Cancer Services Market Size, Share, 2016 (CAGR of 17.2%) by Global Trends, Technology, Leading Companies, Development, Growth Analysis, and Future Forecast Till 2023

Global Cancer Services Market Overview

Cancer is a distortion in which abnormal growth of cells forms a group of diseases. Cancer such as tumors spreads throughout the body and may result in organ failure. Unwanted or abnormal growth of several cells in the body contributes to the dysfunction character of the organ.

The cancer services market is estimated to expand in terms of demand in the near future owing to the increasing number of cancer patients across the globe. Growing awareness across the globe towards the early diagnosis of cancer in order to prevent the abnormal growth of cells is driving the market of cancer services. Rapid growth in healthcare sectors owing to increasing investments in research and development aims to provide affordable and effective cancer services for prevention, treatment, and post-treatment.

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Emerging economies are adopting advanced therapies and healthcare treatments to minimize the burden of cancer which will further help the federal authorities to minimize healthcare spending. Moreover, the introduction of favorable reimbursement policies by government organizations across the globe is likely to emphasize patients to adopt cancer services in the near future.

Market size and forecast

Under the global cancer services market, the cancer therapy segment is projected to expand at a CAGR of 17.2% over the forecast period i.e. 2016-2023. Moreover, the breast cancer therapy segment accounted for USD 25.5 Billion in 2015, expanding at a CAGR of 14.2% during the forecast period i.e. 2016-2023.

Regionally, North America accounted for the highest market share in terms of revenue in the overall market of cancer services across the globe. The market of North America region is expected to continue its dominance over the forecast period i.e. 2016-2023 on the back of the introduction of favorable reimbursement policies in the region, increasing incidences of cancer and adoption of technologically advanced equipment for cancer diagnostics and advanced therapies for the treatment of cancer.

Moreover, the North-America market of cancer services is majorly driven on account of increasing the personal disposable income of the population and increasing healthcare spending of the population. The cancer patients in the U.S. are increasing with pace and are expected to increase by 25% of the last year diagnosed patients i.e. 14.5 Million.

On the other hand, Asia-Pacific is expected to be the fastest-growing and revenue generated market across the globe in the near future. The market is driven by rising incidences of cancer patients and increasing awareness towards the treatment and cure of cancer in Asia-pacific regions such as Japan, India, China, etc. Increasing investment in the healthcare sector in order to reduce the burden of diseases in terms of human suffering is likely to grow the market of cancer services.

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The market of cancer services is riding on the back of governmental initiatives in the Asia-Pacific region which are creating awareness among the population regarding cancer services. However, major vaccine manufacturers are shifting towards India to increase profitability by participating in the India vaccine technology market is fostering the market of cancer services across the region.

Technological advancements in the imaging sector and digitalization cancer diagnostics tests will shift the technology to a cutting-edge level of diagnosis. Characteristics such as time savings and precise diagnosis are some of the key elements for the growth of the cancer services market. Apart from this, automation of diagnostic tests reduces time and cost and caters precise outputs, thus gaining the trust of physicians and consumers across the globe.

Likewise, increasing awareness towards vaccinations and cancer therapeutics is increasing the demand for cancer services for the prevention of life-threatening diseases. Rapid growth in the geriatric population along with the higher risk of cancer is shifting towards early diagnosis and preventive care services of cancer.

Key Players

The key players of the cancer services market are as follows:

GE Healthcare
Siemens Healthineers
Philips Healthcare
Abbott Diagnostics
Eli Lilly and Company
Novartis
Hoffman La-Roche Ltd.
Hitachi Medical Corporation
Hologic Inc.
Samsung Medison Co., Ltd.
Shimadzu Corporation
Fonar Corporation
Other Notable Key Players.

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Key Answers Captured in Report?

  • Which geography would have better demand for products/services?
  • What are the strategies adopted by big players in the regional market?
  • Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
  • What is the current & expected market size in the next five years?
  • What is the market feasibility for long term investment?
  • What opportunity the country would offer for existing and new players in the market?
  • What is the risk involved for suppliers in the geography?
  • What factors would drive the demand for the product/service in the near future?
  • What is the impact analysis of various factors in market growth?

Growth Drivers and challenges

The global market of cancer services is driven on the back of factors such as the increase in the aging population, growing awareness towards indications of cancers, shifting of patients towards cancer services for better treatment and early adoption of healthcare treatments. Additionally, increasing the gross disposable income of the population which allows them to spend more on healthcare is expected to spur the demand for cancer services in the near future.

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Moreover, factors such as rising incidences of cancer across the globe, adoption of cancer services by the patients and increasing cases of early diagnosis in order to prevent cancer are expected to boost the market of cancer services during the forecast period i.e. 2016-2023. Likewise, government initiatives are creating awareness of the treatment and prevention of cancer diseases. These long term initiatives and increased funding for healthcare researches are fostering the market of cancer services.

Advancement in technology in the healthcare sector is helping cancer patients to get effective and better treatment for cancer diseases. Continuous researches on cancer drugs and the introduction of new and effective cancer treatment therapies are likely to foster the demand for cancer therapies globally over the forecast period i.e. 2016-2023.

Although, high cost of treatment, lack of awareness in under-developed nations, and lack of skilled healthcare physicians are some of the factors likely to hamper the market growth of cancer services market across the globe. Conversely, the dearth of medical equipment and cancer treatment therapies in various undeveloped regions across the globe are hampering the growth of the cancer services market.

Manufacturers of cancer drugs, diagnostic equipment, and various cancer treatment therapies are facing challenges in clinical trials on account of huge capital costs for research and development. Thus, high-cost investment to develop effective and affordable cancer services are restraining the market of cancer services globally.

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