Cancer/Oncology Drugs Market

The global Cancer/Oncology Drugs market size was USD 163.2 billion in 2023, and is calculated at USD 183.4 Billion in 2024. The market is projected to reach USD 590.3 Billion by 2034, and register a revenue 12.4% over the forecast period (2025-2034).

Premium Insights:

The Cancer/Oncology Drugs market revenue growth has been inclining rapidly due to rising prevalence of various types of cancer, including lung, breast, colorectal, prostate, and blood cancer. Cancer can develop in individuals due to a number of factors, including genetic mutations, environmental exposure, lifestyle habits such as smoking and obesity, and hereditary conditions. Rising prevalence is driving demand for chemotherapy, immunotherapy, targeted therapies, hormone therapies, and radiopharmaceuticals worldwide. Each drug type addresses cancer at different stages and by distinct mechanisms, such as killing rapidly dividing cells, boosting immune system’s response to cancer cells, or blocking specific molecular pathways that support tumor growth. The medical process for cancer treatment involves a combination of diagnostics, personalized treatment plans, monitoring, and follow-up care. Surgery, radiation therapy, chemotherapy, and immunotherapy are often used in combination to maximize therapeutic outcomes.

Market growth is also supported to a major extent by adoption of biomarker testing, genomic profiling, and precision medicine. These approaches are allowing for more targeted interventions that improve treatment efficacy while reducing side effects. Focus on developing therapies to cater to unique characteristics of cancer in an individual or patient and development of personalized approaches is driving evolution in oncology drugs.

Advancements in the Cancer/Oncology Drugs market include checkpoint inhibitors, CAR-T cell therapies, and monoclonal antibodies, which have exhibited potential results, particularly in aggressive and treatment-resistant cancers. Immunotherapies and Next-Generation Sequencing (NGS) have enabled healthcare providers to predict patient response to treatments and develop tailored therapeutic strategies. Emerging trends also highlight the increasing role of Artificial Intelligence (AI) and data-driven analytics in drug discovery and clinical trial optimization.

Global Cancer/Oncology Drugs market revenue growth is also supported by rising investments in Research & Development (R&D), and strategic collaborations among pharmaceutical companies and research institutes to address needs arising due to rising cancer prevalence worldwide. In addition, biosimilars and combination therapies are gaining traction to improve affordability and effectiveness, with innovations like mRNA-based therapies and tumor-agnostic drugs aiding in development of more effective and patient-centric solutions in cancer.

Top Cancer/Oncology Drugs Market Drivers and Trends:

• Increase in Approvals for Cancer/Oncology Drugs: The US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) approved 26 new or expanded indications for previously approved agents and nine new oncology agents in the second quarter of 2024. Approximately 19 solid tumor types and five hematologic malignancies were approved, with over 50% (17 biologics and three biosimilars) being for biologics and biosimilars. Also, the FDA and EMA approved treatments for new indications, with six additional approvals in the same quarter being granted to treatments for non-small cell lung cancer. In addition, four solid tumor-agnostic were approved and three biologic agents were approved for treatment of follicular lymphoma, while two products, which had earlier received accelerated approval secured full FDA approval.
• Rising Demand for Personalized Healthcare: The Cancer/Oncology Drugs market is expanding rapidly due to factors such as rising global cancer prevalence being the primary driver. Also, aging populations, unhealthy lifestyles, environmental pollution, and genetic predispositions are contributing to increased cancer prevalence, leading to inclining demand for innovative and effective treatments. Personalized healthcare has been gaining traction along with traditional chemotherapy, and focusing on individualized therapies tailored to patients' genetic profiles and specific cancer types has been providing positive outcomes. This shift towards personalized treatment approaches improves therapeutic outcomes, reduces side effects, and optimizes recovery times, thereby enhancing patient experiences.
• Technological Advancements: Advancements in genomic profiling, biomarker analysis, and Next-Generation Sequencing (NGS), are enabling steady progress in precision medicine. These technologies are aiding in identification of mutations supporting cancer growth, and also enable effective selection of targeted therapies. Integration of Artificial Intelligence (AI) and big data analytics is enabling further breakthroughs in drug discovery and clinical decision-making. Immunotherapies like checkpoint inhibitors and CAR-T cell therapies represent significant breakthroughs in treating previously untreatable cancers. These innovations are supporting development of more precise treatment regimens, improving survival rates, and reducing the need for trial-and-error approaches.
• Rising R&D Investments and Collaborations: R&D investments and strategic collaborations between pharmaceutical companies, research institutes, and healthcare providers are accelerating the development of novel oncology drugs. The introduction of tumor-agnostic therapies and mRNA-based treatments reflects a major shift in the market towards more innovative solutions.

Cancer/Oncology Drugs Market Restraining Factor Insights

• High Costs of Cancer Treatments and Drugs: Costs of Cancer/Oncology Drugs, especially novel therapies like immunotherapies, CAR-T cell treatments, and targeted therapies, are costly and this pose a significant barrier to wider adoption. High out-of-pocket expenses for patients, limited insurance coverage, and affordability issues, particularly in developing regions, can restrict access to advanced cancer treatments.
• Research and Development (R&D) Challenges and Regulatory Hurdles: Developing oncology drugs involves long clinical trials, high R&D investments, and regulatory complexities, which delays to market entry and increases end-product costs. Stringent approval processes by regulatory authorities such as the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) lead to long timelines for commercialization, discouraging innovation and slowing revenue growth. Moreover, high failure rates during drug trials increase financial risks for pharmaceutical companies.
• Adverse Side Effects and Drug Resistance: Although oncology drugs have advanced, chemotherapy and immunotherapy can still cause severe side effects, such as fatigue, nausea, and weakened immune response. In some cases, patients develop resistance to targeted therapies, limiting their long-term effectiveness. These factors may lead to discontinuation of treatments and negatively impact patient adherence, thereby reducing potential market demand.
• Competition from Biosimilars and Generic Drugs: While biosimilars offer affordable alternatives, these also create pricing pressure on branded oncology drugs. Many high-cost biologics are currently facing patent expirations, resulting in increased competition from biosimilars and generics. This trend leaves no option but for pharmaceutical companies to lower prices, which impact overall profit margins and revenue growth potential in the market.
• Economic Challenges and Inequitable Access to Healthcare: Economic instability and healthcare infrastructure challenges, especially in low-income countries, can limit adoption of advanced oncology treatments. Limited access to specialized cancer care facilities, diagnostics, and personalized healthcare services in underserved regions also restrict market penetration for large companies. In addition, delays in early diagnosis due to lack of awareness or resources reduce demand for oncology drugs, as patients may seek treatment only at advanced stages when treatment options are limited.

Cancer/Oncology Drugs Market Opportunities

• Development of Innovative Therapies and Expansion of Product Portfolios: Pharmaceutical companies can capitalize on rising demand for immunotherapies, targeted therapies, and CAR-T cell treatments by accelerating R&D investments in novel drug development. Rising traction of tumor-agnostic therapies presents opportunities in an emerging market segment. Expanding product portfolios with biosimilars and combination therapies can also generate additional revenue streams by catering to both premium and cost-sensitive markets.
• Strategic Partnerships, Mergers, and Market Expansion: Companies can engage in mergers, acquisitions, and strategic collaborations with biotech firms, research institutions, and healthcare providers to enhance their R&D capabilities and accelerate time-to-market for new products. Collaborations also enable companies to access niche markets and innovative technologies, such as AI-driven drug discovery platforms. Expanding into emerging markets in Asia Pacific, Latin America, and the Middle East, where cancer prevalence is increasing, presents significant growth opportunities. Localization strategies, such as establishing production facilities or distribution networks in these regions, can improve market reach and boost revenue.
• Personalized Healthcare and Digital Solutions: Companies can leverage the shift towards personalized healthcare by developing targeted therapies based on genetic profiling and biomarkers. Engaging in genetic counseling services and mobile health platforms allows companies to provide end-to-end solutions that enhance patient outcomes. Also, telemedicine and wearable technology can be integrated to offer continuous monitoring and early intervention, improving treatment adherence and outcomes. Subscription-based patient management programs can serve as a lucrative, recurring revenue stream.

Cancer/Oncology Drugs Market Segmentation:

By Cancer Type:

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Blood Cancer
• Others

By Therapy Type:

• Chemotherapy
• Immunotherapy
• Targeted Therapy
• Hormone Therapy
• Radiopharmaceuticals

By Drug Class:

• Cytotoxic Drugs
• Biological Drugs
• Monoclonal Antibodies
• Vaccines
• Hormonal Drugs
• Small Molecule Inhibitors

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Specialty Clinics & Cancer Treatment Centers

Segment Insights:

By Cancer Type:

The breast cancer segment is projected to account for largest revenue share among cancer type segments over the forecast period. This can be attributed primarily to high global prevalence of breast cancer, especially among women, and continuous advancements in treatment. Targeted therapies, including HER2 inhibitors like Herceptin (trastuzumab), have transformed breast cancer management by significantly improving patient outcomes. Early detection programs, increased screening efforts, and heightened public awareness also contribute to high diagnosis rates, thereby driving demand for oncology drugs. In addition, personalized treatments based on genetic profiling are proving to increase survival rates, and this is also expected to support growth of the segment.

By Therapy Type:

The immunotherapy segment is expected to account for largest revenue share among the therapy type segments over the forecast period. Immunotherapies such as checkpoint inhibitors, CAR-T cell therapy, and monoclonal antibodies have demonstrated significant clinical success in treating various cancers, especially in cases resistant to conventional therapies. Checkpoint inhibitors like Keytruda (pembrolizumab) and Opdivo (nivolumab) have become standard treatments for lung, melanoma, and bladder cancers. The appeal of immunotherapy lies in its ability to activate the patient’s immune system to target cancer cells while causing fewer side effects compared to chemotherapy. Moreover, increasing R&D investments and rising number of immunotherapy approvals are driving market adoption. Also, with robust clinical pipelines and expanding indications, immunotherapies are expected to gain further traction, and support growth of this segment over the forecast period.

By Drug Class:

The biological drugs segment is expected to dominate other drug class segments in terms of revenue share over the forecast period. This can be attributed to high demand and use owing to high efficacy and targeted action. Monoclonal antibodies and vaccines, such as Rituxan (rituximab) and Keytruda (pembrolizumab), are widely adopted across multiple cancer types, including hematological and solid tumors. Biologics offer more precise interventions with fewer side effects compared to traditional cytotoxic drugs, making them highly preferred by healthcare providers. Biosimilar development is also contributing to growth by making biologics more accessible. These factors are expected to continue to support growth of this segment.

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By Distribution Channel:

The hospital pharmacies segment is expected to account for largest share among the distribution channel segments over the forecast period. Complex nature of oncology treatments ensures patients seek consultation and evaluation by healthcare professionals in clinical settings, and major hospitals are equipped with specialized oncology units and infusion centers, where patients receive therapies such as immunotherapy or chemotherapy under medical supervision. The need for continuous patient monitoring and management of side effects further supports hospital pharmacies as the primary distribution channel.

Regions and Countries

North America

• United States
• Canada
• Mexico

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India

Rest of Asia Pacific

• Latin America
• Brazil
• Argentina

Rest of Latin America

• Middle East & Africa
• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA

Cancer/Oncology Drugs Market Regional Landscape:

Among the regional markets, North America leads in the global Cancer/Oncology Drugs market, driven primarily by major revenue contribution from the US and Canada. Among these, the US accounts for largest market share due to advanced healthcare infrastructure, strong R&D investments, and high adoption of innovative therapies, such as immunotherapies and targeted treatments. Companies catering to needs in this market also leverage demand for Cancer/Oncology Drugs arising from early access to novel drugs and increasing prevalence of new diagnosed cancer cases.

In Europe, Germany, France, and the UK are leading revenue contributors, supported by government initiatives, increasing cancer screening programs, and pharmaceutical collaborations. Regulatory approvals and healthcare reimbursements for innovative treatments like CAR-T cell therapy also support demand for Cancer/Oncology Drugs and treatments in the region.

The Asia Pacific market registered rapid growth rate in 2023, with China, Japan, and India emerging as key markets. Factors such as rising cancer prevalence, increasing investments and improving healthcare infrastructure, expanding pharmaceutical manufacturing capabilities in these countries, and also high focus on precision medicine in Japan and increased biosimilar production in China are supporting growth of the market in the region.

In Latin America, Brazil and Mexico lead in terms of revenue share, although limited access to advanced treatments and high treatment costs remain challenges. However, improving cancer awareness and the gradual adoption of immunotherapies are expected to support growth of the market in the region.

Cancer/Oncology Drugs Market Competitive Landscape:

Company List:

• Roche
• Bristol-Myers Squibb
• Johnson & Johnson
• Pfizer
• AstraZeneca
• Merck & Co
• Novartis
• AbbVie
• Eli Lilly
• Astellas
• Teva Pharmaceuticals Industries

Competitive Landscape:

The global Cancer/Oncology Drugs market is highly competitive, with major companies focusing on innovation, strategic collaborations, and market expansion to maintain their position and cater to potential and large consumer base. Major pharmaceutical companies such as Roche, Novartis, Bristol-Myers Squibb, Pfizer, Merck & Co., and AstraZeneca maintain leading positions in the market, supported by strong oncology pipelines and continuous product development. These companies are also investing substantially in R&D to introduce novel therapies, such as immunotherapies and targeted treatments, which offer improved patient outcomes and fewer side effects.

Partnerships and acquisitions between pharma giants and biotech firms help companies access new technologies like CAR-T cell therapy or mRNA-based treatments. Collaborations with research institutions and hospitals further accelerate drug development and regulatory approvals. Another key strategy in the market is diversification of product portfolios, with leading companies expanding their offerings beyond chemotherapy to include immunotherapies, biosimilars, and combination therapies.

An increasing number of companies are also focusing on personalized healthcare and precision medicine, and leveraging genomics and AI to create targeted therapies that cater to specific patient populations. Expansion into emerging markets, particularly in Asia Pacific and Latin America, through local partnerships and regional manufacturing facilities is helping companies tap into new consumer bases. In addition, patient-centric programs such as genetic counseling, mobile health apps, and telemedicine services are becoming integral to enhance patient engagement and improve treatment adherence.

Recent Developments

• October 10, 2024: the Food and Drug Administration approved inavolisib (Itovebi, Genentech, Inc.) with palbociclib and fulvestrant for adults with endocrine-resistant, PIK3CA-mutated, hormone receptor (HR)-positive, human epidermal growth-factor receptor 2 (HER2)-negative, locally advanced or metastatic breast cancer, as detected by an FDA-approved test, following recurrence on or after completing adjuvant endocrine therapy.
• October 3, 2024: The Food and Drug Administration approved nivolumab (Opdivo, Bristol Myers Squibb Company) with platinum-doublet chemotherapy as neoadjuvant treatment, followed by single-agent nivolumab after surgery as adjuvant treatment, for adults with resectable (tumors ≥ 4 cm and/or node positive) non-small cell lung cancer (NSCLC) and no known Epidermal Growth Factor Receptor (EGFR) mutations or anaplastic lymphoma kinase (ALK) rearrangements.
• September 27, 2024: The FDA granted traditional approval to selpercatinib (Retevmo, Eli Lilly and Company) for adult and pediatric patients two years of age and older with advanced or Metastatic Medullary Thyroid Cancer (MTC) with a RET mutation, as detected by an FDA-approved test, who require systemic therapy.
• September 25, 2024: The Food and Drug Administration approved osimertinib (Tagrisso, AstraZeneca Pharmaceuticals) for adult patients with locally advanced, unresectable (stage III) Non-Small Cell Lung Cancer (NSCLC) whose disease has not progressed during or following concurrent or sequential platinum-based chemoradiation therapy and whose tumors have EGFR exon 19 deletions or exon 21 L858R mutations, as detected by an FDA-approved test.
• September 18, 2024: Accord BioPharma, Inc. announced approval by FDA for its 420mg strength of HERCESSI (trastuzumab-strf), which is a biosimilar to Herceptin (trastuzumab), for the treatment of HER2-overexpressing breast and gastric or gastroesophageal junction adenocarcinoma. Earlier in 2024, the FDA had approved the company’s 150mg strength of HERCESSI, and opened access to commercial launch of Accord’s first biosimilar in the US market in early 2025.

Frequently Asked Questions:

Q: What is the global Cancer/Oncology Drugs market size in 2024 and what is the projection for 2034?

A: The global Cancer/Oncology Drugs market size was calculated at USD 183.4 billion in 2024 and expected to reach USD 590.3 billion 2034

Which regional market accounted for largest revenue share in 2023, and what is the expected trend over the forecast period?

A: North America accounted for largest revenue share in 2023, and is also expected to continue to maintain its lead over the forecast period.

Q: Which are the major companies are included in the global Cancer/Oncology Drugs market report?

A: Major companies in the market report are Roche, Bristol-Myers Squibb (BMS), Johnson & Johnson, Pfizer, AstraZeneca, Merck & Co., Novartis, Eli Lilly, Gilead Sciences, Amgen

Q: What is the projected revenue CAGR of the global Cancer/Oncology Drugs market over the forecast period?

A: The global Cancer/Oncology Drugs market is expected to register a CAGR of 12.4% between 2025 and 2034.

Q: What are some key factors driving revenue growth of the Cancer/Oncology Drugs market ?

A: Some key factors driving market revenue growth include rising prevalence of various types of cancer, including lung, breast, colorectal, prostate, and blood cancer.