Oncology Market Synopsis

Oncology Market Size Was Valued at USD 221.36 Billion in 2023 and is Projected to Reach USD 474.06 Billion by 2032, Growing at a CAGR of 8.83% From 2024-2032.

Oncology is the branch of medicine that deals with the prevention, diagnosis, and treatment of cancer which involves the study of tumours, cancer cells, and their growth, as well as the development of effective treatments for cancer patients.

• Oncology plays a crucial role in the early detection and accurate diagnosis of cancer involving various screening methods, imaging techniques, and tests to identify the presence and stage of cancer in patients.
• Oncologists consider factors like cancer type, stage, patient's health condition, and individual needs to determine the most effective treatment options, including surgery, radiation therapy, chemotherapy, immunotherapy, or targeted therapies.
• Oncology is pushing for in-depth research to uncover the reasons and processes behind the development of cancer. This study contributes to the advancement of novel treatment options, ground-breaking medications, and enhanced therapies, resulting in improved results for individuals with cancer.
• Oncology has a significant impact on public health initiatives related to cancer prevention and control which includes promoting awareness about risk factors, encouraging cancer screenings, advocating for vaccination programs, and implementing tobacco control measures to reduce cancer incidence.

Top Active Players Involved Are:

“Roche Holding AG (Switzerland), Bristol Myers Squibb (United States), Kura Oncology, Inc. (United States), Johnson & Johnson (United States), Pfizer Inc. (United States), AstraZeneca (United Kingdom), Merck & Co., Inc. (United States), Novartis AG (Switzerland), AbbVie Inc. (United States), Abbott Laboratories (United States), Amgen Inc. (United States), Sanofi SA (France), Bristol-Myers Squibb Company (United States), Gilead Sciences Inc (United States), Vertex Pharmaceuticals Inc. (United States), Regeneron Pharmaceuticals Inc. (United States), GSK plc. (United Kingdom), Daiichi Sankyo Company Ltd. (Japan), Takeda Pharmaceutical Company Ltd. (Japan), Moderna Inc. (United States), Biogen Inc. (United States), BioNTech SE (Germany), Astellas Pharma Inc. (Japan), Illumina Inc. (United States), Beigene Ltd. (China), and Other Active Players.”

Oncology Market Trend Analysis

Increased Consumption of Alcohol and Tobacco

• Alcohol consumption is strongly associated with an increased risk of developing various types of cancer and can lead to the development of cancers such as oral, oesophageal, liver, colorectal, breast, and other types.
• The use of tobacco, such as smoking cigarettes, cigars, or smokeless tobacco, is a major contributor to preventable deaths caused by cancer globally. Tobacco has many cancer-causing substances that can harm DNA and other genetic materials, resulting in the formation of tumours in different areas such as the lungs, throat, mouth, pancreas, bladder, and others.
• The rise in alcohol and tobacco intake is a major factor in the high rate of cancer cases, leading to an increased need for oncology services and products. This involves diagnostics, screenings, treatments, medications, and supportive measures for patients suffering from cancers caused by alcohol and tobacco.
• Non-smokers who are exposed to second-hand smoke are at a higher risk of developing lung cancer, as well as other types of cancer including breast, nasal cavity, and sinus cancers. This requires the expansion of oncology services to meet the needs of people impacted by cancers caused by second-hand smoke.

Restraint

High Risk of Side Effects Associated with Cancer Treatments

• Chemotherapy often leads to side effects such as hair loss, nausea, vomiting, fatigue, weakened immune system, and increased susceptibility to infections. These side effects can impact the quality of life of patients, causing discomfort and affecting their ability to carry out daily activities.
• Radiation therapy, another common form of cancer treatment, can cause side effects depending on the area being treated. Skin problems like redness, itchiness, and changes in skin colour, as well as fatigue, difficulty swallowing, and digestive issues, are common side effects.
• The immunotherapy side effects can include inflammation of organs, skin problems, thyroid dysfunction, and gastrointestinal issues. Surgical procedures may result in bleeding, infections, blood clots, pain, and potential damage to surrounding tissues or organs.
• The psychological effects of cancer treatments and their side effects should not be ignored. The potential side effects can greatly affect a patient's well-being and their readiness to undergo or continue treatment due to fear, anxiety, and emotional distress.

Opportunity

Increasing Technological Advancements

• Advances in technology, like genomics, molecular profiling, and advanced imaging methods, have enabled the development of precision medicine in the field of oncology. Precision medicine customizes the treatment approach by considering an individual's unique genetic profile and tumour characteristics.
• Innovations in immunotherapy methods such as immune checkpoint inhibitors and CAR-T cell therapy have demonstrated impressive results in specific cancer types. These treatments utilize the immune system's strength to target cancer cells directly.
• Innovations in surgical methods, such as robotic surgery and laparoscopic procedures, have reduced the invasiveness of cancer surgeries resulting to decreased incision sizes, lower blood loss, quicker recovery times, and fewer complications after surgery.
• Techniques like intensity-modulated radiation therapy (IMRT), stereotactic radiosurgery (SRS), and proton therapy allow for targeted delivery of radiation, minimizing damage to surrounding healthy tissues. These advancements offer increased treatment accuracy, improved tumour control rates, and reduced side effects.

Oncology Market Segment Analysis:

The Oncology Market is Segmented on the basis of Diagnostics & Treatment, Treatment, Drugs Class, Dosage Form, Indication, Distribution Channel, And End-user.

By Diagnostics & Treatment, the Treatment Segment Is Expected to Dominate the Market During the Forecast Period

There are two segments by diagnostics & treatment such as diagnostics which contain sub-segments biopsy, imaging, immunohistochemistry, tumour biomarkers test, in situ hybridization, and liquid biopsy and treatment which contains sub-segments targeted therapy, chemotherapy, hormonal therapy, and immunotherapy. Among these, the treatment segment is expected to dominate the market during the forecast period.

• The worldwide occurrence of cancer has been consistently increasing, resulting in a greater need for successful treatment choices. With the rising number of cancer cases, the need for different treatment methods is also on the rise.
• There have been significant advancements in the research and development of cancer treatments which include the development of targeted therapies, immunotherapies, and other novel treatment approaches that have shown promising results in combating cancer. These have contributed to the dominance of the treatment segment.
• As patients become more informed about different treatment choices, they are increasingly inclined to seek cancer treatment. Furthermore, specialized oncology services have also seen enhancements in availability and accessibility, leading to increased demand for treatment choices.
• Healthcare infrastructure, including hospitals, clinics, and cancer centers, continues to expand and improve worldwide allowing for better diagnosis, treatment, and management of cancer.

By Application, Lung Cancer Segment Held the Largest Share In 2023

There are six segments by application such as lung cancer, colorectal cancer, breast cancer, liver cancer, bladder cancer, and others (head & neck cancer, prostate cancer, thyroid cancer). Among these, the lung cancer segment held the largest share in 2023.

• Lung cancer is a prevalent form of cancer worldwide and is linked to high death rates. The high occurrence of lung cancer has aided in its prominence in the field of oncology. Most lung cancer cases are associated with the use of tobacco products.
• Major progress has been made in the field of lung cancer diagnosis, including improvements in imaging methods, molecular testing, and biopsy techniques. These advancements have enhanced the ability to detect lung cancer early and accurately diagnose it, resulting in a higher need for lung cancer testing.
• Focused treatments, especially those aimed at specific genetic changes such as EGFR and ALK, have displayed significant potential in lung cancer therapy. These treatments provide efficient options for treating specific groups of patients, resulting in improved results.
• Globally, there has been an increase in traction for awareness campaigns and screening programs that focus on early detection and prevention of lung cancer. These efforts have resulted in higher recognition among high-risk individuals, resulting in the detection of a greater number of lung cancer cases.

Oncology Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast Period

• North America has a developed healthcare system, which includes hospitals, specialized cancer centres, research institutions, and medical universities. The strong healthcare system in the area allows for effective identification, care, and control of a range of illnesses, such as cancer.
• North America spends a significant amount on healthcare, showing a strong focus on healthcare services and advancements. This investment in finances supports the growth and acceptance of new technologies, state-of-the-art therapies, and advanced treatment choices.
• The region is recognized for its significant contributions in oncology research, clinical trials, and drug development which give North America an upper hand in the market.
• The region has been an early adopter of technological advancements in the healthcare sector due to this North America has witnessed remarkable progress in precision medicine, genomic profiling, molecular diagnostics, imaging technologies, and targeted therapies.

Oncology Market Active Players

• Roche Holding AG (Switzerland)
• Bristol Myers Squibb (United States)
• Kura Oncology, Inc. (United States)
• Johnson & Johnson (United States)
• Pfizer Inc. (United States)
• AstraZeneca (United Kingdom)
• Merck & Co., Inc. (United States)
• Novartis AG (Switzerland)
• AbbVie Inc. (United States)
• Abbott Laboratories (United States)
• Amgen Inc. (United States)
• Sanofi SA (France)
• Bristol-Myers Squibb Company (United States)
• Gilead Sciences Inc (United States)
• Vertex Pharmaceuticals Inc. (United States)
• Regeneron Pharmaceuticals Inc. (United States)
• GSK plc. (United Kingdom)
• Daiichi Sankyo Company Ltd. (Japan)
• Takeda Pharmaceutical Company Ltd. (Japan)
• Moderna Inc (United States)
• Biogen Inc. (United States)
• BioNTech SE (Germany)
• Astellas Pharma Inc. (Japan)
• Illumina Inc. (United States)
• Beigene Ltd. (China) and Other Active Players.

Key Industry Developments in the Oncology Market:

• In March 2024, Roche Pharma India launched Vabysmo, a medication for neovascular age-related macular degeneration and diabetic macular edema in India. The drug is cost-effective and collaborates with government and insurance companies for patient access. Vabysmo achieves global sales and offers durable treatment for retinal vision loss.
• In January 2024, BDR Pharmaceuticals has, in a global first, introduced the prostate cancer drug enzalutamide in oral solution form. The formulation provides an effective dosage form, with lesser side effects in comparison to existing oral dosage forms of enzalutamide.