Oncology Market: Projected to Reach USD 474.06 Billion by 2032, Growing at a CAGR of 8.83% From 2024-2032

The study of tumors, cancer cells, and their progression, as well as the creation of cancer patient treatments, are the main goals of the medical specialty of oncology. In oncology, it's crucial to identify and diagnose cancer using a variety of techniques. The kind of cancer, its stage, and the particular requirements of the patient all influence the available therapy options. Oncology research leads to advancements in treatment protocols. By encouraging awareness, screenings, immunizations, and tobacco control, public health initiatives place a high priority on the prevention and management of cancer. 

Increased consumption of alcohol and tobacco products is closely linked to the development of various cancer types, including breast, oesophageal, liver, colorectal, and oral cancers. Tobacco products, including cigarettes, contribute significantly to avoidable cancer-related deaths worldwide by introducing carcinogens that damage DNA and cause tumors to grow in organs such as the pancreas, lungs, throat, and mouth. There is a greater need for oncology services and products to identify, test, manage, prescribe, and help affected patients as a result of the increased use of alcohol and tobacco. Moreover, exposure to second-hand smoke raises the risk of lung cancer and other cancers, underscoring the significance of improving oncology services for those afflicted with diseases due to second-hand smoke.

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Oncology Market Top Key Players:

·         Roche Holding AG (Switzerland)

·         Bristol Myers Squibb (United States)

·         Kura Oncology, Inc. (United States)

·         Johnson & Johnson (United States)

·         Pfizer Inc. (United States)

·         AstraZeneca (United Kingdom)

·         Merck & Co., Inc. (United States)

·         Novartis AG (Switzerland)

·         AbbVie Inc. (United States)

·         Abbott Laboratories (United States)

·         Amgen Inc. (United States)

·         Sanofi SA (France)

·         Bristol-Myers Squibb Company (United States)

·         Gilead Sciences Inc (United States)

·         Vertex Pharmaceuticals Inc. (United States)

·         Regeneron Pharmaceuticals Inc. (United States)

·         GSK plc. (United Kingdom)

·         Daiichi Sankyo Company Ltd. (Japan)

·         Takeda Pharmaceutical Company Ltd. (Japan)

·         Moderna Inc (United States)

·         Biogen Inc. (United States)

·         BioNTech SE (Germany)

·         Astellas Pharma Inc. (Japan)

·         Illumina Inc. (United States)

·         Beigene Ltd. (China) and Other Active Players.

The latest report on the Oncology Market provides a detailed analysis of the market for the years 2024 to 2032. It presents a comprehensive overview of the global Oncology industry, incorporating all key industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Oncology Market. Moreover, the research covers crucial chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to grasp the market direction and development in the present and forthcoming years.

Oncology Market Trend Analysis

Increased Consumption of Alcohol and Tobacco

·         Alcohol consumption is strongly associated with an increased risk of developing various types of cancer and can lead to the development of cancers such as oral, oesophageal, liver, colorectal, breast, and other types.

·         The use of tobacco, such as smoking cigarettes, cigars, or smokeless tobacco, is a major contributor to preventable deaths caused by cancer globally. Tobacco has many cancer-causing substances that can harm DNA and other genetic materials, resulting in the formation of tumours in different areas such as the lungs, throat, mouth, pancreas, bladder, and others.

·         The rise in alcohol and tobacco intake is a major factor in the high rate of cancer cases, leading to an increased need for oncology services and products. This involves diagnostics, screenings, treatments, medications, and supportive measures for patients suffering from cancers caused by alcohol and tobacco.

Restraint

High Risk of Side Effects Associated with Cancer Treatments

·         Chemotherapy often leads to side effects such as hair loss, nausea, vomiting, fatigue, weakened immune system, and increased susceptibility to infections. These side effects can impact the quality of life of patients, causing discomfort and affecting their ability to carry out daily activities.

·         Radiation therapy, another common form of cancer treatment, can cause side effects depending on the area being treated. Skin problems like redness, itchiness, and changes in skin colour, as well as fatigue, difficulty swallowing, and digestive issues, are common side effects.

Opportunity

Increasing Technological Advancements

·         Advances in technology, like genomics, molecular profiling, and advanced imaging methods, have enabled the development of precision medicine in the field of oncology. Precision medicine customizes the treatment approach by considering an individual's unique genetic profile and tumour characteristics.

·         Innovations in immunotherapy methods such as immune checkpoint inhibitors and CAR-T cell therapy have demonstrated impressive results in specific cancer types. These treatments utilize the immune system's strength to target cancer cells directly.

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Segments Covered:

By Diagnostics & Treatment      

·         Diagnostics

·         Biopsy

·         Imaging

·         Immunohistochemistry

·         Tumour Biomarkers Test

·         In Situ Hybridization

·         Liquid Biopsy

·         Treatment

·         Targeted Therapy

·         Chemotherapy

·         Hormonal Therapy

·         Immunotherapy

By Drugs Class  

·         Cytotoxic Drugs

·         Targeted Drugs

·         Hormonal Drugs

·         Immunomodulatory Drugs

By Dosage Form              

·         Solid

·         Liquid

·         Injectable

By Indication    

·         Lungs Cancer

·         Colorectal Cancer

·         Breast Cancer

·         Liver Cancer

·         Bladder Cancer

·         Others (Head & Neck Cancer, Prostate Cancer, Thyroid Cancer)

By Distribution Channel              

·         Hospital Pharmacies

·         Retail Pharmacies

·         Online Pharmacies

By End-user       

·         Hospitals

·         Diagnostic Laboratories

·         Diagnostic Imaging Centres

·         Academia

·         Specialty Clinics

 By Region

·         North America (U.S., Canada, Mexico)

·         Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

·         Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

·         Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)

·         Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

·         South America (Brazil, Argentina, Rest of SA)

Key Industry Developments in the Oncology Market:

·         In March 2024, Roche Pharma India launched Vabysmo, a medication for neovascular age-related macular degeneration and diabetic macular edema in India. The drug is cost-effective and collaborates with government and insurance companies for patient access. Vabysmo achieves global sales and offers durable treatment for retinal vision loss.

·         In January 2024, BDR Pharmaceuticals has, in a global first, introduced the prostate cancer drug enzalutamide in oral solution form. The formulation provides an effective dosage form, with lesser side effects in comparison to existing oral dosage forms of enzalutamide.

Key Benefits of Oncology Market Research:

•                     Research Report covers the Industry drivers, restraints, opportunities and challenges

•                     Competitive landscape & strategies of leading key players

•                     Potential & niche segments and regional analysis exhibiting promising growth covered in the study

•                     Recent industry trends and market developments

•                     Research provides historical, current, and projected market size & share, in terms of value

•                     Market intelligence to enable effective decision making

•                     Growth opportunities and trend analysis

•                     Covid-19 Impact analysis and analysis to Oncology Market

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