Oncology Market – Increase in Prevalence of Cancer is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 7.9% from 2022 to 2028

Oncology
  • Oncology Market

As stated in our extensive report; the Global Oncology Market accounted forUSD 283.5 Billionin 2021.

Increasing rates of cancer, escalating geriatric population base, and an unhealthy standard of living are significant aspects driving the market development.

The increase in Oncology burden worldwide due to the amplified consumption of alcohol and tobacco is driving the growth of the global market of Oncology.

Expansion in market growth potential in developing nations, a growing number of pipeline products, and the increasing demand for personalized medicines will likely generate more income during the forecast period.

Key factors influencing Oncology Market Growth

The growth of the Global Oncology Market can be attributable to the following:

1. Consumption of cigarettes is rapidly increasing across the globe. According to WHO adults consuming toxic tobacco products is significantly growing, which is one of the vital causes of lung cancer and other disorders.

2. Increasing initiatives of the government and several non-profit organizations in spreading awareness about cancer prevention are anticipated to propel the market’s growth.

3. Intensifying investments and developments in the biopharmaceutical industry promote the development of different innovative drugs and therapeutics, fostering the demand for Oncology treatment and diagnostics.

4. Rise in new drug launches and product approvals along with the increasing research activities by pharmaceutical companies across the globe to create more prospects for the Oncology Market during the forecast period.

North America Region to Dominate the Market

North AmericaOncology Market is increasing in the forecast period. In theNorth Americamarket, most revenue is generated from the United States. This is due to the promising bio-pharmacy companies in the United States for Oncology and the rising concern of people towards health. Also, there is tremendous growth in the prevalence of breast cancer, where breast cancer is largely a rising issue in the U.S. About 30% of new cancer women have breast cancer. Furthermore, technological advancements and mounting R&D facilities in developed and developing countries like the U.S. and other regions will probably boost regional market growth in the coming years.

Conclusion

As per our recent research analysis, the higher prevalence and incidence of cancer disease across the globe have blown the overall Oncology Market.

Some of the key players in the Global Oncology Marketinclude- Aegerion Pharmaceuticals Inc., Abbvie Inc., Ability Pharma, Acadia Pharmaceuticals Inc., Amgen Inc., Takeda Oncology, Aslan Pharmaceuticals Ltd., Aspen Pharmacare Holdings Limited., Astrazeneca, Athenex Inc. and others.