According to FutureWise analysis the market for oncology in 2023 is US$ 221.75 billion, and is expected to reach US$ 442.49 billion by 2031 at a CAGR of 9%.
Oncology is the discipline of medicine that investigates cancer diagnosis and therapy. Cancer is the second leading cause of mortality worldwide, according to the World Health Organization, with an estimated 9.6 million deaths in 2018. Men are more likely to develop lung, prostate, stomach, and liver cancers, whereas women are more likely to develop breast, lung, colorectal, cervical, and thyroid cancers. When aberrant cells proliferate beyond their bounds and spread to other parts of the body, cancer develops. Cancer is caused by genetic mutations caused by a variety of environmental variables such as radiation, toxins, infections, and a variety of other factors such as poor diet, obesity, and so on. Cancer mortality rates have risen in tandem with the world's population, putting a great physical and financial strain on individuals, families, and the global healthcare system. According to the World Bank, 5 million deaths occur each year in poor and middle-income countries, out of an annual total of 8 million deaths worldwide. Depending on the type of cancer and the stage of cancer in the body, cancer treatment may include surgery, chemotherapy, radiation therapy, immunotherapy, and other options. Certain medications prescribed by the doctor are used to harm the DNA of malignant cells or to block their metabolism. For different types of cancers, several drug classes are accessible, and they are used in the cancer treatment process all over the world.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Oncology Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Oncology Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.
Cancer is more likely to respond to effective treatment when identified early, resulting in a greater probability of surviving as well as less morbidity and less expensive treatment. However, the high cost involved in new drug development coupled with the threat of failure & adverse effects associated with cancer drug therapies is expected to restrain the growth of the market. Conversely, the high potential of emerging economies and a higher number of potential drugs in the pipeline are expected to provide new opportunities for market players in future.