The growing Oncology market

The Oncology market size is predicted to be worth $536.01 BN by 2029, and there are incredible therapies and medicines constantly being brought to market to deal with the complex and life-threatening illness that cancer is. 

Chemotherapy is the most common treatment used to treat Cancer and is given to patients via a catheter in a vein, artery, or body cavity. The treatment has many side effects, which can cause patients to become very unwell throughout the process and the difficulty with traditional Chemotherapy is that it involves multiple trips to the hospital or clinic, often over a long period of time which can be distressing for patients through what is already a difficult time. 

Oral Chemotherapy works the same as traditional Chemotherapy, but can often be preferred by patients because it can be administered in the comfort of their own home. There are 50+ different types of Oral Chemotherapy on the market with hundreds more within clinical trial phases! 

Fierce Biotech released an article at the beginning of August talking about a new type of Oral Chemotherapy that is already being tested in humans. This added weight to the preclinical package of data underpinning the drug’s potential in a range of solid tumours. This therapy was also able to kill cancer cells from more than 70 different solid tumour cell lines, building on pre-investigational new drug-enabling studies on animal models that showed it could eliminate brain, breast, cervical, lung, skin and ovarian cancer cells. 

This is not only a huge win for Oncology therapies but also for patients who need access to convenient medication. There are criticisms of Oral Chemotherapy due to it being largely reliant on the patient to administer the correct dosages at the correct times but with a growing desire among patients for care that is tailored to their specific needs, enabling them to obtain information and treatment at their convenience, it necessitates a heightened emphasis on a patient-centered approach.

Oral Chemotherapy is a great way for patients to feel like they’re in control of their lives – but not great for healthcare professionals who have a duty of care. With traditional Chemotherapy, there are safety precautions that can also be taken to administer the drug, whereas in a home setting – there is zero control of this.

However, there is a considerable place for Oral Chemotherapy within Oncology. When administered properly, it is just as effective as administering it intravenously. It can enable patients to have a much better quality of life during their treatment and encourages the Oncology industry as a whole to continue pushing and developing life-saving Chemotherapy treatments on a global scale, and progression towards value-based care. 

THE GROWING ONCOLOGY MARKET

Globally, Oncology is the area with the largest spend as well as growth trajectory, with some of the biggest Pharmaceutical and Biotechs in the world specialising within Oncology. 

“​​The growing geriatric population, increasing disposable income, and availability of advanced products are also expected to drive market growth. However, the high cost of oral care products, lack of awareness about oral care in developing and underdeveloped countries, and stringent regulatory environment are likely to impede the growth of the market in the coming years.” – Globe E News

AI technology has also had impact on the growing Oncology market, involving the use of AI-driven systems for cancer detection. These systems enhance the precision of image analysis in diagnostic processes such as identifying early-stage tumours in breast and lung cancer cases. These technologies have also helped to increase the accuracy of detection in certain cancers by minimizing false positive results during screening which, as a result produced a 99 percent enhancement in the accuracy of detecting metastatic breast cancer.

With these latest breakthroughs in Oral Chemotherapy treatments and the introduction of AI technologies, we’re interested to see how this impacts and continues the growth of the Oncology market, as well as how organisations hire and retain incredible talent to push these therapies and the market forward.