Oncology-Cancer Drugs Market Size to Reach USD 366.24 Billion by 2034
The global oncology-cancer drugs market size is calculated at USD 179.36 billion in 2024, grows to USD 192.63 billion in 2025, and is projected to reach around USD 366.24 billion by 2034, growing at a CAGR of 7.4% from 2025 to 2034. The market growth is driven by the rising incidences of cancer, continuous advancements in therapies and increased access to affordable cancer treatments. Manufacturers are focused on expanding product pipelines of innovative therapies and treatments.
Cancer being the leading cause of deaths and rising number of cancer cases across the globe is creating huge demand for safe and effective medications and treatments. Improvements in imaging techniques and molecular diagnostics are facilitating earlier and more frequent cancer diagnoses, further enabling identification of patient population requiring treatment. Advancements in cancer biology and drug discovery is driving development of innovative, safe and effective therapies. Fast-track approvals, orphan drug designations and breakthrough therapy designations by regulatory agencies is helping in addressing unmet medical needs and accelerating time to market reach for drugs. Rising healthcare expenditure, increasing number of strategic collaborations and mergers & acquistions as well as heavy investments in R&D activities is significantly contributing to the growth of the oncology-cancer drugs market.
Integration of AI in oncology-cancer drugs is finding various applications such as in precision medicine and drug discovery and development.AI algorithms can help in identification of potential drug candidates, predict their efficacy and optimize drug development processes by analyzing large datasets leading to reduced costs and time. Precision oncology is gaining traction with the incorporation of AI tools for examining tumor characteristics and patient data to personalize cancer treatments. Early and accurate diagnosis of can be achieved for timely interventions and treatment with the integration of AI –powered tools for diagnostic support.
| Report Coverage | Details |
| Market Size in 2025 | USD 192.63 Billion |
| Market Size by 2034 | USD 366.24 Billion |
| Growth Rate From 2025 to 2034 | CAGR of 7.4% |
| Base Year | 2024 |
| Forecast Period | 2025-2034 |
| Segments Covered | By Drug Class, By Indication, By Regional |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Key Companies Profiled | Amgen, AstraZeneca, AbbVie Inc., ARIAD Pharmaceuticals, Inc. , Astellas Pharma Inc., Bayer Healthcare AG, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, CELGENE CORPORATION, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline, Johnson & Johnson, Merck & Co., Inc., Novartis AG, Pfizer Inc., Teva Pharmaceuticals Industries |
Drivers
Globally rising cancer burden
According to the International Agency for Research on Cancer, the number of new cases of cancer annually is expected to reach 33 million by 2050 and the number of deaths due to cancer to 18.2 million. With the rising cases of cancer in high population countries having extended lifespan and standard of living, except in case of cervical cancer is driving the demand for effective therapies and medications. Increased awareness among individuals and healthcare professionals is encouraging early diagnosis of cancer to seek medical attention in early stages.
High treatment costs and limited access
Cancer treatments, especially advanced therapies like immunotherapy can be costly and not affordable to many patients in emerging economies significantly restraining the market growth. High costs associated with drug development and lengthy regulatory approval processes can delay time to market reach and potentially increase cost of treatments. Moreover, limited insurance coverages, and unfavourable reimbursement policies can restrict access to cancer drugs for several patients, especially in developing countries with poor healthcare infrastructure.
Growing emphasis on development of innovative therapies
Increased regulatory approvals for new therapies and treatments for various types of cancers is encouraging pharmaceutical companies and research organizations to develop innovative oncology drugs for expanding their product pipeline and improving patient health outcomes. Ongoing advancements such as targeted therapies like CAR-T cell therapy, development of combination therapies such as chemotherapy with immunotherapy, personalized treatment approaches through biomarkers as well as emerging therapies like cell and gene therapies are expected to drive the market expansion in future. Untapped potential of emerging markets and unmet medical needs are creating opportunities for market growth.
Why Did the Targeted Therapy Segment Dominate in 2024?
By drug class, the targeted therapy segment dominated the market with the largest share in 2024. Continuous advancements in genomics and molecular leading to better comprehension of cancer, including identification of biomarkers, genetic mutations and specific molecular aberrations is facilitating the development of targeted therapies. These therapies are designed specifically for attacking cancer cells with minimum damage to healthy cells in comparison to traditional chemotherapy, further improving patient tolerability and quality of life. Rising preference and adoption of targeted therapies, increasing investments in R&D activities, innovative drug launches, government support and high unmet medical needs are the factors driving the market dominance of this segment.
By drug class, the immunotherapy segment is expected to grow at the fastest CAGR over the forecast period. Immunotherapy offers various advantages such as long-term remission, better tolerability, lesser side effects and improved efficacy and precision in targeting cancer cells or boosting immune response, further driving its adoption by healthcare professionals and patients. Rising prevalence of various types of cancers across the globe, increasing demand for personalized therapies, strong emphasis of manufacturers on expanding pipeline of innovative immunotherapy drugs, accelerated regulatory approvals and rising disposable incomes are expected to boost the growth of this segment in the upcoming years.
How Lung Cancer Segment Dominated the Market in 2024?
By indication, the lung cancer segment held the largest market share in 2024. The rising prevalence of lung cancer in the aging population and surging cases due to smoking, vaping, air pollution and other environmental carcinogens as well as influence of genetic factors is fuelling the growth of this segment. Advancements in diagnostic techniques such as biomarker-based testing, liquid biopsies, AI-powered diagnostic tools are enabling early and accurate diagnosis for treating lung cancer. Additionally, factors such as increased healthcare expenditure, increased awareness, rising merger & acquisition activities among pharmaceutical companies, focus on developing combination therapies and ongoing clinical trials are boosting the market growth.
By indication, the breast cancer segment is expected to show lucrative growth during the forecast period. Breast cancer is one the most prevalent forms of cancer affecting women worldwide. Increased awareness and growing emphasis on early detection is leading to more women seeking diagnosis and treatment, further expanding the market for breast cancer drugs. Continuous advancements in treatment modalities such as development of targeted therapies, hormonal therapies, combination therapies, antibody-drug conjugates (ADCs) and personalized cancer vaccines is improving patient outcomes. Heavy investments by pharmaceutical and biotechnology companies in R&D activities, favourable regulatory frameworks, expanding healthcare infrastructure and increasing number of clinical trials are boosting the market growth of this segment.
What Drives North America’s Dominance in the Oncology-Cancer Drugs Market?
North America dominated the global oncology-cancer drugs market in 2024. Rising incidences of cancer, continuous advancements in treatments, growing demand for personalized medicine, presence of advanced healthcare infrastructure with sophisticated diagnostic capabilities, attractive insurance policies and increasing disposable incomes are driving the region’s market dominance. Significant investments by government bodies and pharmaceutical organizations in R&D activities for developing effective oncology drugs is bolstering the market growth.
How is Asia Pacific Approaching the Oncology-Cancer Drugs Market?
Asia Pacific is expected to grow at the fastest CAGR in the market during the forecast period. The region experiences large number of deaths due to cancer due to several factors such as aging population, changing lifestyles, increased consumption of alcohol and tobacco, dietary shifts and rapid urbanization which creates a huge demand for effective cancer drugs. Improving healthcare infrastructure in developing countries, increased access to advanced diagnostic tools enabling early detection, rising disposable incomes, continuous advancements in treatment modalities and growing adoption of precision medicine is anticipated to boost the region’s growth in the upcoming years. The burgeoning biopharmaceutical industries in India and China as well as increasing local innovation in Japan and South Korea is driving development and adoption of novel oncology molecules.
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