The global cancer services market is segmented into services such preventive care services, diagnostic care services and treatment care services. Among these segments, treatment care services segment is expected to occupy top position in overall cancer services market during the forecast period. However, preventive care services segment is expected to grow at highest CAGR during the forecast period. Government initiatives’ regarding preventive vaccination in preteen boys and girls is the key factor behind the rapid growth of cancer preventive care services segment.
Global cancer services market is expected to flourish at a CAGR of 17.2% during the forecast period. Moreover, the global cancer services market is expected to garner noteworthy revenue by the end of 2023. Factors such as rising prevalence of cancer, enhancement in healthcare infrastructure, favorable government policies are expected to intensify the growth of the global cancer services market.
North America captured largest market share of cancer services in 2016. Further, North America is projected to continue its dominance over the forecast period. Rising healthcare expenditure coupled with increasing prevalence of cancer in the region is the dynamic factor behind the growth of cancer services market. Further, favorable government policies and programs in the region are likely to accelerate the growth of cancer services market. Asia Pacific is expected to witness lucrative growth in cancer services market during the forecast period. Increasing prevalence of cancer and rising awareness about diagnosis and treatment are expected to bolster the growth of cancer services market in Asia Pacific region.
Increased Prevalence of Cancer
Growing number of new cases of cancer is major factor behind the growth of cancer services market. According to World Health Organization, number of cancer cases is expected to increase from 14 million in 2012 to 21 million in 2020. As a result, the demand for cancer diagnosis and therapies is also expected to increase during the forecast period. Further, rising awareness about early prevention of cancer is expected to intensify the growth of cancer preventive care services.
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Technological Innovation and Advancements
Advances in technologies such as development of advanced diagnostic equipment are expected to impel the growth of cancer services market. Moreover, heavy investment in research and development of cancer services is anticipated to accelerate the growth of cancer services market during the forecast period.
However, high cost of cancer treatment and scarcity of developed healthcare infrastructure in undeveloped regions are some of the factors which are likely to inhibit the growth of the global cancer services market in the near future.
The report titled “Cancer Services Market: Global Demand Analysis, Growth & Opportunity Outlook 2023” delivers detailed overview of the global cancer services market in terms of market segmentation by services, by application, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global cancer services market which includes company profiling of GE Healthcare, Siemens Healthcare Pvt. Ltd., Philips Healthcare, Abbott Diagnostics, Eli Lilly and Company, Novartis AG, F. Hoffmann-La Roche Ltd, Pfizer Inc., Sanofi and Merck & Co. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cancer services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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