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Oncology Market by Opportunities Analysis, Regional Insights and Forecast to 2028

Early diagnosis of cancer is more likely to react to therapy, resulting in a higher likelihood of survival and less expensive treatment.


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Vinayak Shinde

2 months ago | 3 min read

Powered by significant input in R&D by industry leaders, global oncology market is set to witness promising growth over the next couple of years. With the disease burden becoming a major concern worldwide, pharmaceutical companies and research institutes are collaborating to address the gap in existing cancer therapies and treatments. An estimated 18.1 million cancer cases were recorded in 2021 globally. While men accounted for 9.3 million of the cases, the number of women patients stood at 8.8 million.

As such, cancer prevention has become one of the most critical public health issues of the twenty-first century. Janssen Diagnostics, LLC (Johnson & Johnson), GE Healthcare, F. Hoffmann-La Roche, and Pfizer, are among the leading companies aiming at providing the best oncology treatments to patients.  

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Global oncology market size is projected to exceed the valuation of $522 billion by 2028, suggests a Global Market Insights, Inc. report

Illustrated below are the factors providing impetus to oncology market size over 2022-2028:

Importance of early cancer diagnostics in reducing disease burden

Early diagnosis of cancer is more likely to react to therapy, resulting in a higher likelihood of survival and less expensive treatment. According to the World Health Organization (WHO), eliminating risk factors and applying existing evidence-based preventative methods can counteract between 30 and 50% of cancer occurrences.

In fact, when detected early and treated properly, some forms of cancer have a good possibility of being completely cured. Cervical cancer, breast cancer, oral cancer, and colorectal cancer, for example, have excellent cure prospects when discovered early and treated according to the best standards. The global oncology market share from cancer diagnostics segment accounted for $126.1 billion in 2021, as per a report from Global Market Insights Inc.

Emerging role of AI technology in cancer treatment

Researchers are discovering new methods to use artificial intelligence (AI) in the healthcare sector. The technology has proven crucial in the diagnostic, decision-making, and treatment process in chronic illness management and prevention, particularly during the various stages of cancer treatment, namely:

  • Cancer detection

Medical practitioners have recently increased their dependence on AI skills in cancer screening, strengthening oncology market outlook. To cite an instance, Tulane University researchers conducted a study using approximately 13,000 photos of collateral cancer from 8,803 patients and 13 cancer facilities from Germany, China, and the United States. The results demonstrated that AI could identify colorectal cancer better than pathologists by analyzing tissue images. Researchers further created a machine learning software using photos chosen at random by technicians, to be used for future use.

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  • Tracing the recurrence of cancer

Recently, a group of scientists and doctors created an AI program that can forecast the likelihood of tumor regrowth in cancer patients following therapy. Researchers fed their model clinical data from 657 NSCLC patients treated at five U.K.-based institutions, to better predict a patient's likelihood of recurrence. The data comprised the patient's gender, age, BMI, radiation intensity, smoking status, and tumor features.

Using this data, the researchers were able to create an AI model to categorize patients as having a low or high risk of recurrence, how long they would experience until recurrence, and overall survival years after therapy. The innovative tool was proven to be more accurate than traditional approaches in forecasting patient outcomes. Similar ongoing advances will add substantially to global oncology market share.

High prevalence of breast cancer: A key opportunity

As per the WHO, breast cancer was the most common type of cancer in 2021, accounting for 2.26 million new cases. Ongoing research is looking for methods to upgrade present breast cancer screening tools, for improving patient outcomes. 3-D mammography, often known as breast tomosynthesis, is a novel technique recently introduced to the oncology market. This process combines photos from various angles around the breast to create a 3-D-like image, helping doctors to better examine and target the disease growth.

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