Oncology Market Overview:
According to the UK based Cancer Research Institute, different types of cancer were responsible for around 9.6 million deaths in the world in the year 2018. Additionally, approximately 18 million cases of cancer were reported in the same year. Cancer has always been one of the most intimidating diseases in the world with a high chance of fatality. Detrimental lifestyle changes are responsible for consistently rising statistics of cancer patients in the world, which in turn has generated a high demand for the oncology market. Oncology has been fundamental in the prevention of cancer throughout the world because of advanced diagnosis, and timely prevention to lessen exposure to tobacco, smoking, and consumption of alcohol.
The oncology market will witness remarkable growth in the upcoming years with the increase in disposable income, booming medical technology sector, and elevated demand for cancer treatment. During the forecast period of 2019-2025, the market is expected to grow with a burgeoning compound annual growth rate (CAGR) of 12.6%. In 2018, the size of the global market was estimated at $120 billion.
Oncology Market Outlook:
Oncology, to put simply is the study of cancer- its causes, its symptoms, diagnosis, and treatment. Detection of cancer is not as difficult as it used to be because of oncology, and this branch aims to educate people about the potential dangers of this disease and how as a society, humans can take small steps towards eradicating it. Home to the eminent Cancer Research Institute, a US-based non-profitable organization, North America was the geographical leader of the global oncology market. In the year 2018, it held a regional market share of 46%. There are different kinds of oncology including medical oncology which makes the use of medicines or chemotherapy, surgical oncology, in which the surgeon removes the tumor from the tissue and radiation oncology which utilizes radiation therapy. The application segment of chemotherapy is expected to expand at an outstanding CAGR of 13.6 % during the forecast period of 2019-2025.
Oncology Market Growth Drivers:
Harmful Lifestyle Patterns Contributing To Global Prevalence of Cancer
According to National Center For Biotechnology Information (NCBI), majority of the diagnosed cancer cases can be related to harmful lifestyles that patients have led in the past. A sedentary lifestyle, eating an unhealthy diet, excessive tobacco usage are some of the leading causes for cancer. Such factors are contributing to the growth of oncology and resulting in developments in the field. This is providing impetus to the market and allowing it thrive organically.
Government Initiatives For Cancer Prevention
Governments around the world are trying to fight cancer through several initiatives that they have begun for spreading awareness on cancer prevention. Center for Disease Control and Prevention in United States of America has started some significant initiatives such as Screen for Life: National Colorectal Cancer Action Campaign for colorectal campaign, Inside Knowledge Campaign for gynecologic cancer, Youth Risk Behavior Surveillance System and National Health Interview Survey for skin cancer, and many others. These initiatives highly rely on the branch of oncology and use most of its findings and research, providing impetus to the oncology market and generating demand.
Oncology Market Challenges:
Cancer is an expensive disease and treatment is not accessible for people of all economic backgrounds. Because of limited information, in a lot of cases, cancer remains undetected. These are some of the challenges faced by the oncology market and can be combated only on creating inexpensive treatment methods for the general public.
Oncology Market Key Players Perspective:
Some of the key market players of the oncology market are F. Hoffmann-La Roche Ltd, Bristol-Myers Squibb, Novartis AG, Pfizer, Sanofi, Amgen Inc., Johnson & Johnson, AstraZeneca PLC, AbbVie Inc., Astellas Pharma Inc., and Exelixis, Inc.
Novartis AG, one the of world’s leading pharmaceutical companies is researching extensively in oncology in its Novartis Institutes for BioMedical Research (NIBR) and introducing new forms of treatment in the market like experimental gene therapy.
Oncology Market Trends:
- With consistent technological advancement, the oncology market is experiencing immense innovation and making cancer diagnostics, and treatment of cancer easier.
- The iKnife- Researchers have developed a surgical instrument called the iKnife that is a knife that can instantly figure out whether a particular set of cells is cancerous or not. When cutting through a tissue, the knife releases a specific type of smoke that is used for cancer detection.
- Medical Robots- Doctors around the world are repeatedly handing over the incision part of a surgery to medical robots, thanks to automation. This segment of the surgery which has a high chance of mistake is carefully handed by these robots to offer tremor-free surgeries, thus resulting in high rates of successful surgery.
- CAR T-Cell Therapy- While still in its budding stages, this form of immunotherapy is gaining immense popularity amongst patients suffering from leukemia. A patient’s blood is collected in this procedure and genetically modified by adding Chimeric Antigen Receptors (CARs) in the blood and left to expand. When the blood is sufficiently full of CARs, the blood is then transferred to the patient’s body. CARs present in the blood begin to attack the tumor cells, thus curing a patient’s cancer without any external procedures like chemotherapy or radiation therapy.
Oncology Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Oncology Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Oncology Market, and their specific applications in different areas.
Oncology Market Report: Industry Coverage
The oncology market can be segmented on the basis of type and therapy type. On the basis of type, the market can be bifurcated into breast Cancer, lung Cancer, blood cancer, brain cancer, and others. On the basis of therapy type, the market can be divided into medical oncology, radiation oncology, and surgical oncology.
The Oncology Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia