Cancer Services Market to Growby CAGR of ~20% During 2022 – 2031on the Back of Escalating Cases of Cancer

Research Nester published a report titled Cancer Services Market: Global Demand Analysis & Opportunity Outlook 2031which delivers a detailed overview of the global cancer services marketin terms of market segmentation by diagnosis procedures, treatment, type, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.

The global cancer services market is projected to grow at a CAGR of ~20% by attaining a substantial revenue during the forecast period, i.e., 2022 – 2031. Factors such as, the higher prevalence of cancer, rising consumption of cigarettes, alcohol, and tobacco, and increasing awareness of early diagnosis are projected to propel the growth of the market over the forecast period.Additionally, the growing geriatric population is also anticipated to hike the growth of the market over the forecast period. Data by World Bank in 2020 showed that 723,484,045 people across the globe were aged 65 or above.

Additionally, by type, the global cancer services market is segmented intoblood, breast, ovarian, and others. Out of these sub-segments, the breast segment is anticipated to acquire a notable share in the market during the forecast period owing to its higher prevalence across the globe. Such kind of cancer is considered to be one of the most common types of cancer. In 2020, a report by World Health Organization (WHO) showed that 2.3 million women were suffering from breast cancer across the globe.

Furthermore, the global cancer services market, by region, is branched into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market inNorth America is estimated to grow at a noteworthy pace over the forecast period. Factors such as, growing technologies for cancer prevention and treatment, higher prevalence of cancer disease, and increasing healthcare expenditure are expected to boost the growth of the market during the forecast period. In 2022, data provided by the National Cancer Institute (NIH) 40,000 cases of cancer were observed annually.

The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.

Growing Consumption ofTobacco and Alcohol to Propel the Growth of the Market

A report published in 2020 by World Health Organization (WHO)stated that 22.3% of the global population consumed tobacco.

Tobacco is generally consumed by rolling in cigarettes or directly by mixing with other chemicals. Such chemicals are responsible for damaging the DNA by making the cells harder. Harder cells are unable to repair the DNA damage and this process ultimately leads to the cancer. Hence, such factors are projected to propel the growth of the market

However, the requirement for a high initial investment is expected to operate as a key restraint to the growth of the globalcancer services market over the forecast period.

This report also provides the existing competitive scenario of some of the key players in the global cancer services market which includes company profiling ofSiemens Healthcare GmbH, Fonar Corporation, Koninklijke Philips N.V., Shimadzu Corporation, Abbott Laboratories, Samsung Medison Co., Ltd., Eli Lilly and Company, Hologic, Inc., Novartis International AG, and GE Group. 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 a detailed overview of the global cancer services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.     

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