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What is the outlook for the global oncology market in 2024?

In IQVIA, we support customers in their mission to get drugs to patients. As such, we recognise the value of keeping track of the latest market trends, developments, and insights. 

Modern healthcare is always changing. Whether as a result of innovations in efficiency or discoveries of new and better ways of caring for patients, it’s vital for any healthcare professional in this sphere to keep up-to-date with what’s going on.

Oncology is just one example of a rapidly advancing field. Read on to find out just what the global oncology market scene will look like in 2024 and beyond. 

What advancements are shaping the future of oncology?

From increased spending on research and development (R&D) and greater competition to an increased focus on early detection, precision medicine, and immuno-oncology, numerous factors are driving the dynamic landscape of oncology to make this possible by closing the care gap in cancer care.

Research and development in oncology

In 2023, global spending in the oncology drugs market increased to $223 billion, $25 billion more than in 2022. Forecasts suggest this will reach $409 billion by 2028. 

Additionally, more than two thousand new oncology clinical trials started in 2023 with significant promise for cancer treatment and novel modalities. R&D in oncology is seeing an increasing focus on targeted drugs with innovative mechanisms of action for treatment. 

The NHS Cancer Drugs Fund (CDF) in the UK is funding some of the latest treatments. Almost one hundred thousand cancer patients have benefitted from early access to the most innovative treatments.

Making waves in new cancer treatments for 2024, the CDF has funded certain drugs for breast and prostate cancer, new immunotherapies for advanced womb cancer, cancer therapies for blood cancer, and more.

This surge in funding and innovation is exciting news for both oncology patients and professionals, enhancing treatment options and outcomes. 

Greater competition in the field 

Global spending on cancer medicine increased to $223 billion in 2023 and is projected to reach $409 billion by 2028. In 2023, 74% of the $223 billion spent on cancer medicine was concentrated in major developed markets (the United States, EU4+UK, and Japan), a trend that has remained stable over the past five years.

New products will need a strong value proposition to highlight clinical and cost-benefits. This makes it a crucial time for companies looking to grow their oncology businesses to focus on their capabilities and strategies when it comes to clinical trials, real-world evidence, and execution. 

The oncology market’s increasing competition in 2024 and beyond will drive innovation and improve access to diverse treatment options, ultimately enhancing patient outcomes and offering professionals more tools to provide better cancer care.

Increased focus on early detection

Over the last few years, there has been a drastic change in the identification of cancer with advanced technologies. Artificial intelligence (AI) is becoming a promising option for improving health accuracy and patient outcomes. 

In oncology, AI applications include early diagnosis, risk assessment, and treatment selection. Machine learning (which falls under the AI umbrella) has shown promising signs of predicting different types of cancer.

Closing the care gap

The Journal of Clinical Oncology (JCO) Global Oncology reports that over the next two decades, the number of cancer cases will rise more than 50% to 30.2 million. With this burden growing, the inequities in who can access cancer services grow with it.

Addressing the inequities in service access, social and financial impact, and survival rates is a critical challenge in the oncology community. 

In its first year, the Close the Care Gap campaign focused on understanding inequities in care globally. The main objective at present is to issue a challenge to eliminate health inequities by addressing their root causes and supporting access to quality health services.

At IQVIA, our teams play a vital role in moving healthcare forward by leveraging innovative solutions to support equitable access to cancer care.

Elevate your career with oncology jobs at IQVIA

The global oncology market is undergoing a dynamic shift in 2024 and beyond. 

With increased spending on R&D, new treatments emerging, greater competition among pharmaceutical companies, and increased advancements in early detection, more and more patients are receiving access to life-saving interventions and care.

The oncology market offers abundant opportunities for professionals seeking career growth while making a significant impact on patient lives and outcomes. That’s where IQVIA comes in.

If you’re looking to progress your career with an oncology focus, you can review our latest oncology jobs and help us change the face of healthcare.

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