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Physicians in this industry engage in the medical practice of diagnosing and treating cancer. Major US companies include Dana-Farber Cancer Institute, Johns Hopkins, Mayo Clinic, MD Anderson Cancer Center, and Memorial Sloan-Kettering Cancer Center. Leading providers of cancer treatment outside the US include Institut Gustave-Roussy (based in France), the Princess Margaret Hospital (Canada), the Royal Marsden Hospital (the UK), and Sun Yat-Sen University Cancer Center (China).
Cancer rates, as well as death from the disease, continue to increase worldwide. More than 14 million new cancer cases and some 8 million cancer-related deaths are reported each year, according to the International Agency for Research on Cancer.
About 17,000 oncologists practice in the US, according to the Kaiser Family Foundation.
Demand for oncologists is driven by the number of people being treated for cancer. Profitability depends on patient volume, insurance reimbursement, reputation, and operational efficiency. Large organizations have economies of scale in purchasing and administration. Small clinics can compete by treating specific types of cancer or patient groups, such as children.
PRODUCTS, OPERATIONS & TECHNOLOGY
Oncologists diagnose and treat tumors, perform surgery, track patients in remission, provide medical support to terminally ill patients, and research causes and treatments of cancer. In addition to revenue from diagnosis and disease management, a significant portion of industry revenue comes from the sale of pharmaceuticals. Revenue is also generated from laboratory and image testing fees.
Within the general practice of oncology, the industry ...
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