Cancer Services Market size is poised to grow at over 20.4% CAGR during the forecast period i.e., between 2024-2036.
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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
20.4% |
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Regional Scope |
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The market is segmented by type into blood, breast, ovarian, colposcopy 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.
Our in-depth analysis of the global market includes the following segments
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By Diagnosis Procedures |
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By Treatment |
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By Type
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By End-User
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North America Market Statistics
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. North America industry is expected to hold largest revenue share by 2036, impelled by 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.
May 24, 2022: One of the major subsidiaries of Philips, Philips Respironics, provides voluntary recall notification for particular respiratory and sleep care products.
May 20, 2020: Novartis Cosentyx, a fully human biologic to inhibit interleukin-17A, receives a positive opinion of CHMP for the long-lasting utilization in arthritic conditions of children.
Author Credits: Radhika Pawar
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