North American oncology market set to reach $246 billion by 2028

The size of the North American oncology market is projected to reach a valuation $246.5 billion by 2028, helped by government initiatives.

According to a recent study from market research firm Graphical Research, with the emergence of novel treatment options and advanced technologies, North America oncology market is undergoing steady expansion. Backed by a significant focus on increasing early diagnosis and expanding patient access to treatments, the Food and Drug Administration (FDA) has authorized a number of targeted cancer medicines to treat certain forms of cancer. Rising cancer prevalence has pushed pharmaceutical firms to accelerate research to deliver new and improved medications.

To increase revenue streams and maintain competitiveness, pharma industry leaders such as Pfizer (NYSE: PFE), Bayer (BAYN: DE), Merck & Co (NYSE MRK), and Roche (ROG: SIX) are relying on methods such as inventive expansion, product development and approvals, mergers and acquisitions, and collaboration.