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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Oncology Drugs Market Size
The oncology drugs market was valued at USD 165.9 billion in 2023, driven by the rising prevalence of personalised medicine across the major markets. The market is expected to grow at a CAGR of 13.2% during the forecast period of 2024-2032, with the values likely to rise from USD 187.8 billion in 2024 to USD 506.6 billion by 2032.
The market demand is primarily driven by the increasing incidence of cancer across the globe. As per the American Cancer Society, cancer is estimated to affect around 1,958,310 new patients in 2023 and lead to 609,820 cancer deaths in the United States. Breast (15%), lung and bronchus (12%), prostate (15%) and colorectal (8%) cancers are likely to account for approximately 50% of the new cancer cases in the region. While most of the cancer deaths can be associated with lung and bronchus (21%), colorectal (9%), pancreas (8%), breast cancer (7%) followed by the rest of the categories that will account for the remaining 55% share. As a result, there has been rising emphasis on early diagnosis, treatment, and preventing tumor recurrence in patients.
Oncology Drugs Market Report Snapshots
Oncology Drugs Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market attained a value of about USD 165.9 billion in 2024 driven by increasing preference for personalised medicine across the major markets.
The market is anticipated to grow at a CAGR of 13.2% during the forecast period of 2025-2034, likely to reach a market value of USD 187.8 billion by 2034.
The market demand is driven by increasing incidence of cancer cases, increasing investments to offer personalised treatment options to patients and rising disposable incomes across the major markets.
The rising integration of artificial intelligence into making improved drug solutions is a major market trend. In September 2023, an Oxford based biotech company, Etcembly developed a generative artificial intelligence generated immunotherapy drug known as T-cell engagers. They were created with the help of an AI engine called EMLy and worked by bringing white blood cells closer to cancerous cells to facilitate cell death.
Based on therapy types, the market is divided into chemotherapy, targeted therapy, immunotherapy, and hormonal therapy.
It includes lung cancer, stomach cancer, blood cancer, colorectal cancer, breast cancer, prostate cancer, bladder cancer and others.
It is primarily divided into cytotoxic drugs, targeted drugs, hormonal drugs and others. cytotoxic drugs are further divided into alkylating agents, antimetabolites and others, while targeted drugs are segmented into monoclonal antibodies and others.
It can be injections, tablets, and others.
Major end users include hospitals and clinics, cancer research centers, ambulatory surgical centers, specialty clinics, retail pharmacies and online pharmacies.
The major regions of the market include the United States, Japan, EU-4 which is segmented into Germany, France, Italy, Spain, and the United Kingdom.
Key players involved in the market are F. Hoffmann-La Roche Ltd., Novartis International AG, Pfizer Inc., Merck & Co., Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Johnson & Johnson, AbbVie Inc., Sanofi, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Celgene Corporation (now part of Bristol-Myers Squibb), Gilead Sciences, Inc., Merck KGaA and Ipsen S.A.
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