North America Oncology Market size crossed USD 121.5 billion in 2021 and is poised to expand at a CAGR of 11.1% from 2022 to 2028.
Increasing incidence of cancer in the North America region is expected to boost the market growth. This is attributed to sedentary lifestyle, unhealthy diet, consumption of tobacco, alcohol and smoking contribute to the rising burden of cancer cases in the region.
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Furthermore, numerous efforts undertaken by government and global health organizations to create awareness regarding cancer and to reduce disease burden will favor the regional market demand. The WHO has also collaborated with the International Agency for Research on Cancer (IARC) and other organizations to control occurrence of non-communicable diseases. Such initiatives to maximize the disease awareness is expected to fuel the global market growth. Moreover, increasing focus of prominent companies on developing novel drug candidates targeting different types of cancers a is expected to propel the industry growth.
The cancer treatment segment dominated over 57% market share in 2021, attributed to increasing disposable income and rising awareness by government for the early-stage diagnosis and treatment of cancer. For instance, in February 2022, the U.S. government (in budget) allocated a funding of USD 194 million to launch reignition of the Cancer Moonshot program and USD 50 million for childhood cancer data initiative. This program aimed to reduce cancer deaths by 50% over the upcoming 25 years, thereby reducing the cancer burdens as well as work together to improve cancer control and treatment.
The breast cancer segment accounted for USD 24,221.6 million revenue in 2021, due to increasing age, obesity and family history of breast cancer. For instance, in 2022, according to the Breast Cancer.Org estimates, around 287,850 new cases of invasive breast cancer are expected to be diagnosed in women in the U.S. Therefore, the breast cancer treatment and adoption of novel treatment solutions can be highly effective in achieving survival probabilities.
The hospital end-use segment will showcase around 11.8% growth rate during the forecast period. Hospitals are equipped with advance technological tools and better infrastructure enabling in maintaining a track record of patients health and provide accurate treatment diagnosis and related healthcare services. Furthermore, growing geriatric population suffering from cancer requires continuous monitoring and opt for minimally invasive procedures that are commonly caried out in the hospital is anticipated to enhance the industry outlook.
U.S oncology market will witness 11.2% CAGR to reach USD 231,059.4 million revenue by end of 2028. The U.S. market is expected to show increasing growth rate owing to rising advancements in diagnostics tests and treatment procedures. Also, increasing R&D activities by major players as well as various government initiatives for better diagnosis and treatment of cancer is expected to fuel the market revenue.
Some of the notable companies involved in the market are E Healthcare, Janssen Diagnostics, Thermo Fischer Scientific, LLC (Johnson & Johnson), Pfizer, Bayer AG, Merck, Abbott, and F. Hoffmann-La Roche among others. These companies implement strategies such as merger, acquisition, partnership, collaborations, business expansion to expend their geographical footprint and strengthen their market position.