The global oncology market reached US$ 203.42 billion in 2022 and is expected to hit over US$ 470.61 billion by 2032, poised to grow at a noteworthy CAGR of 8.8% from 2023 to 2032.
Key Points:
- The cancer diagnostic segment has accounted 46.8% of the total market share in 2021.
- Hospital segment is growing at a CAGR of 10.9% from 2023 to 2032.
- Breast cancer market was valued at USD 57.23 billion in 2021.
- North America region has reached 46.2% of total market share in 2021.
The global oncology market is driven by the rising prevalence of cancer disease among the global population that significantly fosters the demand for the various oncology diagnostics and treatment products. Around 10 million cancer deaths were recorded in 2020 and around 19.3 million new cancer cases were diagnosed globally in 2020, as per the data provided by the International Agency for Research on Cancer in its report named GLOBOCAN.
The rising awareness regarding cancer and availability of various oncology treatment and innovative diagnostic tools for detecting cancer. The rising investments by the biopharmaceutical industry players in the research and clinical trials of various therapeutics and diagnostics are expected to fuel the growth of the global oncology market during the forecast period.
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Regional Snapshot
North America accounted for around 46% of the market share in 2020 and dominated the global oncology market. The increased prevalence of cancer in the region coupled with the increased healthcare expenditure is augmenting the demand for the oncology treatment. Moreover, the increasing awareness regarding the various treatment and diagnostics related to cancer is expected to spur the growth of the market. The rapidly growing prevalence of various types of cancer such as lungs cancer, breast cancer, prostate cancer, and colorectal cancer in US has exponentially contributed in the growth of the oncology market.According to the American Cancer Society, over 1.8 million new cancer cases and 606,520 deaths were reported in the US in 2020.
Europe is expected to be the fastest-growing market during the forecast period. The constantly rising cases of cancer and cancer deaths across the European countries is the major reason behind the burgeoning growth of the Europe oncology market.Around 2.7 million new cancer cases and about 1.3 million cancer deaths were recorded in 2020 in Europe, as per the European Commission. Moreover, the breast cancer was the most diagnosed cancer type across the European nations in 2020. Increased demand for the advanced and innovative technologies in the healthcare industry in Europe is estimated to be the major driving force of the oncology market in Europe.
Oncology Market Scope
| Report Coverage | Details |
| Market Size in 2023 | US$ 220.30 Billion |
| Market Size by 2032 | US$ 470.61 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 8.8% |
| Largest Market | North America |
| Fastest Growing Market | Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Cancer Diagnostics & Treatment, Indication, Region |
Report Highlights
- Based on the cancer diagnostics & treatment, the cancer treatment segment dominated the oncology market, garnering a market share of around 56% in 2020. The rising adoption of the targeted therapy and the immunotherapy for the treatment of cancer is exponentially spurring the growth of the cancer treatment segment. The low side effects and effective cancer treatment are the major advantages of the latest therapies over the traditional chemotherapy that is fostering the growth of this segment.
- Based on the indication, the breast cancer is estimated to be the most opportunistic segment during the forecast period. This is mainly due to the alarming rise in the breast cancer cases across the globe. According to the IARC, around 2.3 million new breast cancer cases were reported in 2020 all over the globe.
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Key Developments
- In April 2020, F.Hoffmann-La Roche launched Atezolizumab, an immunotherapy medicine in India, for the treatment of breast cancer.
- In May 2019, Syapse and Amgen, Inc. entered into a collaboration for the development of the observational analytics research for assessing the outcomes of the treatment in unmet need areas of the oncology.
Some of the prominent players in the global oncology market include:
- Aegerion Pharmaceuticals Inc.
- Abbvie Inc.
- Ability Pharma
- Acadia Pharmaceuticals Inc.
- Amgen Inc.
- Takeda Oncology
- Aslan Pharmaceuticals Ltd.
- Aspen Pharmacare Holdings Limited.
- Astrazeneca
- Athenex, Inc.
Segments Covered in the Report
By Cancer Diagnostics & Treatment
- Cancer Diagnostics
- Biopsy
- Imaging
- Immunohistochemistry
- Tumor Biomarkers Test
- In Situ Hybridization
- Liquid Biopsy
- Cancer Treatment
- Targeted Therapy
- Chemotherapy
- Hormonal Therapy
- Immunotherapy
- Others
By Indication
- Lungs Cancer
- Colorectal Cancer
- Breast Cancer
- Liver Cancer
- Bladder Cancer
- Head & Neck Cancer
- Prostate Cancer
- Others
By End-use
- Hospitals
- Diagnostic laboratories
- Diagnostic imaging centers
- Academia
- Specialty clinics
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- MEA
- Rest of the World
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