Global Cancer Services Market Overview
Cancer is distortion in which abnormal growth of cells form group of diseases. Cancer such as tumors spreads throughout the body and may results in organ failure. Unwanted or abnormal growth of several cells in the body contributes for the dysfunction character of the organ.
The cancer services market is estimated to expand in terms of demand in near future owing to increasing number of cancer patients across the globe. Growing awareness across the globe towards the early diagnosis for 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. Emerging economies are adopting advanced therapies and healthcare treatments to minimize the burden of cancer which will further help the federal authorities to minimize the healthcare spending. Moreover, introduction of favorable re-imbursement policies by the government organizations across the globe are likely to emphasize patients to adopt cancer services in near future.
Market size and forecast
Under 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 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 the highest market share in terms of revenue in 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 introduction of favorable re-imbursement policies in the region, increasing incidences of cancer and adoption of technological advanced equipment for cancer diagnostics and advanced therapies for treatment of cancer. Moreover, the North-America market of cancer services is majorly driven on account of increasing personal disposable income of the population and increasing healthcare spending of population. The cancer patients in U.S. are increasing with pace and is 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 near future. The market is driven by rising incidences of cancer patients and increasing awareness towards treatment and cure of cancer in Asia-pacific regions such as Japan, India, China, etc. Increasing investment in healthcare sector in order to reduce the burden of diseases in terms of human suffering is likely to grow the market of cancer services. 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 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 cancer services market. Apart from this, automation of diagnostic test reduces time and cost and caters precise outputs, thus gaining trust of physicians and consumers across the globe.
Likewise, increasing awareness towards vaccinations and cancer therapeutics is increasing the demand for cancer services for prevention of life-threatening diseases. Rapid growth in geriatric population along with higher risk of cancer is shifting towards early diagnosis and preventive care services of cancer.
Our in-depth analysis segmented the global cancer services market in the following segments:
Global Cancer Services Market is further classified on the basis of region as follows:
Growth Drivers and challenges
The global market of cancer services is driven on the back of factors such as increase in 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 gross disposable income of the population which allows them to spend more on healthcare is expected to spur the demand for cancer services in near future.
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 towards the treatment and prevention from cancer diseases. These long term initiative and increasing funding for healthcare researches are fostering the market of cancer services.
Advancement in technology in healthcare sector is helping the cancer patients to get effective and better treatment for cancer diseases. Continuous researches on cancer drugs and 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, dearth of medical equipment and cancer treatment therapies in various undeveloped regions across the globe are hampering the growth of 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 cost for research and development. Thus, high cost investment to develop effective and affordable cancer services are restraining the market of cancer services globally.
The key players of cancer services market are as follows:
Scope and Context
Overview of the Parent Market
The Global Cancer Services Market is segmented as follows:
Supply and Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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