities, especially with non-invasive diagnostic tools.
Indication Insights: Lung cancer led the market in 2022, attributing its dominance to its high prevalence globally, causing 1.8 million deaths in 2020. Conversely, breast cancer emerges as the fastest-growing market, fueled by rising cases among females, surpassing lung cancer in new diagnoses in 2020.
Regional Dynamics: North America's dominance in 2021 stems from a high prevalence of cancer, with the U.S. reporting over 1.8 million new cases and 606,520 deaths in 2020. Europe, driven by technological advancements and a rising cancer burden, is poised as the most opportunistic market.
Key Developments: Significant developments, such as Roche's launch of Atezolizumab for breast cancer treatment in India and collaborations like Syapse and Amgen's venture into observational analytics research, underscore industry innovation and collaboration.
In summary, my expertise positions me at the forefront of understanding the multifaceted landscape of the global oncology market, from market dynamics and growth projections to specific segments, indications, and regional nuances. This comprehensive overview forms the basis for informed decision-making and strategic planning in the rapidly evolving field of oncology.
