Australia Oncology Market Size Estimated to Reach $3,103 Million by 2026

The Australia Oncology market size is estimated to reach $ 3,103 Million by 2026 at a CAGR of 17% over the forecast period of 2021-2026. Oncology refers to the branch within the field of medicine which deals with the prevention, diagnosis, and treatment of cancer. Additionally, carcinogenesis leads to blood disorders, which causes normal cells to turn into cancer cells. Furthermore, oncology practicing doctors are known as Oncologists. To treat and cure cancer, one of the predominant methods used is radiation therapy. Moreover, as per various surveys, radiation therapy used implantations, beam radiography, hyperthermia, and combined modality therapy are some of the predominant therapy styles. Along with radiotherapy, chemotherapy and immunotherapy are used to destroy the malign tumor cells. The rising cases of cancer in the demography owing to sedentary lifestyle and genetic structure, along with the rise in the geriatric population, are some of the factors driving the Australian oncology industry forward in the projected period of 2021-2026.

Australia Oncology Market Segment Analysis- By Cancer Type

The Australian Oncology market based on the cancer type is further segmented into Breast Cancer, Lung Cancer, Kidney Cancer, Liver cancer, Ovarian Cancer, Prostate Cancer, Skin Cancer, Pancreatic Cancer, Colorectal, Blood Cancer, and Others. The breast cancer segment dominated the segment in the year 2020. As per the reports published by the Cancer Council of Australia, there were around 20,000 cases of following cancer in the region. Moreover, it is the most common cancer for a woman in Australia, with high fatality. It is caused by abnormal blood disorders and growth in the breast lobules and ducts and can potentially spread throughout the body. However, the oncology treatment has sufficiently contained the mortality, as 91% of diagnosed patients will survive if the tumor cells are limited to the breast and have not spread.

However, prostate cancer is estimated to be the fastest-growing, with a CAGR of 21% over the forecast period of 2021-2026. It is owing to the prevalence of following cancer to develop in older generation males. Additionally, one in six people will develop prostate cancer by the time they turn 85.

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Australia Oncology Market Segment Analysis – By Therapy Type

The Australian oncology market based on the therapy type is further segmented into Medical Oncology, Radiation Oncology, Surgical Oncology, and others. The medical oncology segment held a dominant market share in the year 2020. It is owing to some of the age-old and predominant techniques being used while following the said therapy. It uses chemotherapy, immunotherapy, and hormonal therapy as practical tools for treating cancer. Moreover, the FDA has approved various specific therapies that can help treat malign tumor cells in the period of 3-6 months.

However, Radiation Therapy is estimated to be the fastest-growing, with a CAGR of 18.2% over the forecast period of 2021-2026. It is owing to the facility of “out-patient services,” which makes the entire process convenient and economical. Moreover, high doses of radiation therapies can limit the frequency of visits and further stop cancer from developing forward. Radiation therapy has proven to provide comfort to around 75% of the patients who have pain in their bones due to cancer. Additionally, patients under palliative care can be taken safely to the outpatient services to provide a hassle-free cost-efficient service.

Australia Oncology Market Drivers

Technological up-gradation in radiation therapy has provided multifold results and is acting as a driver

Radiation Therapy has been one of the approved methods of treating cancer by the Australian Oncology Department. Moreover, as per the researchers, the commonwealth government of Australia spends 9 cents in every dollar for radiation therapy in treating and curing cancer on the country level. The following proves that radiation therapy is a cost-effective treatment for patients with cancers in Australia. Moreover, the reason behind a low-cost treatment via radiation therapy is due to their setting in an outpatient treatment center. The following can help treat 30 patients each day for as good as ten years. Hence, the cost gets evenly distributed across each patient and even reduces the burden on the government. Additionally, technological advancements have made the treatment quicker, more accurate and precise, and lastly, effective.

The rising prevalence of cancer cases across the demography has acted as a driver for the following market

Cancer’s mortality in absolute terms has decreased from 1982 by around 24%, i.e., deaths per 100,000 people. However, the prevalence of cancer has increased in the country owing to the projected geriatric population. Moreover, as per the Cancer Society of Australia, one in two people will be diagnosed with Cancer by when they turn 85. The following fact will further reflect as and when the senior population rises due to excellent medical facilities and a high HDI index. Furthermore, Cancer has now been the leading cause of death in the region; earlier in 2014, it was the second leading cause of death. The following increment in cases and deaths has acted as a driver for the Australian oncology market.

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Australia Oncology Market Challenges

Recruitment hurdles while developing and advancing technology has acted as a grave challenge for market growth and innovation

As per the various researchers, only a handful of people or close to 5% of adult patients are diagnosed with cancer enroll in the cancer oncology trials. Moreover, there have been reported cases where the cancer patients actively visit sites that do not have sufficient staff capacity. Additionally, they are not included as the “trial location.” Moreover, patients have reported that the site selected for such trials is too far in terms of distance, that it becomes tiresome for many to maintain the required frequency of visits. Lastly, there are various patient concerns while taking part in the clinical trials as they fear for the unknown is nigh, and the scientific backing for such trials is not rigorous. Furthermore, if the patient trial rolls out delays due to unforeseen reasons, the entire trial program takes a huge financial debt.

Australia Oncology Market Competitive Landscape

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Australia Oncology Market. The top 10 Australian Oncology market companies include:

Aegerion Pharmaceuticals Inc.,
Abbvie Inc.,
Ability Pharma,
Acadia Pharmaceuticals Inc.,
Amgen Inc., Takeda Oncology.,
Aslan Pharmaceuticals Ltd.,
Aspen Pharmacare Holdings Limited.,
AstraZeneca,
Athenex, Inc.
Pfizer

Recent Developments

In July 2021, Boehringer Ingelheim and WEHI Melbourne partnered to discover various anti-cancer therapeutics drugs and treatments.

In September 2021, Pfizer and St Vincent Institute of Australia signed an MoU to create a more effective and less toxic chemotherapies-related treatment.

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Key Takeaways

The increasing cases and prevalence of several types of cancer in Australia have readily supplanted the Australian oncology market. Moreover, there has been an increase in the region’s geriatric population, and aged people have higher tendencies of developing cancer. However, Australia has put in various regimens and policies to afford cancer treatment which has supplanted as a market driver for the following market.

The presence of alternatives and the taxing clinical trials for rolling out efficient processes have acted as a market challenge.

A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in Australia’s oncology market.

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