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The Coronavirus Outbreak Is Causing Major Decline In The Global Community Oncology Services Market

Community Oncology Services Market Report 2020-30: Covid 19 Growth And Change

Community Oncology Services Global Market Report 2020-30: Covid 19 Growth And Change

The Business Research Company’s Global Community Oncology Services Market Report 2020-30: Covid 19 Growth And Change

LONDON, GREATER LONDON, UK, September 24, 2020 /EINPresswire.com/ -- The 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 a 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, 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 on 51 oncologists in the USA, conducted by MJH Life Sciences during May 2020, 73% of the oncologists limited their surgeries to urgent cases, 53% modified dosing regimens to reduce in-patient visits, and 71% had canceled routine office visits of their patients. Therefore, the coronavirus outbreak has caused a rapid decline in overall oncology in-person services, subsequently impacting the community oncology services market.

The global community oncology services market is expected to decline from $77.4 billion in 2019 to $70.98 billion in 2020 at a compound annual growth rate (CAGR) of -8.29%. The decline is mainly due to the acquisitions of private healthcare institutions and changes in patients’ preference to choose other healthcare providers due to ease of insurance claim processes. The community oncology services market is further expected to decline to $70.38 billion in 2023 at a CAGR of -0.29%.

The lower-cost care in community oncology centers is anticipated to boost demand in the community oncology market. Cancer care services are considered to be cost-effective in community oncology centers as compared to hospitals.

According to the Community Oncology Alliance’s report published in October 2018, 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 centers is expected to drive the demand for community oncology services over the forecast years.

The global community oncology services market is segmented by type into small community oncology clinics, medium community oncology clinics, and large community oncology clinics. By cancer type, the market is segmented into breast cancer, lung cancer, kidney cancer, liver cancer, ovarian cancer, prostate cancer, skin cancer, pancreatic cancer, blood cancer, colorectal cancer, and others.

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The Business Research Company
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