Growing initiatives taken by government and non-government organizations to lower disease burden will play a major role in accelerating oncology market growth. Roll out of initiatives like the World Health Organization’s (WHO) Global Action Plan for the Prevention and Control of NCDs 2013-2020 could help governments undertake proactive measure to mitigate patient mortality rate.

According to a report, the WHO plan focuses on reducing 25% of premature deaths resulting from cardiovascular diseases, chronic respiratory diseases, diabetes, and cancer by 2025. The WHO has also collaborated with IARC (International Agency for Research on Cancer) and other organizations to control non-communicable diseases occurrence. Initiatives such as this could boost the adoption of oncology treatments and procedures.

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According to the Global Market Insights, the oncology market size is expected to exceed USD 469.5 billion by 2026, and is expected to grow at a rate of 10.1% during the analysis timeframe.

Rising burden of cancer and increasing awareness regarding various cancer treatments and procedures has incited the demand for early disease diagnosis procedures. In 2019, the cancer diagnostics segment accounted for USD 104.9 billion.

According to the National Cancer Institute, the rate of new cases of cancer was 442.4 per 100,000 men and women in 2017. This has resulted in an increase of adoption of disease diagnosis that will enhance the segment growth. Apart from this, mounting cases of cancer combined with various advancement in cancer diagnostics and detection for different type of cancers will boost segment growth.

Companies specializing in oncology products and services are focusing on various strategies which includes procurements, business enlargement and new product launches to consolidate their market presence. For instance, in September 2020, Bayer entered into an exclusive global license agreement with Systems Oncology, LLC, a company engaged in innovating cancer drug discovery in oncology division.

Some prominent companies operating in the oncology market are GE Healthcare, F. Hoffmann-La Roche, Merck, Pfizer, Bayer AG, LLC (Johnson & Johnson), Abbott, Janssen Diagnostics, Thermo Fischer Scientific, among others. These companies are constantly up scaling their working strategies to make a mark in the market.

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The oncology market is expected to grow at an exponential rate (around 11.4%) across Asia Pacific,  during the forecast timeframe. Increased focus and awareness of governments regarding the early detection and eradication of cancer is estimated to result in market growth. The region composes the presence of a large patient pool across highly populous countries. Elderly patients across the region are also prone to various types of cancer. For instance, China accounts for the second highest number of cancer cases after the U.S. In 2018, number of new cancer cases among women in China was estimated at 19.9 million. Rising burden of cancer will attract more customers to opt for treatment and diagnosis, thereby supplementing regional market growth.

Partial Chapter of the Table of Content

Chapter 2   Executive Summary

2.1    Global oncology industry 360° synopsis, 2015-2026

2.1.1    Business trends

2.1.2    Cancer diagnostics and treatment trends

2.1.3    Cancer type trends

2.1.4    End-use trends

2.1.5    Regional trends

Chapter 3   Global Oncology Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2015 - 2026

3.3    Industry impact forces

3.3.1    Growth drivers

3.3.1.1    Rising incidence of cancer globally

3.3.1.2    Several initiatives undertaken by government and other organizations to spread disease awareness

3.3.1.3    Growing number of diagnostic laboratories in developing countries

3.3.1.4    Technological advancements in developed countries

3.3.2    Industry pitfalls & challenges

3.3.2.1    High capital investment coupled with high cost associated with diagnostic imaging system

3.3.2.2    High risk of side effects associated with cancer treatment

3.3.2.3    Risk related with high radiation exposure affecting use of CT scanners

3.4    Growth potential analysis

3.4.1    By cancer diagnostics & treatment

3.4.2    By cancer type

3.4.3    By end-use

3.5    COVID-19 impact analysis

3.6    Porter's analysis

3.7    Competitive landscape, 2019

3.7.1    Company matrix analysis

3.8    PESTEL analysis

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