Introduction
Oncology is a field of medicine that specializes in cancer prevention, diagnosis, and therapy. Cancer is a disease characterized by abnormal cell proliferation that leads to the creation of a tumor. Benign tumors, on the other hand, are not cancers. The malignant tumor cells tend to spread through the blood and lymphatic system to other local tissues and different sections of the body. Treatment for cancer is determined by the stage of the disease.
Increased prevalence of cancer, unhealthy lifestyle, and increasing geriatric population are the primary factors driving the growth of the oncology market. High growth potential in developing nations, rise in the number of pipeline products, and the upsurge in demand for personalized medicines are poised to create new opportunities in the forthcoming years.
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COVID-19 Impact
The COVID-19 pandemic has disrupted every element of cancer care and research, as screening and oncology care services have been categorized as low-priority services in various nations throughout the world.
- In view of the rising number of instances of COVID-19, the Scottish government temporarily halted cervical, bowel, and breast cancer screening programs.
Furthermore, various local and national-level restrictions on the movement of persons and goods imposed by public and private authorities have been shown to severely disrupt the pharmaceutical products and ingredients supply chain, hampering industry progress. Also, due to the pandemic, the temporary closure of numerous academic institutes and difficulty in delivering post-sales services resulted in a reduced supply of cancer products to end users, which hampered market expansion.
Key Developments
Increased acceptance of technologically sophisticated biopsy and other technologies used in cancer diagnosis will boost the number of diagnoses performed in hospitals, boosting industry demand. Furthermore, the growing availability of electrosurgical treatments and related minimally invasive surgeries has increased hospital admissions and uptake of oncology therapy, accelerating industry growth.
Cancer testing has become more accurate and user-friendly as a result of technological developments and automation, which has aided industry growth.
- Liquid-based cytology (LBC) tests, for example, were created to solve problems with traditional pap tests for cervical cancer screening. The liquid based cytology (LBC) test lowers specimen insufficiency by around 80%, allowing it to be used for chlamydia, HPV, and gonorrhea testing.
As the number of cancer diagnoses and deaths rises, so does the demand for cancer therapies. As a result, this aspect has a significant impact on the oncology market. Furthermore, the focus on medicine research to reduce cancer cases has increased. The industry is also growing due to rising healthcare expenditures in various regions.
- According to the World Health Organization, 10 million people died of cancer globally in 2020.
As a result, cancer is one of the major causes of mortality worldwide. The oncology industry has benefited from increased cancer incidences, which have pushed the cancer therapy sector forward.
Competitive Landscape
The Oncology Market's primary strategies include product launches, mergers and acquisitions, joint ventures, and global expansion. Aegerion Pharmaceuticals Inc., Abbvie Inc., Ability Pharma, Acadia Pharmaceuticals Inc., Amgen Inc., Takeda Oncology., Aslan Pharmaceuticals Ltd., Aspen Pharmacare Holdings Limited., Astrazeneca, Athenex, Inc., and others are among the leading players in the industry.
- To develop artificial intelligence methods, the Ohio State University Comprehensive Cancer Center –Arthur G. James Cancer Hospital and Richard J. Solove Research Institute (OSUCCC – James) joined Caris Life Science's Precision Oncology Alliance (POA) in February 2022.
- In February 2022, Imagia Cybernetics, an AI-healthcare firm that accelerates oncology solutions based on real-world data, announced a merger with Canexia Health.
Some prominent players of the market include:
GE Healthcare
Janssen Diagnostics, LLC (Johnson & Johnson)
- Hoffmann-La Roche
Pfizer
Bayer AG
Merck
Abbott
Thermo Fisher Scientific
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