Asia Pacific Oncology Market size valued at USD 52.2 billion in 2021 and is set to observe around 11.7% growth rate from 2022 to 2028.
Growing initiatives by several government and non-government organizations for the treatment of cancer diseases will optimistically impact the industry growth. Moreover, increasing funding by government for modernization and development of healthcare infrastructures due to increasing disease burden is expected to boost the market size.
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Further, technological advancements and automation have made tests more accurate and easier to perform. For instance, Liquid based cytology (LBC) tests were developed to overcome difficulties in conventional pap test for cervical cancer screening. This LBC test reduces specimen inadequacy by around 80% thus allowing further application in chlamydia, HPV, and gonorrhea testing.
Asia Pacific Market, By Cancer Diagnostic & Treatment
The cancer diagnostic segment held over USD 26,138.8 million revenue in 2021, attributed to the rising prevalence of cancer in the region. Moreover, the adoption and demand for cancer diagnosis has increased in recent years, as few of the tests including biomarker tests are cost effective as compared to other diagnostic methods such as medical imaging. Furthermore, usage and availability of technologically advanced equipment in diagnostics lab and hospitals for disease detection will further drive the industry growth.
Asia Pacific Market, By Cancer Type
The breast cancer segment will exceed USD 22,219.5 million revenue by the end of 2028. The major causes of increase in breast cancer incidence and prevalence rate are obesity, hormone imbalance, age-related risks, and replacement therapy.
Moreover, the incidence of breast cancer in women is rising rapidly. For instance, according to GLOBOCAN estimates, in 2020, nearly 92,024 new cases of women with breast cancer were reported in Japan alone, representing 21.4% of all types of cancer with an incidence of 507 cases per 100 thousand women. Also, in countries of Asia Pacific, malignant breast cancer is the most common type of cancer in women.
Asia Pacific Market, By End-use
The hospital end use segment accounted for 63.2% Asia Pacific oncology market share in 2021. High adoption rates for technologically advanced biopsy and other devices utilized in diagnosis of cancer will increase the number of diagnoses carried out in hospitals. Furthermore, the increasing presence of electrosurgical procedures and related minimally invasive surgeries has increased the admissions and adoption of oncology treatment in hospital setting.
Asia Pacific Market, By Country
China oncology market exceeded USD 21.7 billion revenue in 2021, due to increased focus and awareness of government regarding early detection and eradication of cancer. Also, presence of large patient pool that are prone to various types of cancer will favor market expansion.
Competitive Industry Landscape
Prominent participants operating across the Asia Pacific market include Janssen Diagnostics, LLC (Johnson & Johnson), GE Healthcare, F. Hoffmann-La Roche, Bayer AG, Merck, Pfizer, Abbott, and Thermo Fischer Scientific.
Companies engage in different organic and inorganic growth strategies to establish and strengthen their market presence in the region. The companies strive to gain competitive advantage in the market while also enhancing their market share. For instance, in October 2021, Specialized Therapeutics Asia Pte Ltd (ST) partnered with Incyte Biosciences International Sarl, the Swiss-based affiliate of Incyte to launch and distribute two new medicines for its haematology and oncology portfolios. The products include tafasitamab and pemigatinib (Pemazyre). Under the terms of the agreement, Incyte will be responsible for the development, manufacture and supply of both products and ST will be responsible for regulatory, distribution and local marketing related activities in Australia, New Zealand, and Singapore. This strategy is expected to complement the revenue of the company and maintain long term business relations.