Oncology Market Size, Share, Growth Analysis, By Cancer Diagnostics & Treatment, By Cancer Type, By End Use, By Region - Industry Forecast 2024-2031

Global Oncology Market size was valued at around USD 201.8 billion in 2022 and is expected to rise from USD 224.4 billion in 2023 to reach a value of USD 471.8 billion by 2031, at a CAGR of 11.2% over the forecast period (2024-2031).

Cancer ranks as the third most lethal disease globally, trailing only behind cardiovascular, parasitic, and infectious diseases. As a result, the market for oncology is experiencing significant growth driven by the urgent need for effective treatment solutions. Chemoprevention, which involves using synthetic or naturally occurring chemicals to inhibit carcinogenesis, is becoming increasingly relevant. Current cancer treatment methodologies encompass surgery, radiation therapy, and pharmacological interventions. Surgery remains the primary treatment choice for early-stage cancer, while radiotherapy is often employed alongside surgical procedures for localized tumors. Additionally, pharmacotherapy, particularly chemotherapy that utilizes a variety of cytotoxic agents, plays a crucial role in management strategies. Targeted therapy, which addresses specific genetic alterations in cancer cells that promote their growth and metastasis, is gaining traction as a promising treatment avenue. The escalating prevalence of cancer due to rising alcohol and tobacco consumption underscores the urgency for innovative solutions. Consequently, industry players are heavily investing in the development of novel therapeutic candidates aimed at addressing the diverse spectrum of malignancies. This focus on research and development is poised to enhance treatment outcomes and propel market growth throughout the forecast period, as stakeholders continue to seek advancements in oncology therapeutics.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Oncology market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Oncology Market Segmental Analysis

Global Oncology Market is segmented by Cancer Diagnostics & Treatment, Cancer Type, End Use, and region. Based on Cancer Diagnostics & Treatment, the market is segmented into Cancer Diagnostics (Tumor Biomarker Test, Imaging, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization), Cancer Treatment (Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy). Based on Cancer Type, the market is segmented into Lung Cancer, Prostate Cancer, Colon & Rectal Cancer, Gastric Cancer, Esophageal Cancer, Liver Cancer, and Breast Cancer. Based on End Use, the market is segmented into Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Oncology Market

The global oncology market is poised for significant growth, primarily driven by the alarming rise in cancer prevalence worldwide, currently the second leading cause of death after cardiovascular diseases. Factors such as tobacco use, shifting dietary habits, and an increase in life expectancy contribute to this surge, with the World Health Organization projecting new cancer cases to skyrocket from 18.1 million in 2018 to an anticipated 29.4 million by 2040. This escalating burden necessitates effective oncology medications, thereby bolstering market demand. Furthermore, heightened public awareness of cancer risks and treatment options is expected to further stimulate market expansion in the coming years.

Restraints in the Global Oncology Market

The global oncology market faces several significant restraints that hinder its growth trajectory. Adverse drug effects associated with chemotherapy, such as bone marrow suppression, gastrointestinal disorders, neuropathies, and hair loss, not only compromise patient quality of life but also lead to treatment discontinuation, thereby limiting market expansion. Additionally, stringent regulatory frameworks governing drug approvals and high medication costs pose significant barriers for pharmaceutical companies. Furthermore, the impending patent expirations of key oncology drugs introduce competitive pressures, causing a decline in revenue for innovators and stalling investment in new therapies. Collectively, these factors present formidable challenges to the market's progress in the coming years.

Market Trends of the Global Oncology Market

The Global Oncology market is witnessing a robust trend of expansion, driven by an intensified focus on research and development (R&D) for advanced drug therapies, particularly in immunotherapy. As cancer treatment increasingly prioritizes curing the disease, prolonging survival, and enhancing patients' quality of life, market leaders are channeling significant investments into immunotherapy research. The collaboration between companies like FUJIFILM Corporation and the National Cancer Center Japan highlights a growing emphasis on innovative treatments that leverage immune cells to combat tumors. This strategic shift towards effective immunotherapeutic solutions is not only improving patient outcomes but also propelling substantial growth within the oncology sector.