Global Oncology Market Analysis

The global oncology market is projected to reach a value of USD 358.72 billion by the end of 2024 and is expected to hit over USD 578.87 billion by 2030 with a registered CAGR of 8.4% from 2024 to 2030. The oncology pharmaceuticals industry faces high demand due to cancer's leading cause of death. The hospital sector dominates the global market, with research efforts, early breast cancer identification, and patient prognosis driving demand. The global oncology market is expanding due to increasing prevalence and lifestyle changes. Lung cancer is leading in 2023, while breast cancer is predicted to grow at the fastest rate. AI-based cancer detection systems improve precision, reduce false positives, and enhance accuracy in metastatic breast cancer detection.

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The global Oncology market was USD 331.43 billion in 2023 and is projected to reach a value of USD 358.72 billion by the end of 2024, USD 388.24 billion by 2025, USD 420.95 billion by 2026, USD 455.79 billion by 2027, USD 493.69 billion by 2028, USD 534.52 billion by 2029 and is expected to hit over USD 578.87 billion by 2030 with a registered CAGR of 8.4% from 2024 to 2030.

Only infectious, parasitic, and cardiovascular diseases are more lethal around the world than cancer. Chemoprevention is defined as a pharmacological intervention using artificial or naturally occurring substances that have the ability to suppress or stop carcinogenesis. Radiation, surgery, and medicine are all used in cancer treatment. For early-stage cancer, surgery is the first course of treatment. The most typical application of radiotherapy in a localized setting is in conjunction with surgical procedures. In addition to chemotherapy (CTX), which makes use of a variety of chemicals with cytotoxic effects, medicines are also employed. The focus of targeted therapy, a sort of cancer treatment, is on the adjustments cancer cells make in order to multiply, thrive, and disseminate. Since cancer is the leading cause of death worldwide, the oncology pharmaceuticals industry is a major sub-segment of the broader pharmaceuticals market. As a result, there is a high demand for cancer treatments in this market. During the projected period, the hospital sector will continue to dominate the worldwide oncology market. The global oncology market is expanding due to the increasing oncology burden caused by rising alcohol and cigarette use worldwide. Furthermore, the market is anticipated to grow steadily throughout the course of the forecast period as a result of industry players placing a high priority on creating unique novel drugs that target different types of malignancies. The demand for the oncology industry is projected to increase as a result of growing research efforts, early breast cancer identification, and patient overall prognosis. The COVID-19 epidemic caused social isolation and lockdowns around the world, which had an impact on the oncology industry. The market is divided into hospitals, diagnostic laboratories, diagnostic imaging centers, academic institutions, and specialty clinics based on the end user.

Because of the large population and changing lifestyles, cancer is becoming more prevalent globally. This is expected to play a significant role in the expansion of the global oncology market. As a result, the rising incidence of cancer is anticipated to encourage the use of oncology diagnostics and oncology treatments all over the world, driving up the growth of the global oncology market. In addition, the market is anticipated to rise as a result of increased government and non-profit programs aimed at raising awareness about cancer prevention. The worldwide need for early cancer diagnosis and treatment has increased due to the rising frequency of numerous chronic diseases. Oncology treatments and oncology diagnostics are in high demand due to the expanding investments and innovations in the biopharmaceutical sector, which are promoting the development of a variety of novel medications and cures. It is projected that the growing public knowledge of the availability of a wide range of oncology-related therapies and diagnostics will drive the growth of the global oncology market. The sales of oncology-specific pharmaceuticals account for about 22% of all pharmaceutical sales worldwide. During the anticipated period (2024-2030), the In-Vitro diagnostic testing segment will develop at the quickest rate. The worldwide oncology market is anticipated to increase as a result of the adoption of more modern treatment methods like liquid biopsy and AI detectors. As a result, the market players are being drawn to invest in the oncology market by its growing importance and greater potential for profit.

The market is divided into two categories based on cancer diagnosis and therapy: cancer diagnosis (imaging, tumor biomarker test, biopsy, immunohistochemistry, liquid biopsy, in situ hybridization), and cancer therapy (targeted therapy, chemotherapy, immunotherapy, hormonal therapy). The therapy category is anticipated to account for a sizeable portion of the global oncology market. The category of targeted therapy dominated the global market. The segment's higher percentage can be attributed to the rising usage and demand for targeted drugs in developing nations for the treatment of various cancers. This is due to its ability to treat advanced tumors like metastatic breast cancer and solely affect malignant cells. With a market share of almost 55%, the cancer therapy sector dominated the oncology market in 2023. This is because conventional chemotherapy and immunotherapy are being used more frequently to treat cancer globally. Targeted therapy and immunotherapy are now more popular than traditional chemotherapy because they are more practical, effective, and have fewer side effects. Due to the low toxicity and accuracy with which cancer cells can be precisely targeted with targeted therapy while preserving healthy cells, the market for cancer treatment is growing rapidly. Additionally, the demand for these cancer treatments among international cancer patients is being fueled by the population's growing understanding of the advantages of targeted therapy, hormone therapy, and immunotherapy. The development of therapeutics is fueled by a variety of variables, including the rise in tumor-agnostic therapy approvals and the development of novel treatments with properties tailored to the particular proteins or mutations that fuel the development of cancer. Additionally, anticipated market growth drivers include the rising elderly population, rising disposable income, and accessibility of cutting-edge products. On the other hand, the segment for cancer diagnostics is thought to be the most opportunistic. The desire of more people to find cancer as soon as possible is fueling the rise of the cancer diagnostics market. Throughout the projection period, this segment's expansion is anticipated to be fueled by the availability of numerous easy and non-invasive diagnostic technologies.

The market is divided into categories based on the kind of cancer, including liver cancer, breast cancer, colon and rectal cancer, esophageal cancer, gastric cancer, lung cancer, and others. According to indications, the market was led by the lung cancer category in 2023 as a result of an increase in lung cancer incidences worldwide. Lung cancer is the most often diagnosed form of cancer worldwide, and it is responsible for around 19% of all cancer-related fatalities. It is acknowledged as the main factor in cancer-related fatalities. One of the main drivers of this segment's growth is the rising prevalence of smoking around the world. Contrarily, it is predicted that during the projected period, the breast cancer market will develop at the fastest rate. This is brought on by the rising incidence of breast cancer among females. 12% of cancer-related fatalities worldwide are caused by breast cancer. The AI-based cancer detection system is the most recent trend in the oncology sector. AI increases the precision of picture identification in diagnostic procedures like the diagnosis of breast and lung cancer by detecting cancers in their earliest stages. Additionally, by lowering false positives during screening, AI increases the precision of lung cancer detection. Using algorithms for cancer detection is a trustworthy approach for evaluating lymph node biopsies on one's own. The accuracy of detecting metastatic breast cancer increased by 99% with the use of AI.

The market is divided into five regions based on geography: North America, Europe, Asia-Pacific, MEA, and South America. Due to its growing population and rising number of cancer patients, North America held the majority of the global oncology market in 2023. Lung, colon, breast, and prostate cancers are the four most common types of cancer in North America. The presence of strong healthcare infrastructure and rising healthcare spending in North America is projected to keep the oncology market there significant. The European oncology market is the second-largest regional market. The European oncology market will rise as a result of the rising cancer burden in high-growth nations including Germany, United Kingdom, France, Italy, and Spain. The most opportunistic market throughout the forecast is predicted to be in Europe. 2023 shows a 24.1% revenue share for Europe. This can be attributed to the rapid development of technology in the diagnosis of many cancers. Due to growing knowledge of cancer treatment alternatives and increased drug availability, the European market is growing quickly. Market expansion in Europe is also being fuelled by the increased government spending on R&D projects. Additionally, it is anticipated that the Europe oncology market will expand in the next years due to the rising incidence of cancer in Europe and the rising number of cancer deaths. A large aging population and the rising incidence of cancer in the region are expected to cause the Asia Pacific to see rapid growth. The fastest CAGR will be seen in Asia Pacific between 2024 and 2032. Due to a lack of awareness and access to expensive biological treatments, Latin America, the Middle East, and Africa are predicted to have sluggish progress. The global market for oncology is expected to develop at a moderate rate, according to Latin America and MEA.

Companies in the pharmaceutical and biotechnology industries are making significant investments in research and development efforts to create the most efficient and cost-effective cancer immunotherapies, which are anticipated to propel the expansion of the global oncology market. Due to the high cost of R&D activities in creating cancer immunotherapies, the cost of cancer treatments is considerable. The respective governments support research and development efforts in cancer immunotherapy through funding and other means. Market fragmentation exists in the oncology sector. To stay competitive, the major players in the market are continually implementing different growth methods. To survive in the cutthroat market, these major competitors use a variety of growth methods, including product launches, inventions, mergers and acquisitions, collaborations and partnerships, and intense R&D. In order to provide businesses with the most effective and economical solutions, the major market players are also consistently concentrating on R&D. The global market for oncology is predicted to expand faster as a result. The numerous growth tactics, including mergers, partnerships, acquisitions, and collaborations, significantly contribute to the expansion of the market. In order to produce cutting-edge oncology diagnostics and treatment methods, the key market players are working together for research and development objectives and investing extensively in the field. These market participants are working hard to take advantage of the current market opportunities and are putting their attention on expanding their market share by developing cutting-edge oncology solutions. Investors are positive about this industry, and despite the presence of fierce rivalry, more fresh investments will continue to flow into the sector in the future as a result of the evident global recovery trend. The oncology market's expansion will be constrained by adverse drug effects, strict restrictions, and patent expiration. Drugs used in chemotherapy destroy healthy cells while killing malignant cells. The patients consequently experience a variety of adverse consequences. The most common adverse effects include gastrointestinal issues, neuropathies, hair loss, fatigue, and skin conditions. Bone marrow suppression is another. As a result, the side effects connected to cancer treatments are hurting the market's expansion.