New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Community Oncology Services Global Market Report 2023" - https://www.reportlinker.com/p06229175/?utm_source=GNW
C. and Baptist Cancer Centre.
The global community oncology services market will grow from $47.95 billion in 2022 to $53.79 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The community oncology services market is expected to grow to $81.33 billion in 2027 at a CAGR of 10.9%.
The community oncology services market includes revenues earned by entities by providing diagnostic, corrective and preventive treatment services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Community oncology includes a private physician who does not work for a hospitals or a medical institution. It is used for community welfare purposes.
North America was the largest region in the oncology services market in 2022.Western Europe was the second largest region in the oncology services market.
The regions covered in the community oncology services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of community oncology services are small community oncology clinics, medium community oncology clinics, and large community oncology clinics.A small oncology clinic is comprised of a single oncologist, with one office and a support staff of physician extenders, nurses, pharmacists, or pharmacy technicians and other staff.
The different types of cancers include breast cancer, lung cancer, kidney cancer, liver cancer, ovarian cancer, prostate cancer, skin cancer, pancreatic cancer, blood cancer, colorectal cancer, others and involve various therapies such as medical oncology, radiation oncology, surgical oncology, others.
The lower-cost care in community oncology centres is anticipated to boost the demand for the community oncology service market.The cancer care services are considered to be cost-effective in community oncology centres as compared to hospitals.
According to the Community Oncology Alliance’s report published, the cost of cancer care per patient per month for various tumors in community-based clinics (CCs) was approximately $12,000 whereas the cost of cancer care in hospital-based oncology clinics (HCs) was about $20,000.Furthermore, the cost per patient per month for treatment of chemotherapy in a community setting was nearly $5,000 compared to around $8,500 in hospital-based clinics.
Hence, the low cost of community oncology settings or community oncology centres is expected to drive the demand for the community oncology services market over the forecast years.
Coronavirus outbreak is likely to act as a major restraint for the growth of the community oncology services market during the forecast period.The World Health Organization (WHO) declared the COVID-19 outbreak as pandemic on March 11, 2020.
Coronavirus has created a significant risk of mortality for cancer patients worldwide.COVID-19 is predicted to have a long-term impact on oncology practices.
According to a survey conducted by the Medical Group Management Association in April 2020, the healthcare practices recorded a decline of 55% in the revenue and a 60% decline in the patient volume since the beginning of the COVID-19 pandemic.Moreover, according to a survey of 51 USA oncologists conducted by MJH Life Sciences during May 2020, 73% of the oncologist limited their surgeries to urgent cases, 53% modified dosing regimens to reduce in-patient visits, and 71% had canceled routine office visits of the patients.
Therefore, the coronavirus outbreak has caused a rapid decline in overall oncology in-person services, subsequently impacting the community oncology services market.
Major companies are undergoing various acquisitions and research collaborations in the community oncology services market to expand their services and offerings, which is gaining significant popularity over recent years. According to a report published by Community Oncology Alliance in April 2020, the rate of community oncology practices acquired by hospitals increased by 9.7% between 2018 and 2020. For instance, in August 2020, The Community Cancer Centre, a US-based clinic engaged in providing community-based cancer care, was acquired by Carle Health. Carle Health is a US-based hospital and healthcare company with more than 9,500 employees in its five hospitals and associated healthcare business.
In October 2021, Anova Enterprises, Inc. , a US-based healthcare technology company partnered with OPN Healthcare. Through this partnership, Anova will fund the growing OPN Healthcare research program and all practices in the OPN network will continue to employ the AnovaOSTM technology platform to speed up patient access to experimental medicines. OPN Healthcare is a US-based community oncology company.
The countries covered in the community oncology services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced.It does not include revenues from resales either further along the supply chain or as part of other products.
The community oncology services market research report is one of a series of new reports that provides community oncology services market statistics, including community oncology services industry global market size, regional shares, competitors with a community oncology services market share, detailed community oncology services market segments, market trends and opportunities, and any further data you may need to thrive in the community oncology services industry. This community oncology services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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