Medical Oncology Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

Medical Oncology Market size was valued at USD 356.2 billion in 2021 and is expected to grow at a CAGR of 8.6% from 2022-2028. Cancer is one of the main causes of mortality worldwide, and the number of cancer patients grows every year. Every year, more than 10.6 million people worldwide die from cancer. The global oncology market is experiencing tremendous growth in demand for cancer diagnosis and treatment, and there are numerous new advancements in this sector that are promising novel cancer treatments and cures. As the number of cancer patients grows, so does the demand for cancer diagnosis and therapy. Over the next 20 years, an estimated 43 million new cases of cancer will be diagnosed in the United States, with approximately 24 million people dying from the disease. One reason why the oncology industry is growing is that more people are being diagnosed with cancer at an earlier stage. According to the American Cancer Society (ACS), over one-third of all malignancies are now detected at an early stage, allowing for better treatment options and a higher chance of survival. CT scans is an important technique that has aided in the early diagnosis of cancer. They are frequently used to detect malignancies in the lungs, liver, and other organs. CT scans are also being used increasingly regularly to screen for breast and other types of cancer. The results of a CT scan can help doctors determine if someone should have further tests or if they have a tumor in the oncology market. Moreover, rise in various government and non-government initiatives, for instance in India States/UTs (with Legislature) have set up Illness Assistance Fund that offers coverage up to Indian rupees 1 Lakh for cancer treatment. In addition, there are other policies like National Program for Prevention and Control of Cancer, Diabetes Care Devices, Cardiovascular Diseases and Stroke (NPCDCS). This type of policies helping patient to get their treatment. Furthermore, oncology treatment side effects, such as chemotherapy, have the potential to stifle global medical oncology growth. Chemotherapy patients may suffer long-term harm to their hearts, lungs, kidneys, or reproductive functions. This can happen after the therapy by harming healthy cells, impeding the industry’s progress. Furthermore, several chemotherapy medicines may induce delayed adverse effects. Among the most prevalent side effects include hair loss, weariness, anemia, infections, and easy bruising and bleeding, all of which hampering the overall market demand.

Key Developments:

In July 2021, AstraZeneca announced that their medicine Imfinzi has been approved for the treatment of patients with non-small cell lung cancer by China’s National Medical Products Administration.

In June 2021, Bayer AG has announced an agreement to buy Noria Therapeutics Inc. and PSMA Therapeutics Inc. Bayer will obtain exclusive rights to the company’s experimental substance under this agreement. This acquisition will aid Bayer’s cancer portfolio expansion.