APAC oncology market is poised to expand at more than 11.4% through 2026 propelled by increased focus and awareness of government regarding early detection and eradication of cancer.
Selbyville, Delaware, Jan. 12, 2021 (GLOBE NEWSWIRE) —
According to latest report “Oncology Market by Cancer Diagnostics & Treatment (Cancer Diagnostics, Cancer Treatment), Cancer Type (Lung Cancer, Prostate Cancer, Colon & Rectal Cancer, Gastric Cancer, Esophageal Cancer, Liver Cancer, Breast Cancer), End-use (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia, Specialty Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of oncology will cross $469.5 billion by 2026.
Growing initiatives by several government and non-government organizations to control and reduce the burden of cancer diseases will positively impact the market growth. For instance, World Health Organization (WHO) launched the Global Action Plan for the Prevention and Control of Non-communicable Diseases 2013-2020 in 2013. The plan focused on reducing 25% of premature deaths resulting from cardiovascular diseases, chronic respiratory diseases, diabetes, and cancer by 2025. The WHO has also collaborated with the International Agency for Research on Cancer (IARC) and other organizations to control occurrence of non-communicable diseases.
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Cancer diagnostics segment in the oncology market valued at USD 104.9 billion in 2019 led by growing prevalence of cancer coupled with various application of cancer diagnostics to detect various type of cancer. According to the National Cancer Institute, the rate of new cases of cancer was 442.4 per 100,000 men and women in 2017. This has led to an increase in adoption of disease diagnosis that will spur the segment growth. Furthermore, availability and usage of technologically advanced equipment in hospitals and diagnostics lab for disease detection will further drive the cancer diagnostics segment expansion.
Oncology market for prostate cancer is expected to reach USD 47.9 billion by 2026 owing to growing prevalence of prostate cancer across the world. As per the Global Cancer Observatory (GLOBOCAN) report, nearly 12.7 million new cases of prostate cancer were reported worldwide in 2018. Similarly, according to the American Society of Clinical Oncology (ASCO), prostate cancer was the second leading cause of cancer deaths in men in U.S., accounting 33,330 deaths in 2017. They also stated that, in 2020, an estimate of 191,930 men in U.S. will be diagnosed with prostate cancer. Thus, rising incidence of disease burden will increase the acceptance of various cancer treatment and procedure as well as early disease diagnosis.
Diagnostic imaging centers end-use segment in the oncology market exceeded USD 17.6 billion in 2019 due to availability of technologically advanced diagnostic equipment. Imaging technique plays a crucial role in the diagnosis of almost every form of cancer. For instance, GE Healthcare has been developing various imaging devices that are used in diagnosis of different types of cancer. Thus, the usage of such devices in diagnostic imaging centers will augment the segment demand over the forecast timeframe. Moreover, factors such as rising aging population and increasing demand for early diagnosis of cancer disease are predicted to further upsurge the segment revenue.
Asia Pacific oncology market is projected to register growth rate of over 11.4% till 2026 on account of increased focus and awareness of government regarding early detection and eradication of cancer. Presence of large patient pool in highly populous countries that are prone to various types of cancer will favor APAC region growth. For instance, China accounts for the second highest number of cancer cases after the U.S. In 2018, number of new cancer cases among women in China was estimated at 19.9 million. Thus, rising burden of cancer will attract more customers to opt for treatment and diagnosis, thereby supplementing the regional market expansion.
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A few notable companies operating in the oncology market include GE Healthcare, Janssen Diagnostics, LLC (Johnson & Johnson), F. Hoffmann-La Roche, Pfizer, Bayer AG, Merck, Abbott, Thermo Fischer Scientific, among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.
Table of Contents (ToC) of the report:
Chapter 3 Global Oncology Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By cancer diagnostics & treatment
3.4.2 By cancer type
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2019
3.7.1 Company matrix analysis
3.8 PESTEL analysis
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