Oncology Market Expected to Grow at 9.6% CAGR, Reaching USD 533.2 Bn by 2032 | DMR

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Insights, Projections, and Recent Developments in the Oncology Industry Highlighted in Latest Report

New York, April 24, 2024 (GLOBE NEWSWIRE) — Overview

According to Dimension Market Research, The Global Oncology Market size was valued USD 234.6 billion in 2023 and it is further anticipated to reach a market value of USD 533.2 billion by 2032, according to Dimension Market Research. The market is anticipated to register a CAGR of 9.6% from 2023 to 2032. 

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The international oncology market encompasses the development, manufacturing, distribution, and intake of products and services for cancer prevention, analysis, and treatment globally. It includes pharmaceuticals, scientific devices, diagnostics, treatment modalities, and supportive care, with studies, scientific trials, and healthcare facilities addressing growing cancer treatment costs.

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Important Insights

  • Projections suggest a substantial surge, within the global oncology market as it is expected to show noteworthy growth by reaching USD 533.2 billion by 2032 at a CAGR of 9.6%, commencing from its 2023 base value of USD 234.6 billion.
  • Cancer diagnostics is projected to dominate this market based on treatment and diagnostics, driven by due to its crucial for early detection, sees rapid advancements in imaging, and molecular diagnostics.
  • In the cancer type segment, Lung cancer, a leading cause of cancer deaths, drives market growth due to high incidence, smoking-related factors, and complex treatment challenges.
  • Hospitals are projected to dominate the end-user segment in the global oncology market with 51.2% of the market share in 2023.
  • North America leads the global oncology market with a 47.4% revenue share in 2023, expected to maintain dominance due to its well-developed healthcare infrastructure and the presence of key industry players in the United States and Canada.

Latest Trends

  • Pandemic-driven digital transformation accelerates AI and analytics adoption, fostering patient-centric strategies and strategic alliances, and shaping competitive dynamics of the oncology market.
  • Precision oncology gains traction, with targeted therapies tailored to genetic profiles, driving personalized treatment approaches and improving patient outcomes in oncology.
  • Integration of telemedicine and virtual care revolutionizes cancer care delivery, enhancing access to specialized services and improving patient engagement and outcomes globally.
  • Growing focus on value-based care models and outcomes-based reimbursement drives industry shifts, emphasizing quality of care, cost-effectiveness, and patient-centered approaches in oncology.
  • Economic elements, including healthcare expenditure and investment availability, play a pivotal position in shaping marketplace dynamics and driving investment in oncology research and infrastructure improvement.

Oncology Market: Competitive Landscape

  • Established pharmaceutical firms and rising biotech collaborate to innovate, emphasizing precision remedies and targeted healing procedures tailored to specific cancer types and genetic profiles, intensifying competition in the oncology market.
  • Pandemic-driven digital transformation hastens AI and records analytics adoption, fostering affected person-centric strategies and strategic alliances, shaping aggressive dynamics in oncology with a focus on breakthrough immunotherapy and gene treatment plans.

Some of the prominent market players:

  • F. Hoffmann-La Roche
  • Merck & Co. Inc.
  • Abbott
  • Pfizer
  • Bayer Ag
  • Thermo Fischer Scientific
  • Gilead Science Inc.
  • GE Healthcare
  • Biocartis
  • AstraZeneca 
  • Bio-Rad Laboratories
  • Other Key Players

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Oncology Market Scope

Report Highlights Details
Market Size (2023) USD 234.6 Bn
Forecast Value (2032) USD 533.2 Bn
CAGR (2025-2032) 9.6%
North America Revenue Share 47.4%
Historical Data 2017 – 2022
Forecast Data 2025 – 2032
Base Year 2023
Estimate Year 2024
Segments Covered By Treatment & Diagnostics, By Cancer Type, By End-User
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

Cancer diagnostics dominated with 58.6% of the market share in 2023, expected to grow till 2032. Early cancer detection is pivotal for treatment success, with screening programs relying on imaging and laboratory tests. Advancements in imaging, molecular diagnostics, and liquid biopsies enhance accuracy, cementing cancer diagnostics’ dominance in this segment.

Lung cancers dominate the cancer type segment, pushed by its excessive occurrence and mortality rate globally, fueled by tobacco smoking. Public health efforts target smoking cessation and early detection, underscoring the significance of lung cancers in public fitness and the need for advanced diagnostic equipment and treatment strategies.

Growth Drivers

  • Rising cancer incidences because of aging populations propels the oncology marketplace growth, necessitating extended access to remedies and supportive care services.
  • Technological advancements like immunotherapy and precision medicine force innovation, improving treatment efficacy and affecting personal outcomes in oncology.
  • Increased attention and early detection efforts foster demand for oncology products and services, emphasizing preventive measures and personalized treatment approaches.
  • Collaborations among enterprise stakeholders spur research and development, accelerating the discovery of novel therapies and diagnostic tools in oncology.
  • Regional regulatory frameworks and reimbursement policies influence market adoption rates, shaping accessibility and affordability of oncology treatments globally. 

Restraints

  • High costs associated with oncology treatments limit accessibility, especially in lower-income regions, posing a barrier to patient care and market growth.
  • Stringent regulatory processes and lengthy approval timelines hinder the introduction of new therapies and technologies, slowing market expansion and innovation.
  • Limited availability of skilled healthcare professionals, particularly in specialized oncology fields, constrains service delivery and patient access to quality care, impeding market growth.
  • Persistent stigma and misconceptions surrounding cancer in certain cultures and communities lead to delayed diagnosis and treatment-seeking behaviors, impacting patient outcomes and market growth.

Growth Opportunities

  • Expanding telemedicine and digital health system opens new ways for remote patient monitoring, personalized treatment plans, and virtual consultations.
  • Advancements in biomarker research and companion diagnostics facilitate precision medicine approaches, enabling targeted therapies and improving treatment efficacy in oncology.
  • The rise in investment in oncology research and development drives innovation, leading to the discovery of novel therapies, and diagnostics driving the growth of market expansion.
  • Emerging markets like Asia-Pacific and Latin America present growth opportunities to this market, with growing healthcare infrastructure, rising patient populations, and increasing demand for oncology services and products.

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Oncology Market Segmentation

By Treatment & Diagnostics

  • Cancer Diagnostics
  • Cancer Treatment

 By Cancer Type

  • Lung Cancer
  • Prostate Cancer
  • Colon & Rectal Cancer
  • Gastric Cancer
  • Breast Cancer
  • Others

By End-User

  • Hospitals
  • Diagnostics Laboratories
  • Diagnostic Imaging Centers
  • Academic & Research Institutes
  • Specialty Clinics
  • Others

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Regional Analysis

North America dominated this market with 47.4% of the market share in 2023. North America is home to various well-known academic and research institutes, healthcare centers, and universities which are extensively contributing to the growth of this market. Many well-known institutions and universities like Johns Hopkins, Stanford, and Berkeley which are situated in this region are forming a collaboration with various pharmaceutical companies and firms to develop more advanced cancer treatment plans. The presence of regulatory bodies like the U.S. Food and Drug Administration (FDA) in this region boosts the trust of investors to invest in this region’s oncology market which subsequently results in its dominance.

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Recent Developments in the Oncology Market

  • January 2024: Reimagine Care, a virtual-first cancer care provider, secures investment from Oncology Ventures, aiming to revolutionize cancer care delivery with innovative technologies.
  • December 2023: Irazú Oncology, based in Baltimore, secures USD 2.6 million in seed funding from local investors to advance a cancer vaccine platform using outer membrane vesicle technology.
  • November 2023: RefleXion Medical secures USD 105 million in funding led by The Rise Fund to advance SCINTIX therapy, a breakthrough cancer treatment addressing metastatic disease.
  • October 2023: Shorla Oncology secures $35M Series B funding led by Kurma Partners to advance its oncology portfolio, focusing on orphan and pediatric cancers, aiming to address drug shortages.
  • August 2023: Reed Jobs, son of Steve Jobs, launches Yosemite VC with a USD 200 million fund for cancer treatment, drawing support from investors and institutions including MIT.

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