Top Companies in Oncology Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
Oncology Market is projected to reach USD 447.4Billion by 2028 at a CAGR of 7.90% over the forecast period.
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Market Overview
The Global Oncology Market is valued at USD 283.5 Billion in 2021 and is projected to reach USD 447.4Billion by 2028 at a CAGR of 7.90% over the forecast period. The rising incidence of cancer among the world's population, which considerably increases demand for various Oncology diagnostics and treatment goods, propels the worldwide Oncology Market. Increasing cancer awareness, accessibility to a range of Oncology treatments, and advancements in cancer detection techniques. Furthermore, during the forecast period, the Global Oncology Market is anticipated to develop due to the biopharmaceutical industry's increasing investments in research and clinical trials of various therapies and diagnostics.
The Oncology Market, however, is being constrained by the high cost of new drug development, failure risk, and unfavorable side effects of cancer treatment therapy. On the other hand, during the projected period, it is anticipated that the high potential of emerging economies and the greater number of possible pharmaceuticals in the pipeline would present profitable opportunities. The rise in incidence and prevalence of various cancer disorders, the popularity of advanced therapies (such as biological and targeted pharmacological therapies), and the rising global elderly population are the main factors driving the growth of the Oncology Market.
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Amidst Exponential Growth in Oncology Adoption, What Trends Should We look forward to?
- The world population is growing quicker than ever, especially when compared to younger age groups. As a result, it is projected that the aging population will raise the demand for medications used to treat cancer, propelling the Oncology Market's expansion.
- The Global Oncology Market is expanding due to the rising Oncology burden caused by rising alcohol and tobacco use.
- The rapid adoption of virtual care modes, like AI and ML, has altered the general approach to patient care and has the potential to significantly cut waste while advancing evidence-based medicine and more effective, intelligent workflows. Thus, automation and technological developments have improved the usability and accuracy of cancer diagnostics, which has encouraged the growth of the Oncology Market.
- The prevalence of breast cancer is rising due to rising obesity, hormonal imbalance, age-related hazards, and replacement therapy in women. Therefore, the Oncology industry will rise as breast cancer becomes more common.
The Oncology Market is dominated by globally established players such as Aegerion Pharmaceuticals Inc, Abbvie Inc, Ability Pharma, Acadia Pharmaceuticals Inc, Amgen Inc, Takeda Oncology, Aslan Pharmaceuticals Ltd, Aspen Pharmacare Holdings Limited, AstraZeneca and Athenex, Inc.These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Oncology Market.
Let's Look at the Top 5 Companies that are taking the Oncology Market by Storm
The Oncology Market is expected to grow from USD 283.5billion in 2021 to USD 447.4billion in 2028 because of the prevalence and incidence of numerous cancer conditions increasing, as well as the popularity of sophisticated medicines (such as biological and targeted pharmacological therapies).
- Aegerion Pharmaceuticals Inc:
Amryt is a multinational biopharmaceutical business at the commercial stage, focusing on acquiring, developing, and commercializing novel therapies to enhance the quality of life for Oncology patients. Amryt has a substantial and expanding portfolio of development and commercial assets.
- Abbvie Inc:
The goal of AbbVie is to improve people's lives significantly. It is dedicated to improving care standards in managing various blood malignancies in Oncology. AbbVie experts combine their extensive biologic expertise with cutting-edge research technology to improve therapy for various malignancies.
- Ability Pharma:
Ability Pharma is a biopharmaceutical firm that creates novel, first-in-class cancer treatment prospects. We are concentrating on using autophagy as a new therapeutic method to cause cancer cell death. A portfolio of new medications addressing unmet needs in Oncology is being developed based on this innovative mode of action.
- Amgen Inc:
Amgen is dedicated to finding, developing, producing, and delivering cutting-edge human medicines that will help patients with cancer harness the power of biology. This strategy starts with deciphering the complexity of the disease and comprehending the basic principles of human biology utilizing technologies like cutting-edge human genetics.
- Takeda Oncology:
Takeda Oncology seeks to eradicate cancer by using patient motivation and global innovation. It optimizes the ability to provide breakthrough medicines to patients by ensuring a close relationship between research, development, and commercialization to fulfill the requirements of the cancer community quickly.
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