Oncology Market Size (2024 – 2030)

The Global Oncology Market was valued at USD 236 billion in 2023 and is projected to reach a market size of USD 555.2 billion by the end of 2030. The market is anticipated to expand at a compound annual growth rate (CAGR) of 13.0% between 2024 and 2030.

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The oncology market is growing positively due to factors such as rising prevalence of various cancers such as lung cancer, which accounted for the highest number of cancer-related deaths and cancer incidence in 2021, as well as the presence of factors such as an aging population, where age plays a key role in cancer development in certain cancer types such as prostate and breast cancer. Furthermore, the increased emphasis on creating tailored medicines, such as CAR-T cell therapies, to deliver a more pronounced therapeutic effect is propelling the oncology medications market as new products get regulatory approval for cancer therapy.

Key Market Insights:

• North America held the largest share of the market, accounting for nearly 45% in 2023, followed by Europe and the Asia-Pacific region. The Asia-Pacific market is expected to exhibit the highest growth rate due to increasing healthcare infrastructure and rising cancer prevalence.
• Immunotherapy is one of the fastest-growing segments, with a CAGR of over 14%, it accounted for nearly 20% of the market in 2023.
• The global burden of cancer is expected to increase from 19.3 million new cases in 2020 to 28.4 million cases by 2040, driving the demand for oncology treatments.
• The market is highly competitive, with major players including Roche, Novartis, Merck & Co., Bristol-Myers Squibb, and Pfizer dominating the landscape.
• Lung Cancer held about 19% of the market, driven by the high incidence rates and new treatment approvals.

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Global Oncology Market Drivers:

Advancements In Cancer Research And Drug Development Is Driving The Market Growth.

Advances in cancer research and drug development have resulted in the introduction of novel targeted medicines, immunotherapies, and precision medicine techniques. These novel medicines have improved cancer patients' survival rates and quality of life, resulting in market growth.

Investments in healthcare infrastructure, such as cancer treatment centers and oncology clinics, help to improve cancer care and promote the usage of oncology treatments. Accelerated regulatory procedures for cancer drugs, such as orphan drug designations, have encouraged pharmaceutical companies to invest in oncology research and development, resulting in more drugs hitting the market.

Growing Cases of Cancer Due to Changes in Lifestyle Patterns, Often Associated with Urbanization and Economic Development

Cancer is more common among the elderly, and as the world's population ages, the number of people at risk of having cancer increases. This demographic trend drives up the demand for oncology medications. Smoking, lack of physical activity, a poor diet, and exposure to toxins all contribute to the development of cancer. Changes in lifestyle habits, which are frequently related with urbanization and economic development, might raise the risk of cancer, hence raising the demand for cancer therapies.

Advances in cancer screening and early detection have resulted in the identification of malignancies in earlier, more curable stages. As a result, more people are being diagnosed with cancer, which drives up demand for oncology treatments. Population expansion, urbanization, and changing lifestyles are all contributing to an increase in the cancer burden in developing countries.

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Global Oncology Market Restraints and Challenges:

The global oncology market, while poised for significant growth, faces several key restraints and challenges that could hinder its expansion. One of the primary challenges is the high cost of cancer treatment, particularly with newer therapies like immunotherapy and CAR-T cell therapy, which are prohibitively expensive for many patients and healthcare systems. This cost barrier limits access to advanced treatments, especially in low- and middle-income countries, exacerbating global health disparities.

Another significant challenge is the stringent regulatory environment governing the approval of new oncology drugs and therapies. The rigorous requirements for clinical trials, coupled with lengthy approval processes, can delay the introduction of innovative treatments to the market. Moreover, the complexity of cancer biology presents challenges in developing effective treatments, as the heterogeneity of cancer types and patient responses requires highly specialized and targeted approaches.

Reimbursement issues also pose a restraint, as many insurance providers and national healthcare systems struggle to keep pace with the rapid introduction of high-cost therapies, leading to delays in coverage and patient access. Additionally, the oncology market faces the challenge of competition from biosimilars, which, while offering more affordable options, could impact the revenue streams of established pharmaceutical companies.

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Global Oncology Market Opportunities:

The global oncology market presents significant opportunities driven by advancements in technology, increasing cancer prevalence, and evolving treatment paradigms. One of the most promising opportunities lies in the expansion of personalized medicine, particularly in the development of targeted therapies that cater to the specific genetic profiles of patients. This approach not only improves treatment efficacy but also reduces side effects, making it a cornerstone of future cancer care.

Another key opportunity is the growing adoption of immunotherapy, which is revolutionizing the oncology landscape. As research continues to uncover new ways to harness the immune system to fight cancer, immunotherapies are expected to gain even more traction, particularly in combination with other treatment modalities. The rise of artificial intelligence (AI) and big data analytics also offers immense potential in oncology, enabling more accurate diagnostics, predictive modeling, and personalized treatment plans.

The expansion of oncology care in emerging markets presents a substantial growth opportunity. As healthcare infrastructure improves and access to advanced treatments increases in regions like Asia-Pacific and Latin America, these markets are poised to become significant contributors to global oncology growth. Additionally, collaborations between pharmaceutical companies and biotech firms for innovative drug development are expected to accelerate the introduction of breakthrough therapies, further driving market expansion.

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SEGMENTATION ANALYSIS

Global Oncology Market - By Therapy Type:

•  Chemotherapy

  • Traditional Cytotoxic Agents

  • Alkylating Agents

  • Antimetabolites

  • Topoisomerase Inhibitors

• Targeted Therapy

  • Small Molecule Inhibitors

    • VEGFR Inhibitors

    • Multi-targeted Kinase Inhibitors

    • TYK2 Inhibitors

    • Small Molecule Kinase Inhibitor

    • Other Small Molecule

  • Monoclonal Antibodies

    • Antibody-drug Conjugates

    • Multispecific Antibody

• Immunotherapy

  • Checkpoint Inhibitors (PD-1/PD-L1 Inhibitor)

  • Cancer Vaccines

  • Cell and Gene Therapy

    • CAR-T Cell Therapies

    • Oncolytic Viruses

  • Biological Therapies

    • Cytokines

    • Antibody-dependent cellular cytotoxicity promoting antibodies

  • Bispecific Antibodies (T-cell engaging bispecific antibodies)

• Hormonal Therapy

  • Androgen Deprivation Therapy (ADT)

  • Estrogen Receptor Blockers

• Radiation Therapy

  • External Beam Radiation Therapy (EBRT)

  • Brachytherapy

• Other Therapies

  • Phototherapy

  • Laser Treatment

  • Other Biotech

Targeted therapy in oncology represents a transformative approach to cancer treatment, focusing on the molecular and genetic characteristics of tumors. Unlike traditional therapies like chemotherapy, which attack both cancerous and healthy cells, targeted therapies are designed to specifically interfere with molecules involved in the growth, progression, and spread of cancer. This precision reduces side effects and improves treatment efficacy.

The market for targeted therapies has seen rapid growth due to advancements in genomic research and the increasing understanding of cancer biology. These therapies are particularly effective in treating cancers with specific mutations, such as HER2-positive breast cancer or EGFR-mutant lung cancer. The growing demand for personalized medicine and the success of targeted therapies in improving patient outcomes have positioned this segment as a crucial component of modern oncology. As research continues to identify new targets, the market for targeted therapies is expected to expand significantly in the coming years.

Given the benefits of targeted therapy, there are now over 900 applications with the US Food and Drug Administration to study gene therapy in clinical trials. This has also resulted in a higher number of product approvals in the market. For example, in March 2021, the US FDA approved the idecabtagene vicleucel (Abecma) for the treatment of multiple myeloma in individuals who have relapsed or are resistant to previous treatments.

Global Oncology Market - By Cancer Type:

• Breast Cancer

• Lung Cancer

  • Non-Small Cell Lung Cancer (NSCLC)

  • Small Cell Lung Cancer (SCLC)

• Colorectal Cancer

• Prostate Cancer

• Blood Cancer

  • Leukemia

  • Lymphoma

  • Myeloma

• Skin Cancer

• Ovarian Cancer

• Hodgkin’s Lymphoma

• Non-Hodgkin’s Lymphoma

• Head & Neck Cancer

• Liver Cancer

• Gastrointestinal Cancer

• Bladder Cancer

• Gynecological Cancer

• Kidney Cancer

• Others

The Lung Cancer segment held the largest market share in 2023 and is poised to maintain its dominance throughout the forecast period. Lung cancer is one of the most prevalent and deadly forms of cancer, accounting for nearly 19% of all cancer deaths globally. It is categorized primarily into two types: non-small cell lung cancer (NSCLC), which makes up about 85% of cases, and small cell lung cancer (SCLC).

The oncology market for lung cancer is substantial, driven by the high incidence rates and the ongoing need for effective treatments. The market has evolved significantly with the advent of targeted therapies and immunotherapies, which have improved survival rates and offered new hope to patients. Innovations like EGFR inhibitors and PD-L1 checkpoint inhibitors have become key treatments for specific lung cancer subtypes.

The rising prevalence of lung cancer, particularly in regions with high smoking rates, coupled with advancements in early detection and personalized medicine, is expected to drive continued growth in this market. As research progresses, the lung cancer oncology market is poised for further expansion, offering new avenues for treatment and patient care.

Global Oncology Market - By Tissue Type:

• Carcinomas

  • Lung

  • Breast

  • Prostate

  • Colorectal

  • Other carcinomas

• Sarcomas

  • Bone

  • Soft tissue

• Leukemias

  • Acute

  • Chronic

• Lymphomas

  • Hodgkin Lymphoma

  • Non-Hodgkin Lymphoma

• Melanomas

• Central Nervous System Cancers

• Others

The Carcinomas segment had the highest market share last year and is poised to maintain its dominance throughout the forecast period. Carcinomas, the most common type of cancer, originate in the epithelial cells that line organs and tissues throughout the body. They account for approximately 80-90% of all cancer cases and include prevalent forms such as breast, lung, prostate, and colorectal cancers.

The oncology market for carcinomas is vast, driven by the high incidence and mortality rates associated with these cancers. Advancements in treatment options, including targeted therapies, immunotherapies, and personalized medicine, have significantly impacted the management of carcinomas. For instance, HER2-targeted therapies have transformed breast cancer treatment, while PD-1/PD-L1 inhibitors have shown promise in various carcinoma types.

Early detection through improved screening methods and the growing emphasis on genetic profiling have also enhanced treatment outcomes. With the continuous development of innovative therapies and the increasing global burden of carcinoma-related cancers, this segment of the oncology market is expected to experience robust growth, making it a focal point for future cancer research and treatment advancements.

Global Oncology Market - By Drug Type:

• Branded Drugs

• Generic Drugs

The Branded Drugs segment had the highest market share in 2023 and is poised to maintain its dominance throughout 2024-2030. Branded drugs in the oncology market play a pivotal role in cancer treatment, representing some of the most advanced and innovative therapies available. These drugs, developed and marketed by leading pharmaceutical companies, often emerge from years of research and clinical trials, offering targeted and effective treatment options for various cancer types.

Key branded drugs include monoclonal antibodies, tyrosine kinase inhibitors, and immunotherapies, which have significantly improved patient outcomes and survival rates. The market for branded oncology drugs is substantial and continues to grow, driven by the rising global incidence of cancer, increasing demand for personalized medicine, and ongoing advancements in biotechnology.

Despite the high costs associated with these drugs, their efficacy in treating complex cancers has led to widespread adoption in clinical practice. As new therapies receive approval and enter the market, the branded oncology drugs segment is expected to expand further, maintaining its critical role in the fight against cancer.

Global Oncology Market - By End User:

• Hospitals

• Specialized Clinics

• Cancer Research Institutes

• Homecare

• Ambulatory Surgical Centers

• Others

The Hospitals segment held the majority of the market share last year and is poised to maintain its dominance throughout the forecast period. Hospitals play a crucial role in the oncology market, serving as primary centers for cancer diagnosis, treatment, and care. They are equipped with advanced technologies, such as radiation therapy, chemotherapy, and surgical oncology, which are essential for comprehensive cancer management.

With the increasing incidence of cancer globally, hospitals are expanding their oncology services, investing in cutting-edge equipment, and enhancing specialized care units to meet the growing demand. Hospitals also serve as key sites for clinical trials, providing patients with access to the latest therapies and treatment protocols. The integration of multidisciplinary teams, including oncologists, radiologists, surgeons, and support staff, ensures a holistic approach to cancer care.

Additionally, the rise of hospital-based cancer centers and the focus on personalized treatment plans have made hospitals central to the delivery of high-quality oncology care. As the need for specialized cancer treatment continues to grow, hospitals are expected to play an increasingly important role in the oncology market.

Global Oncology Market - By Distribution Channel:

• Hospital Pharmacies

• Retail Pharmacies

• Online Pharmacies

• Other Distribution Channels

The Hospital Pharmacies segment held the majority of the market share last year and is poised to maintain its dominance throughout the forecast period. Hospital pharmacies are integral to the oncology market, playing a vital role in the management and distribution of cancer medications. These pharmacies are responsible for the preparation, storage, and dispensing of complex oncology drugs, including chemotherapy, targeted therapies, and immunotherapies, ensuring that patients receive the correct dosages and formulations.

With the increasing complexity of cancer treatments, hospital pharmacies have evolved to provide specialized services, including compounding personalized medications, managing drug interactions, and supporting clinical trials by dispensing investigational drugs. They work closely with oncologists and multidisciplinary teams to tailor treatments to individual patient needs, enhancing the effectiveness of cancer care.

The rise of advanced therapies, coupled with stringent regulatory requirements for handling oncology drugs, has further elevated the importance of hospital pharmacies. As cancer treatments become more personalized and complex, hospital pharmacies are expected to continue expanding their role, contributing significantly to patient outcomes and the overall efficiency of oncology care delivery.

Global Oncology Market - By Region:

• North America

• Europe

• Asia-Pacific

• South America

• Middle East and Africa

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North America accounted for the largest share of revenue in 2023 and is expected to maintain its dominance from 2024 to 2030, owing to a large patient population, a strong presence of key players, ease of drug availability, a well-developed healthcare infrastructure, favorable reimbursement policies in the healthcare system, a higher number of research, development, and innovation activities, and increased adoption of advanced therapeutics. However, Asia-Pacific is predicted to expand at the fastest CAGR, owing to an increase in the number of cancer patients and heightened awareness of various cancers.

The rising cancer prevalence in the United States is a major driver of the North American oncology market's growth. According to the American Cancer Society, in 2021, 1.9 million new cancer cases are expected to be diagnosed in the United States. According to data from the Centers for Disease Control and Prevention (2021), there were 1,708,921 new cancer cases registered in 2018.

For example, the American Cancer Society predicts that in 2022, approximately 287,850 new instances of invasive breast cancer will be identified in women in the United States. As a result, the rising incidence of cancers in the country, including breast cancer, is expected to drive demand for oncology drugs, contributing to the growth of the United States oncology drugs market as well as the overall growth of the North American oncology drugs market.

COVID-19 Impact Analysis on the Global Oncology Market

The deployment of COVID-19 prevention measures has a negative influence on the oncology market. To meet the demand produced by the COVID-19 pandemic, all other medical professions saw a fall in patient load. According to Cancer Research UK, urgent lung cancer referrals in the UK plummeted by up to 75% during the first lockdown. This was not correlated with a drop in cases, but rather with fewer people seeking and receiving the critically needed diagnosis. Unfortunately, these trends were prevalent in many countries around the world. Nonetheless, the oncology industry is experiencing a phase of recovery as a result of the development of initiatives to revolutionize cancer care, presenting a future forecast for oncology market share during 2024-2030.

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Latest Trends / Developments:

The oncology market is rapidly evolving, driven by significant trends and developments that are transforming cancer care. Personalized medicine is at the forefront, with a growing focus on targeted therapies tailored to the genetic profiles of individual patients. This approach is enhancing treatment efficacy and reducing side effects, marking a shift toward more precise cancer care.

The expansion of immunotherapy, particularly immune checkpoint inhibitors like PD-1/PD-L1 and CAR-T cell therapies, is revolutionizing the treatment landscape, offering long-lasting responses in various cancers. Combination therapies are gaining prominence, where treatments like immunotherapy and chemotherapy are used together to improve outcomes and overcome resistance in challenging cancers. Early detection is also advancing, with liquid biopsies and AI-driven diagnostics enabling earlier and more accurate cancer diagnosis, which is crucial for improving survival rates.

The rise of biosimilars is another key development, providing cost-effective alternatives to expensive biologics and expanding access to cancer treatments. Additionally, the oncology market is witnessing growth in emerging markets, driven by improved healthcare infrastructure and rising demand for advanced cancer therapies. These trends, coupled with regulatory advancements and the increasing adoption of telemedicine, are shaping the future of oncology, making cancer treatment more personalized, accessible, and effective.

Key Players:

1. Bristol Myers Squibb

2. Merck & Co.

3. Roche

4. Johnson & Johnson

5. AstraZeneca 

6. Novartis

7. Pfizer

8. Takeda

9. Eli Lilly & Company

10. AbbVie Inc.

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