Dublin, March 21, 2024 (GLOBE NEWSWIRE) -- The "Community Oncology Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The community oncology services market size is expected to see rapid growth in the next few years. It will grow to $89.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. Projected growth in the forecast period is driven by increased healthcare expenditure, the rapid growth of the elderly population, and health insurance reforms. Key trends include a focus on providing telehealth services, escalating investments, fostering partnerships and collaborations, developing individualized service plans, embracing technological advancements, and engaging in mergers and acquisitions.
The demand for community oncology services is expected to surge due to the cost-effectiveness offered by these centers compared to hospital-based care. Community oncology centers provide cancer care services at a notably lower cost per patient per month than hospital-based clinics, as revealed in a report by the Community Oncology Alliance. The cost of cancer care, including chemotherapy treatment, in community-based clinics proves to be significantly more affordable, approximately $12,000 per patient per month compared to about $20,000 in hospital-based oncology clinics. This cost discrepancy is anticipated to fuel the growth of the community oncology services market in the foreseeable future.
The growth of the community oncology services market is further propelled by the increasing demand for chemotherapy treatments. Chemotherapy, a systemic cancer treatment targeting rapidly dividing cells, remains a crucial aspect of cancer care, necessitating comprehensive oncology services. With the rising need for chemotherapy expected to escalate from 10 million to 15 million by 2040, as reported by Healthcare IT News in February 2022, the significance of oncology services in providing comprehensive care is evident. This surge in chemotherapy demand is a significant driver of growth for the community oncology services market.
Major corporations in the community oncology services sector are actively engaging in acquisitions and research collaborations to broaden their service portfolios and offerings. In April 2023, TPG, a US-based private equity firm, and AmerisourceBergen Corporation, a US-based wholesaler, jointly acquired OneOncology for a sum of 2.1 billion dollars. This acquisition reinforces TPG and AmerisourceBergen's foothold in the specialty practice network and augments their solutions within the oncology realm. OneOncology, a US-based entity, focuses on revolutionizing the patient experience while addressing the challenges encountered in community oncology, positioning itself as a leader in cancer care advancement.
Prominent entities in the community oncology services sector are significantly investing in cancer drugs to fortify the battle against cancer. These corporate investments in oncology services serve as a crucial link between delivering high-quality cancer care and sustainable healthcare solutions. Notably, in March 2023, Pfizer, a US-based pharmaceutical powerhouse, merged with Seagen, a US-based biotechnology company, and committed an investment of $43 billion to combat cancer. This strategic move bolsters Pfizer's presence in the oncology domain, intensifying the fight against cancer, a prominent global cause of mortality.
Markets Covered:
1) By Type: Small Community Oncology Clinics; Medium Community Oncology Clinics; Large Community Oncology Clinics
2) By Cancer Type: Breast Cancer; Lung Cancer; Kidney Cancer; Ovarian Cancer; Prostate Cancer; Skin Cancer; Pancreatic Cancer; Blood Cancer; Colorectal Cancer; Other Cancer Types
3) By Therapy Type: Medical Oncology; Radiation Oncology; Surgical Oncology; Other Therapies
For more information about this report visit https://www.researchandmarkets.com/r/pr8lw9
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
