Colombia Oncology Market: By Cancer Type (Breast Cancer, Lung Cancer, Kidney Cancer, Liver Cancer, Ovarian Cancer, Prostate Cancer, Skin Cancer, Pancreatic Cancer, Blood Cancer & Others), By Cancer Diagnostics (In-Vitro Diagnosis, Tumor Biomarker Test, Imaging, Biopsy & Others), By Cancer Treatment (Chemotherapy, Targeted Therapy, Immunotherapy & Others), By End-User (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers & Others), and Region Forecast 2019-2030

Colombia Oncology Market size was valued at US$ 893.7 million in 2023 and is projected to reach a value of US$ 1,444.5 million by 2030, at a CAGR of 7.1% from 2024-2030.
Oncology is the branch of medicine that deals with the prevention, diagnosis, and treatment of cancer. It encompasses various sub-fields, such as medical oncology, surgical oncology, and radiation oncology, each focusing on different aspects of cancer care and treatment. The oncology market refers to the sector of healthcare that is focused on the prevention, diagnosis, treatment, and management of cancer.

This market encompasses a wide range of products, services, and technologies. Rising cancer incidence, advancements in research as continuous innovation in cancer research leads to the development of new therapies and aging population are the key market drivers of Colombia oncology market. However, some restraints which hamper the growth of market are high cost of treatments, regulatory hurdles and high risk of side effects associated with cancer treatment. The emerging key opportunities of the market are telemedicine, personalized medicine. Additionally, combination therapies and introduction of liquid biopsies, one of the most significant market trend of Colombia oncology market. 

Key Players 

The leading companies highlighted in the Colombia oncology market report include such as Abbvie Inc Imbruvica (ibrutinib) treats various blood cancers, Venclexta  (venetoclax) approved for CLL and AML ; Aslan Pharmaceuticals Ltd, is a clinical-stage biopharmaceutical company based in Singapore it specializes in developing innovative therapies for tumor types prevalent in Asia ; Amgen Inc offers products like Kyprolis, Blincyto and others are Takeda Oncology, Aspen Pharmacare Holdings Limited., Ability Pharma, Biocartis, BioMerieux SA, Pfizer. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach.

Key Takeaways

•    Based on cancer type, the lung cancer segment is dominant market in 2023.
•    Based on cancer diagnostics, the in-vitro diagnosis segment has captured largest market share in 2023. 
•    Based on treatment type, the targeted therapy segment accounted highest market share in 2023.
•    Based on end-user, the hospitals segment is expected to dominate the market in coming forecast years.

Facts & Figures  

•  In 2021, Novartis launched clinical trials for CAR-T cell therapy in Colombia, which was a cutting-edge immunotherapy.  
•  According to the Global Cancer Observatory (GLOBOCAN) that includes estimates by International Agency for Research on Cancer (IARC), a research agency of the World Health Organization (WHO), Colombia had an age-standardized rate (ASR) of 178.8 new cases of cancer per 100,000 people.

Key Developments

In 2022, F.Hoffmann-La Roche introduced newer targeted therapies in Colombia, focusing on expanding their portfolio for treating specific types of cancer such as lung cancer. These therapies leveraged biomarker-driven approaches, particularly for cancers with genetic mutations like ALK, ROS1, and RET.

Colombia Oncology Market Segmentation

Among all the cancer types, the lung cancer is fastest growing segment. Due to increase consumption of cigarettes and alcohol among the people, the segment is growing rapidly and also factors like increased exposure to air pollutants, including particulate matter and chemicals from industrial activities, has been linked to lung cancer risk. 

With the largest share, the in-vitro diagnosis is fastest growing segment. The in vitro diagnostic testing sector is expected to increase at the quickest pace during the forecast years and this segment dominated market growth due to factors like the growing use of in-vitro diagnostics. The market is growing as a result of the major companies in the sector releasing more and more in vitro diagnostics products. 

The targeted therapy is fastest growing segment, as it is dominant in Colombia oncology market. Targeted therapy and immunotherapy are less invasive, more convenient, and have less adverse effects than traditional chemotherapy. As a result, more individuals are seeking treatment from them. Due to targeted therapy's low toxicity and capacity to selectively target cancer cells without endangering healthy cells, the market for cancer treatments is growing significantly.

With the largest share, the hospitals is fastest growing segment. Hospitals are often considered the best option for cancer diagnoses due to their excellent staff and state-of-the-art equipment. Since diagnosing cancer is a highly specialised profession, hospitals are equipped to perform the most accurate examinations. Most cancer therapies are administered at hospitals, and this is often where patients initially seek care. Hospitals are equipped to handle every type of cancer and can offer patients full care.