Recent report published by Research Nester titled "Cancer Services Market: Global Demand Analysis, Growth & Opportunity Outlook 2023" delivers detailed overview of the cancer services market in terms of market segmentation by services, by applications, 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.
The cancer services market has been segmented by services into preventive care services and diagnostic care services, both of which are driving the growth of cancer services market and are further estimated to expand in terms of demand in near future. This can be attributed to growing awareness towards the early diagnosis of cancer and increasing number of cancer patients across the globe. Further, adoption of healthcare treatments and advanced therapies in emerging economies to minimize the burden of cancer is estimated to boom the cancer services market by noteworthy revenue by the end of 2023.
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The global market of cancer services is expected to flourish at a significant CAGR over the period 2016-2023. The cancer therapy segment is anticipated to expand at a compound annual growth rate of 17.2% as compared to expansion of breast cancer therapy segment with a CAGR of 14.2% over the period 2016-2023. Further, the introduction of favorable re-imbursement policies by the government organizations across the globe is likely to drive more patients to adopt cancer services which will hone the growth of overall cancer services market in near future.
In the regional segment, North America represented the largest market share in terms of revenue in cancer services market in previous years and is expected to continue its dominance over the forecast period. Factors such as increasing incidences of cancer, favorable government policies and technological advanced equipment for cancer diagnostics combined with advanced therapies for treatment of cancer are going to drive the demand for cancer services in this region.
Moreover, increasing personal disposable income of the people and increasing healthcare spending of population are the major factors that are driving the growth of cancer services market in North America. Further, government initiatives and increasing awareness towards treatment and cure of cancer in countries Japan, India, China, etc. are expected to make Asia Pacific as the fastest growing and revenue generated market across the globe in upcoming years.
Growing Cancer Awareness to Drive the Market
Factors such as growing awareness towards indications of cancer, increase in geriatric population, shifting of patients towards cancer services for better treatment and early adoption of healthcare treatments are anticipated to benefit the expansion of cancer services market. Further, government initiatives and increasing gross disposable income of population is believed to supplement the growth of cancer services market globally.
However, lack of awareness in under-developed countries and high cost of treatment is likely to inhibit the growth of the cancer services market in the near future.
This report also provides the existing competitive scenario of some of the key players of the cancer services market which includes company profiling of GE Healthcare, Siemens Healthineers, Philips Healthcare, Abbott Diagnostics, Eli Lilly and Company, Novartis, Hoffman La-Roche Ltd., Hitachi Medical Corporation, Hologic Inc., Samsung Medison Co. Ltd., Shimadzu Corporation and Fonar Corporation.
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 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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Originally published at https://www.marketwatch.com