Oncologists Global Market Opportunities and Strategies to 2032

This report describes and explains the oncologists market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global oncologists market reached a value of nearly $17.98 billion in 2022, having grown at a compound annual growth rate (CAGR) of 1.8% since 2017. The market is expected to grow from $17.98 billion in 2022 to $21.41 billion in 2027 at a rate of 3.6%. The market is then expected to grow at a CAGR of 5.1% from 2027 and reach $27.51 billion in 2032.

Growth in the historic period resulted from the rise in the number of cancer cases, emerging markets growth, increased healthcare expenditure and health insurance reforms. Factors that negatively affected growth in the historic period included a lack of trained workers and technical resources.

Going forward, the rising incidence of cancer, rapid growth in elderly population and government investments in oncology will drive the market. Factors that could hinder the growth of the oncologists market in the future include insufficient public health insurance coverage.

The oncologists market is segmented by cancer diagnosis and treatment into cancer diagnosis and cancer treatment. The cancer treatment market was the largest segment of the oncologists market segmented by cancer diagnosis and treatment, accounting for 65.1% or $11.71 billion of the total in 2022. Going forward, the cancer diagnosis segment is expected to be the fastest growing segment in the oncologists market segmented by cancer diagnosis and treatment, at a CAGR of 4.1% during 2022-2027.

The oncologists market is segmented by indication into lungs cancer, colorectal cancer, breast cancer, liver cancer, bladder cancer, head and neck cancer, prostate cancer and other indications. The other indications market was the largest segment of the oncologists market segmented by indication, accounting for 25.3% or $4.54 billion of the total in 2022. Going forward, the breast cancer segment is expected to be the fastest growing segment in the oncologists market segmented by indication, at a CAGR of 4.3% during 2022-2027.

The oncologists market is segmented by service provider into hospitals, diagnostic laboratories, diagnostic imaging centers, specialty clinics, academia and other service providers. The hospitals market was the largest segment of the oncologists market segmented by service provider, accounting for 52.3% or $9.39 billion of the total in 2022. Going forward, the hospitals segment is expected to be the fastest growing segment in the oncologists market segmented by service provider, at a CAGR of 4.0% during 2022-2027.

North America was the largest region in the oncologists market, accounting for 42.6% or $7.65 billion of the total in 2022. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the oncologists market will be Asia-Pacific and North America, where growth will be at CAGRs of 4.3% and 3.8% respectively. These will be followed by Western Europe and Eastern Europe, where the markets are expected to grow at CAGRs of 3.3% and 2.7% respectively.

The global oncologists market is highly concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 64.0% of the total market in 2022. Kaiser Foundation Health Plan, Inc was the largest competitor with a 21.2% share of the market, followed by HCA Healthcare, Inc with 16.7%, The University of Texas MD Anderson Cancer Center with 10.3%, Tenet Healthcare Corporation with 5.3%, Universal Health Services, Inc with 3.7%, Asklepios Kliniken Verwaltungsgesellschaft GmbH with 1.7%, Apollo Hospitals Enterprise Ltd with 1.6%, KPJ Healthcare Berhad with 1.3%, IHH Healthcare Berhad with 1.3% and Bangkok Dusit Medical Services PLC with 0.8%.

The top opportunities in the oncologists market segmented by cancer diagnosis and treatment will arise in the cancer treatment segment, which will gain $2.03 billion of global annual sales by 2027. The top opportunities in the oncologists market segmented by indication will arise in the other indications segment, which will gain $971.0 million of global annual sales by 2027. The top opportunities in the oncologists market segmented by service provider will arise in the hospitals segment, which will gain $2.02 billion of global annual sales by 2027. The oncologists market size will gain the most in the USA at $1.84 billion.

Market-trend-based strategies for the oncologists market include advancement in AI-driven patient support for transforming patient care and enhancing cancer treatment and diagnostic outcomes, integrated multidisciplinary telehealth services for remote patient support, focus on revolutionizing cancer care through individualized service plans to deliver personalized care, advancement in integrated digital platforms to enhance the decision support provided to patients and advancements in oncology services through innovative health tech solutions to connect patients and caregivers.

Player-adopted strategies in the oncologists market include focus on expanding operational capabilities through strategic acquisitions and focus on enhancing business operations through strategic collaborations and partnerships.

To take advantage of the opportunities, the analyst recommends the oncologists companies to focus on advancement in AI-driven patient support for transforming patient care and enhancing cancer treatment and diagnostic outcomes, focus on integrated multidisciplinary telehealth services for remote patient support, focus on revolutionizing cancer care through individualized service plans to deliver personalized care, focus on advancement in integrated digital platforms to enhance the decision support provided to patients, focus on advancements in oncology services through innovative health tech solutions to connect patients and caregivers, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, focus on patients with fast-growing cancer indications and target aging populations.