Current Trends and Challenges in the Oncology Industry

What are the key trends in the oncology?

The rising adoption of automation and growing technological advancements in the field of oncology is expected to spur the growth of the oncology market. The enhanced results of the cancer tests offered by the advanced technologies is boosting the market growth significantly. Liquid-based cytology is an example of technologically advanced and user friendly diagnostics. Furthermore, the growing cases of cancer across the globe owing to various reasons such as rising consumption of tobacco, rising prevalence of smoking, and substance abuse is significantly driving the growth of the global oncology market. The rising penetration of the smart hospitals and growing popularity of telehealth platforms across the globe is expected to boost the demand for the oncology in the forthcoming years. The government initiatives to boost the adoption of telehealth in the form of amendments in the reimbursement policies pertaining to the services received from telehealth platforms is expected to play a crucial role in the market growth in the foreseeable future.

What are the key challenges in the oncology?

There are several side effects that are associated with the cancer treatment drugs such as chemotherapy, is expected to be a major challenge for the market players that may hinder the market growth. The chemotherapy is not as much effective in treating cancer. There are high risks of re-occurrence, hair loss, organ failure, and even death. However, the development of advanced treatment like immunotherapy and targeted therapy provides efficient and effective treatment of cancer but at a high cost. The high costs associated with the most effective and safest treatment may result in the decline in the growth of the oncology market. The low and middle income consumers and the poor access to the healthcare facilities in the developing and underdeveloped nations are the major challenges that may restrict the growth of the global oncology market.

Approximately 41% of the Global Oncology Market Captured by North America

North America is characterized by the increased prevalence of cancer among the population. As per the American Cancer Society, more than 1.8 million new cancer cases and 606,520 deaths were recorded in the US in 2020. Furthermore, the increased healthcare expenditure, presence of top pharmaceutical companies, increased awareness regarding the availability of advanced treatment and diagnostics solutions, and favorable reimbursement policies are some of the prominent factors that has boosted the growth of the North America oncology market. The adoption of advanced oncology treatments in US resulted in a decline of about 29% in the cancer deaths since 1991. The rising cases of various cancer such as lungs cancer, breast cancer, colorectal cancer, and prostate cancer in US is expected to boost the growth of the North America oncology market during the forecast period.

Europe Region Insights

Europe is witnessing an increasing cases of cancer among its population. According to the European Commission, about 2.7 million new cases of cancer and around 1.3 million cancer deaths were registered in 2020. The high disposable income, increasing healthcare expenditure, presence of advanced healthcare facilities and infrastructure, increased consumer awareness, and rising demand for the advanced therapeutics among the population are the prominent drivers of the Europe oncology market. The easy availability of various cancer therapeutics and easy diagnostic results owing to the presence of strong healthcare infrastructure in expected to significantly boost the growth of the Europe oncology market during the forecast period.

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