According to a new report published by Pristine Intelligence LLP, titled, “Oncology Market by Diagnostics & Treatment, Treatment, Drugs Class, Dosage Form, Indication, Distribution Channel, And End-user: Global Opportunity Analysis and Industry Forecast, 2024–2032,” the Global Oncology market size was valued at USD 221.36 Billion in 2023, and is projected to reach USD 474.06 Billion by 2032, registering a CAGR of 8.83% from 2024 to 2032. Oncology is the field of medicine focused on preventing, diagnosing, and treating cancer by studying tumors, cancer cells, and their growth, along with developing treatments for cancer patients.

Detecting and diagnosing cancer through different methods is critical in the field of oncology. The treatment options are based on the type of cancer, the stage of the cancer, and the individual needs of the patient. Advances in treatments are achieved through research in the field of oncology. Public health efforts prioritize the prevention and management of cancer by promoting awareness, screenings, vaccinations, and tobacco control.

The rise in alcohol and tobacco intake is closely connected to the emergence of different forms of cancer, such as oral, oesophageal, liver, colorectal, and breast cancers. Tobacco, such as cigarettes and other forms, plays a major role in causing preventable cancer deaths globally by introducing cancer-causing substances that harm DNA and create tumors in organs like the lungs, throat, mouth, and pancreas. The increasing consumption of alcohol and tobacco has led to a rise in cancer instances, requiring more oncology services and products for identifying, testing, managing, prescribing, and assisting impacted individuals. Furthermore, being around second-hand smoke increases the chances of developing lung cancer and other types of cancer, emphasizing the importance of enhancing oncology services for individuals affected by second-hand smoke-related cancers.

Cancer treatments such as chemotherapy, radiation therapy, immunotherapy, and surgery can all have various side effects that affect the quality of life of patients. Chemotherapy may lead to hair loss, vomiting, tiredness, decreased immunity, and vulnerability to infections. Radiation therapy can result in skin problems, tiredness, and difficulties with swallowing. Immunotherapy may cause inflammation in organs, skin issues, and gastrointestinal problems. Surgical interventions may result in bleeding, infections, and discomfort. The emotional impact of these therapies should not be underestimated, as patients could encounter fear, worry, and psychological strain that impact their health and commitment to treatment.

Progress in technology such as genomics and state-of-the-art imaging have made precision medicine in oncology possible, customizing treatment according to individual genetic and tumour attributes. Immunotherapy advancements, such as immune checkpoint inhibitors and CAR-T cell therapy, have displayed the potential to focus on distinct cancer types through the utilization of the immune system. Newer surgical techniques such as robotic and laparoscopic procedures have reduced the invasiveness of cancer surgeries, resulting in smaller incisions, decreased blood loss, quicker recovery times, and fewer complications. Approaches like IMRT, SRS, and proton therapy enable accurate administration of radiation, reducing damage to normal tissues and enhancing treatment success while decreasing adverse reactions.

Global Oncology Market, Segmentation

The Oncology market is segmented based on Diagnostics & Treatment, Treatment, Drugs Class, Dosage Form, Indication, Distribution Channel, End-user, and region.

Diagnostics & Treatment:

The increased prevalence of cancer worldwide has resulted in a greater need for efficient treatment choices. Efforts in research and development have led to the development of targeted therapies, immunotherapies, and other innovative methods that hold potential in combatting cancer. Patients are increasingly informed about their treatment choices and are taking a proactive approach to seeking cancer care.

Specialized oncology services have become more available and accessible, resulting in increased demand for treatment choices. Healthcare facilities such as hospitals, clinics, and cancer centers are growing around the world, leading to better options for cancer detection, therapy, and care.

Application:

Lung cancer, a frequently occurring and fatal illness worldwide, is frequently linked to tobacco consumption. Progress in diagnosis, like sophisticated imaging, molecular testing, and biopsy techniques, has enhanced the detection and precision of diagnosing lung cancer. This development has resulted in an increased need for early-detection testing for lung cancer.

Therapies that target specific genetic changes, such as EGFR and ALK, have demonstrated potential in the treatment of lung cancer. This method enhances results for specific types of patients. Heightened worldwide initiatives in promoting awareness and screening initiatives have resulted in increased detection rates, particularly in individuals at high risk, which has played a crucial role in the early identification and prevention of lung cancer.

Region:

North America is renowned for its advanced healthcare system, which encompasses hospitals, specialized cancer centers, research institutions, and medical universities, enabling the successful detection and management of diseases such as cancer. The area prioritizes healthcare services and progress, backing the integration of innovative technologies and cutting-edge treatments. North America's advancements in oncology research and drug development provide it with a competitive edge in the market. Technological advancements in healthcare have been adopted by the region, resulting in advancements in precision medicine, genomic profiling, molecular diagnostics, imaging technologies, and targeted therapies.

Some of The Active Market Players Are-

• Roche Holding AG (Switzerland)
• Bristol Myers Squibb (United States)
• Kura Oncology, Inc. (United States)
• Johnson & Johnson (United States)
• Pfizer Inc. (United States)
• AstraZeneca (United Kingdom)
• Merck & Co., Inc. (United States)
• Novartis AG (Switzerland)
• AbbVie Inc. (United States)
• Abbott Laboratories (United States)
• Amgen Inc. (United States)
• Sanofi SA (France)
• Bristol-Myers Squibb Company (United States)
• Gilead Sciences Inc (United States)
• Vertex Pharmaceuticals Inc. (United States), and Other Active Players.

Key Industry Developments

• March 2024: Roche Pharma India launched Vabysmo, a medication for neovascular age-related macular degeneration and diabetic macular edema in India. The drug is cost-effective and collaborates with government and insurance companies for patient access. Vabysmo achieves global sales and offers durable treatment for retinal vision loss.

• January 2024: BDR Pharmaceuticals has, in a global first, introduced the prostate cancer drug enzalutamide in oral solution form. The formulation provides an effective dosage form, with lesser side effects in comparison to existing oral dosage forms of enzalutamide.

Key Findings of the Study 

• Global cancer rates are surging, leading to a growing demand for effective treatments. The increasing number of cases necessitates diverse treatment options.   
• Lung cancer is a prevalent form of cancer worldwide and is linked to high death rates. 
• Advances in technology, like genomics, molecular profiling, and advanced imaging methods, have enabled the development of precision medicine in the field of oncology.
• North America spends a significant amount on healthcare, showing a strong focus on healthcare services and advancements.