Oncology Market Towards a US$ 628 Billion Valuation By 2032

Introduction

Global Oncology Market size is expected to be worth around US$ 628 Billion by 2032 from US$ 233 Billion in 2023, growing at a CAGR of 12% during the forecast period from 2023 to 2032. North America held a strong lead in 2022, reaching US$ 84.2 Billion in revenue.

Cancer ranks as the world’s third deadliest disease, following cardiovascular and infectious diseases. Chemoprevention involves using synthetic or natural agents to prevent cancer development. Primary cancer treatments include surgery, often the first-line treatment in early stages, radiotherapy, typically used alongside surgery, and pharmacotherapy, including chemotherapy and targeted therapy that focuses on genetic alterations in cancer cells.

Increased consumption of alcohol and tobacco has led to a rise in the global oncology burden. This, combined with intensive industry efforts to develop new cancer treatments, underpins steady market growth. The field leverages diverse educational tools and online resources, expanding patient access to information and boosting demand for oncology services.

Despite high treatment costs posing barriers, the cancer treatment market is poised for growth due to rising cancer prevalence, aging populations, and ongoing research and development. This growth is further supported by government initiatives and private investments, offering substantial opportunities for firms to deliver innovative and cost-effective cancer care solutions.

Key Takeaways

• In 2023, the global oncology market was estimated at US$ 233 billion and is anticipated to surge to US$ 628 billion by 2032.
• The projected compound annual growth rate (CAGR) for the oncology market over the next decade stands at 12%.
• Europe contributed 24.1% to the oncology market’s revenue share in the year 2022.
• The North American region held the largest share of the oncology market in 2022, showcasing its dominance.
• The rising prevalence of cancer globally is attributed to factors such as population growth and shifts in lifestyle.
• Innovations such as AI detectors and liquid biopsy techniques are significantly propelling the growth of the oncology market.
• Significant investments in cancer treatment research and development are being made by pharmaceutical and biotechnology companies.
• Governmental financial support is increasingly directed towards research in cancer immunotherapy.

Oncology Statistics

• Incidence and Mortality Rates: In 2024, the United States is projected to diagnose approximately 2,001,140 new cancer cases and see 611,720 cancer-related deaths. The most prevalent cancers include breast, prostate, lung, colorectal, and melanoma, among others. The incidence rate stands at 440.5 per 100,000 people annually, based on data from 2017-2021, while the mortality rate is 146.0 per 100,000 people per year, reflecting data from 2018-2022.
• Cancer Survivors: As of January 2022, the U.S. had an estimated 18.1 million cancer survivors, a figure expected to rise to 22.5 million by 2032. Lifetime cancer diagnosis probability is approximately 40.5% for both men and women, based on 2017-2019 data.
• Pediatric Cancer: In 2024, it is estimated that 14,910 children and adolescents aged 0-19 will be diagnosed with cancer, with 1,590 fatalities expected from the disease.
• Economic Impact: The national expenditure for cancer care in the U.S. reached $208.9 billion in 2020, with anticipated increases in future years due to ongoing healthcare demands and inflation.
• Global Cancer Statistics: Globally, 2022 saw nearly 20 million new cancer cases and 9.7 million deaths. Projections for 2040 estimate 29.9 million new cases and 15.3 million cancer-related deaths annually.
• Trends in Cancer Mortality: The overall U.S. cancer death rate has consistently declined since the early 1990s, dropping by 2.3% annually among men and 1.9% among women from 2015 to 2019. Notably, non-Hispanic Black men experience the highest mortality rate at 208.3 per 100,000, while non-Hispanic Asian/Pacific Islander women have the lowest at 82.6 per 100,000.
• Specific Cancer Types
  • Prostate, lung, and colorectal cancers are expected to represent 48% of all new cancer diagnoses in U.S. men in 2024.
  • Breast, lung, and colorectal cancers will account for 51% of all new cancer diagnoses among U.S. women in 2024.
  • Colorectal cancer rates are increasing among individuals under 50, potentially due to lifestyle factors.
  • Cervical cancer incidence rates have significantly decreased by 65% from 2012 to 2019 due to effective HPV vaccination among women aged 20 to 24.
• Cancer Trends and Disparities
  • Prostate cancer incidence has increased annually by 3% from 2014 to 2019, the first rise in two decades.
  • Lung cancer mortality rates decrease slower in women than men, highlighting gender disparities.
  • Liver cancer and melanoma incidence rates are rising in women but declining in men under 50 and stabilizing in older men.
  • Breast and endometrial cancer rates are increasing among women, potentially affecting future mortality rates.
• Long-term Trends
  • Since 1991, cancer death rates have decreased by 33%, attributed to reduced smoking rates and advancements in prevention and treatment, saving approximately 4 million lives. Despite improvements, racial disparities persist, influenced by long-standing structural inequalities.

Key Players Analysis

• Aegerion Pharmaceuticals Inc.: Aegerion Pharmaceuticals Inc. is a significant player in the global oncology market, focusing on cancer diagnostics and treatments, including immunotherapy and targeted therapy. The company benefits from the increasing demand and continuous advancements in treatment methodologies.
• Abbvie Inc.: Abbvie Inc. specializes in blood cancers and solid tumors. In 2023, Abbvie acquired ImmunoGen, adding ELAHERE, an antibody-drug conjugate for ovarian cancer, to its portfolio. Abbvie’s extensive R&D efforts include over 20 investigational medicines in more than 300 clinical trials, focusing on diverse oncological conditions.
• Aslan Pharmaceuticals Ltd.: Aslan Pharmaceuticals Ltd. focuses on oncology and dermatology. The company is advancing eblasakimab, a monoclonal antibody targeting IL-13 in allergic inflammatory diseases like atopic dermatitis, with promising Phase 2b study results. As of 2023, Aslan reported revenues of $12 million with a market capitalization of approximately $1.7 million.
• Amgen Inc.: Amgen Inc. is prominent in molecularly targeted therapies, presenting data at ESMO 2024 on treatments targeting KRAS G12C mutations in cancers such as lung and colorectal. Amgen’s LUMAKRAS, for KRAS G12C-mutated NSCLC, has received FDA’s accelerated approval, underscoring its commitment to oncology.
• Acadia Pharmaceuticals Inc.: Acadia Pharmaceuticals is expanding its oncology focus to include oncology-related psychiatric conditions, notably with its drug Pimavanserin. The company’s increased R&D investment supports ongoing clinical trials and development programs in this niche.
• AstraZeneca: AstraZeneca leverages circulating tumor DNA (ctDNA), computational pathology, and AI to advance its oncology pipeline. At the 2023 AACR conference, AstraZeneca highlighted its progress in immuno-oncology, ADCs, cell therapy, and epigenetics.
• Takeda Oncology: Takeda Oncology excels in developing innovative cancer therapies, focusing on antibody drug conjugates, bispecifics, and small molecules. The company’s collaborative approach aims to enhance treatment for cancers with high unmet needs, presenting significant advancements at major oncology conferences.
• Aspen Pharmacare Holdings Limited: Aspen Pharmacare offers a broad range of anti-cancer drugs targeting various cancers, including leukemia. Aspen’s global operations are supported by strategic manufacturing sites and a recent restructuring with Strides Arcolab to enhance its oncology portfolio.
• Ability Pharma: Based in Catalonia, Ability Pharma is advancing ABTL0812, a novel drug in Phase 2b trials for pancreatic cancer. The drug induces cancer cell death through autophagy and is developed in partnership with AGC Pharma Chemicals, focusing on scaling production and enhancing chemotherapy efficacy.

Emerging Trends

• Precision Oncology and Biomarker Testing: Precision oncology is witnessing significant advancements with an increased use of biomarker tests, which have escalated from 15% to 55% in oncology clinical trials over the last 20 years. By 2019, 66% of oncology patients underwent biomarker testing to tailor treatment plans based on the genetic characteristics of their tumors, thereby enhancing treatment efficacy.
• Combination Therapy Regimens: The adoption of combination therapy regimens is expanding. These therapies, which use multiple cancer drugs concurrently, have shown potential to outperform single-agent treatments. Clinical studies indicate a growing proportion of U.S. cancer patients now qualify for combination therapies, reflecting their increasing prominence in treatment protocols.
• Cell and Gene Therapies: Innovations in cell and gene therapies, such as CAR-T cell treatments, are emerging as potentially curative options for complex cancer types. Although these treatments are expensive, their adoption is increasing, with several new therapies anticipated to receive approval in the near future.
• Clinical Trial Dynamics: The landscape of oncology clinical trials is evolving. Despite a slight decline in the total number of trials from 2022 to 2023, there has been a surge in Phase III trials. Gastrointestinal cancers continue to be a primary focus, alongside significant research into lung, breast, and non-Hodgkin lymphoma. Trials featuring antibody-drug conjugates (ADCs) and targeting novel antigens like CLDN18.2 and KRAS are notably increasing.
• Diversification of Treatment Modalities: Treatment modalities in oncology are diversifying beyond traditional small molecules and monoclonal antibodies. There is a notable shift towards more sophisticated options like antibody-drug conjugates (ADCs) and dual-targeting strategies, including bi-specific CAR-T cell therapies and bi-specific ADCs.
• Innovations in Management and Payment: The oncology sector is experiencing changes in management and payment structures, moving towards alternative payment models (APMs) and risk-sharing arrangements. These models aim to reduce healthcare costs while ensuring high-quality care, supported by the integration of advanced decision-support systems and the increased use of patient-reported outcomes (PROs) in clinical environments.

Use Cases

• AI-Enhanced Diagnostic Imaging: AI applications in diagnostic imaging, such as in mammography, are markedly improving cancer detection rates. AI models have been able to increase the positive predictive value by 10% compared to traditional methods, facilitating earlier and more accurate diagnoses of malignancies.
• Optimizing Chemotherapy Regimens: AI is being leveraged to refine chemotherapy treatment plans. By analyzing vast arrays of clinical data, genomic biomarkers, and population outcomes, AI systems have achieved a high consistency rate with oncologists’ treatment choices, reaching 95-97% in some types of cancer. This precision reduces the trial-and-error approach traditionally associated with chemotherapy planning, resulting in more personalized and effective treatment strategies.
• Monitoring Treatment Response: AI algorithms have advanced the ability to monitor treatment responses, particularly in lung cancer care through CT scans, identifying response changes up to five months earlier than conventional clinical criteria. This early detection capability allows for prompt adjustments in treatment strategies, thus improving patient outcomes.
• Streamlining Clinical Documentation: The integration of large language models (LLMs) in clinical documentation is significantly reducing the administrative load on healthcare providers. By automating routine documentation tasks, LLMs free up oncologists to dedicate more time to direct patient care, enhancing the patient-doctor relationship and potentially reducing clinician burnout.
• Advancements in Radiology and Pathology: AI is transforming radiology and pathology by enhancing the resolution of diagnostic images and accelerating diagnostic procedures. For instance, AI-assisted mammography has not only matched the cancer detection rates of two human breast radiologists but also significantly decreased their screen-reading workload by 44%. This demonstrates AI’s capability to streamline diagnostic processes without compromising the quality of care.

Conclusion

The global oncology market is poised for substantial growth, projected to reach USD 628 billion by 2032 with a CAGR of 12%. Factors driving this expansion include increasing cancer incidence due to lifestyle changes and aging populations, alongside significant advancements in treatment technologies such as precision oncology and AI-enhanced diagnostics. Despite challenges like high treatment costs, strategic investments in R&D and supportive government policies are enhancing the efficacy and accessibility of cancer care. Innovations in therapy and diagnostics are set to further revolutionize the field, offering new opportunities for market players to innovate and deliver impactful oncology solutions.

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