The global cancer services market is estimated to garner substantial revenue by growing at a CAGR of ~20% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to rising cases of cancer, a growing geriatric population, and higher consumption of alcohol, cigarettes, and tobacco. Furthermore, escalating awareness of the early diagnosis of cancer is also projected to boost the growth of the market during the forecast period. A report published by World Health Organization (WHO) showed that 22.3% of people of the global population consumed tobacco in 2020 while in 2022, a similar source stated that 3 million people lost their lives annually due to harmful consumption of alcohol worldwide. Cancer is a critical disease in which the abnormal formation of cells results in multiple symptoms. Furthermore, an up-surged growth in the geriatric population can also be a vital growth driver of the market over the forecast period. According to a report published by the World Bank, the global geriatric population in 2020 amounted to 723,484,045. All these factors are anticipated to influence the growth of the market positively over the forecast period.
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The market is segmented by type into blood, breast, ovarian, and others, out of which, the breast segment is anticipated to hold a notable share in the market during the forecast period on account of its higher prevalence across the globe. Breast cancer is the most common type of cancer that occurs frequently in females. A report published by World Health Organization (WHO) in 2020 demonstrated that 2.3 million women across the globe were suffering from breast cancer.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global cancer services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of the higher prevalence of cancer, developing technologies for the treatment and prevention of cancer, and growing healthcare expenditure. According to a report by National Cancer Institute (NIH) in 2022, 40,000 cases of cancer were observed annually, meanwhile, 290,560 new cases of breast cancer were noticed in the USA in the same year. Additionally, 106,180 cases of colon cancer and 44,850 cases of rectal cancer also emerge in the region in 2022. Furthermore, the rising utilization of modern technology to diagnose and treat cancer is also expected to hike the growth of the market. Based on data provided by the National Library of Medicine (NLM) in 2017, about 644,000 robotic-assisted surgeries were performed in the U.S. Furthermore, the global cancer services market is anticipated to grow in the Asia Pacific region during the forecast period. The growth of the market in the region is accounted to the growing geriatric population, rising cases of multiple types of cancer, and increasing awareness of the treatment of the disease.
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The global cancer services market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cancer services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing cases of cancer, a rising geriatric population, and growing consumption of alcohol, cigarettes, and tobacco are the major factors driving the growth of the cancer services market.
The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Siemens Healthcare GmbH, Fonar Corporation, Koninklijke Philips N.V., Shimadzu Corporation, Abbott Laboratories, Samsung Medison Co., Ltd., Eli Lilly and Company, Hologic, Inc., Novartis International AG, and GE Group.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by diagnosis procedures, treatment, type, end-user, and by region.
The breast segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
The requirement for a high initial investment is estimated to hamper the market growth.
North America region will provide more business opportunities for the growth of the cancer services market in the future on the back of higher prevalence of cancer.
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