The oncology market is undergoing drastic changes in recent times. With rising cancer rates and numerous advances in medical technology, the field offers tremendous opportunities for practice and research, and the oncology market is flourishing. This can be conceived from a latest business intelligence publications by IndustryARC titled “
Oncology Market: By Cancer Type (Breast Cancer, Lung Cancer); By Therapy Type (Medical Oncology, Radiation Oncology, Surgical Oncology); & By Region – Forecast (2019 – 2025)
”. The companies have started to invest in the capabilities that match the market evolution, and the companies in the Unites States have doubled their expenditure on cancer drugs.
The market analysts from the IndustryARC have valued the global oncology market at $120 billion as of 2018, and the demand is projected to grow superlatively at a compound annual growth rate (CAGR) of 12.6% during the forecast period of 2019 to 2025. The treatment of cancer depends on the type of cancer such as radiation, chemotherapy, anti-androgens, and immunotherapy. Cancer treatments are being continually developed and are becoming more efficient day-by-day.
Global Oncology Market: Leading segments
North America continues to be the most lucrative regional oncology market owing to the increasing investment by major giants and the government initiatives in the healthcare sector as a whole, and in the pharmaceutical industry in particular. North America had a regional share of 46% as of 2018, which is almost equivalent to half of the global contribution. Moreover, the increasing infrastructure, advanced facilities, higher education, and monetary support from the government have led to extensive development in the North American oncology market. APAC and Europe are in the row of emergence in the development. Furthermore, chemotherapy is the key application in the cancer treatment of the patient. This application segment in the oncology market is expected to grow at a notable CAGR of 13.6% during the forecast period of 2019 to 2025.
Global Oncology Market: Disruptive Trends
- Pay-for-Performance with CAR-T Therapy
In 2018, a new treatment was approved by the Genentech which is called Chimeric Antigen Receptor T- cell (CAR-T) therapy. The therapy is comparatively expensive for the patients but to make it affordable for them, an innovative pay-for-performance contract was also announced in conjunction with the launch of first CAR-T therapy. This has marked a new era of treatment in the oncology market.
- Big Data for Cancer Care
Big data for cancer care is now used in many ways such as for genetic risk management, therapeutic discovery, improving health services, and relentless attention to value-based care. Big data has made the treatments become easier as it provides patient navigation, patient-reported outcomes, and identification of high-risk patients, patient satisfaction scoring, and giving them appropriate treatment. This application is expected to grow in the oncology market in the coming 10-20 years.
- Non-Chemotherapy Treatment
The advancement in radiation oncology has improved significantly. This helps in the treatment which is less toxicant and can achieve the same or better outcome. Nowadays, stereotactic body radiation therapy (SBRT) is used and it is combined with immunotherapy in order to treat cancer patients.
- Molecular Biology and Immunology Treatment
The two biggest advances in the treatment are molecular biology and immunology. There has been a dramatic change in cancer treatment due to this as it is less toxicant. This type of treatments will allow more enrollment for the patients in small hospitals.
- New Radiolabeled Drug Sustainability
The new radiolabeled drug sustainability has lowered the risk and the death rate of cancer patients. The medicine is composed of radioisotope LU attached to octreotide that binds the tumor cells that enable the radiations and directly target the cancer cells.
Global Oncology Market: Recent Developments
Some of the key companies identified in the report that are currently holding majority shares in the global oncology market are F. Hoffmann-La Roche Ltd, Bristol-Myers Squibb, Novartis AG, Pfizer, Sanofi, Amgen Inc., Johnson & Johnson, AstraZeneca PLC, AbbVie Inc., Astellas Pharma Inc., and Exelixis, Inc.
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