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Market Research Report
Product code
1047113
Oncology Market Size By Cancer Diagnostics & Treatment, By Cancer Type, By End-use, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028 |
Oncology Market Size By Cancer Diagnostics & Treatment, By Cancer Type, By End-use, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028 |
Published: January 7, 2022
Global Market Insights Inc.
Content info: 245 Pages
Delivery time: 2-3 business days
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The oncology market is anticipated to witness robust growth by 2028 owing to rising incidences of cancer across the globe. In addition, soaring liquor and tobacco consumption, coupled with surging emphasis on drug development, is slated to further bolster market growth over the forecast period.
Significant development in medical imaging technology have enabled interventional oncologists to incorporate image-guided treatments into clinical practice, allowing for targeted cancer treatment. Interventional oncology is promoting more concentrated treatments via locoregional delivery directly to the tumor, sparing as much healthy tissue as possible, particularly in organ tumors and cancers where systemic treatments are less effective, which has been favorable for oncology market outlook.
Recently, industry players have been adopting profitable strategies to gain a competitive edge in the sector, thereby enhancing market dynamics. For instance, on November 2021, GE Healthcare, a key firm in the space, performed an early investigation and demonstrated that artificial intelligence (AI) and robotics have the potential to improve precision for out-of-plane needle placement while also lowering overall procedure time.
Notably, the COVID-19 pandemic severely impacted every element of cancer care and research, with numerous countries around the world classifying screening and oncology care services as low-priority services, thereby hindering market growth. However, with widespread immunization drives and growing focus on accelerating economic growth, the industry is regaining its pre-COVID momentum.
The oncology market has further been segmented into cancer diagnostics & treatment, cancer type, end-use, and region. The cancer diagnostics & treatment segment has been divided into cancer diagnostics and cancer treatment. The cancer treatment sub-segment is anticipated to be valued at over USD 301.6 billion by the end of 2028.
Based on cancer type, the market has been categorized into lung cancer, liver cancer, prostate cancer, esophageal cancer, gastric cancer, colon & rectal cancer, breast cancer, and others. In 2021, the colon & rectal cancer sub-segment generated above USD 23.0 billion in revenue and is slated to attain a considerable market share by 2028.
In terms of end-use, the oncology market has been bifurcated into hospitals, specialty clinics, diagnostic laboratories, diagnostic imaging centers, academia, and others. In 2021, the specialty clinics sub-segment held around 5.1% market share and is estimated to grow significantly by 2028
From the regional point of view, in 2021, Latin America accounted for about 6.2% of the oncology market in terms of revenue and is likely to grow significantly by 2028. Meanwhile, the Middle East & Africa market is speculated to record sizable expansion at a CAGR of nearly 11.5% through the analysis period. Pharmaceutical companies have been making considerable investment towards the field of oncology in MEA, which is projected to propel regional market growth.