• Stacy Lawlor

The Oncology Market

The Oncology Market Size By Cancer Diagnostics & Treatment (Cancer Diagnostics {Tumor Biomarker Test, Imaging, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization}, Cancer Treatment {Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy}), By Cancer Type (Lung Cancer, Prostate Cancer, Colon & Rectal Cancer, Gastric Cancer, Esophageal Cancer, Liver Cancer, Breast Cancer), By End-use (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast

Summary: Industry Trends

Oncology Market Size is anticipated to grow in the coming years. Rising alcohol and tobacco consumption have led to a rise in demand for oncological solutions. Also, as industry players lay strong emphasis on developing novel drug candidates targeting different types of cancers, the maket is poised for steady growth during the forecast period.

The COVID-19 pandemic has impacted every aspect of oncology care and research, as several countries across the globe have classified screening and oncology care services as low-priority. For instance, the government of Scotland temporarily suspended screening programs for cervical, bowel and breast cancers, in light of increasing cases of COVID-19.

Moreover, several local- and national-level restrictions, implemented by governements, on the movement of people and goods have significantly disrupted the pharmaceutical product supply chain, thereby hampering growth. Additionally, temporary closure of various academic institutes and challenges in providing post-sales services owing to the pandemic, resulted in the reduced supply of oncology product to end users, thereby hindering market expansion.

Growth Drivers:

1. Rising incidence of cancer globally

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

3.Growing number of diagnostic laboratories in developing countries

4.Technological advancements in developed countries

Pitfalls & Challenges:

1.High capital investment coupled with high cost associated with diagnostic imaging systems

2.High risk of side effects associated with cancer treatment

3.Risks related to high radiation exposure, affecting use of CT scanners

Technological advancements in various tests to detect tumors will spur the market progression

Technological advancements and automation have enhanced the accuracy levels of cancer tests and also made them user friendly, thereby fostering industry expansion. For instance, liquid-based cytology (LBC) tests were developed to overcome difficulties in conventional pap tests for cervical cancer screening. Liquid based cytology (LBC) tests reduces specimen inadequacy by around 80%, thus allowing for chlamydia, HPV and gonorrhoea testing as well.

Side effects associated with the cancer treatment may potentially restrain the oncology market value

Side effects associated with oncology treatment such as chemotherapy can potentially hinder the growth of global industry. Patients undergoing chemotherapy may suffer from long-term damage to the heart, lungs, kidneys, or reproductive organs. This can occur after the treatment, damaging healthy cells, thus limiting the industry’s progress. Moreover, certain types of chemotherapy drugs may have delayed side effects. Few of the common side effects include hair loss, fatigue, anaemia, infections and easy bruising and bleeding among others, thereby hampering overall market demand.

The hospital segment is expected to register growth rate through forecast years. High acceptance rates for technologically advanced biopsy and other devices utilized in diagnoses of cancers will increase the number of diagnoses carried out in hospitals, thereby stimulating industry demand. In addition, the increasing presence of electrosurgical procedures and related minimally invasive surgeries has increased the admissions and adoption of oncology treatment in hospital setting, thereby enhancing the segment progression.

Technological advancements in cancer diagnostics to further accelerate adoption rate of cancer diagnostic tools

The cancer diagnostic segment dominated the market share in 2021 led by the rising incidence of cancer coupled with technological advancements. The development of an intelligent surgical knife fulfils the growing demand for minimal invasive technologies. Furthermore, detecting cancer merely with physical exams or biomarker tests is noted to be an onerous task while imaging tests are a must for conformation.

Rising prevalence of cancer disease along with increasing geriatric population in the North America region

The North American oncology market accounted for measurable share count in 2021 driven by the growing geriatric population along with rising incidence of cancer in the region. Furthermore, technological advancement in cancer diagnostic techniques and treatment, favourable R&D activities by industry participants are the few other factors that will favour the regional growth.

Growth strategies of market players are focused on increasing the customer base

Few of the notable companies operating in the market are GE Healthcare, Janssen Diagnostics, LLC (Johnson & Johnson), F. Hoffmann-La Roche, Pfizer, Bayer AG, Merck, Abbott, Thermo Fischer Scientific. These industry leaders implemented various strategies such as mergers and acquisitions, collaborations, new product launch, etc. in order to capture high revenue share in the market.