Oncology Drugs Market Size & Outlook, 2025-2033

Oncology Drugs Market Size

The global oncology drugs market size was valued at USD 193.04 billion in 2024 and is projected to grow from USD 209.57 billion in 2025 to USD 503.13 billion by 2033, exhibiting a CAGR of 11.6% during the forecast period (2025-2033).

The major factors contributing to the growth of the global oncology drugs market include the rising incidence of cancer worldwide, improvements in diagnostic capabilities enabling earlier and more accurate detection, and the expansion of targeted therapies and immuno-oncology treatments that offer better patient outcomes. Additionally, the global oncology drugs industry is being influenced by regional shifts in cancer burden, as shown in the table pie chart.

Source: Global Cancer Observatory, American Cancer Society, and Straits Research

Asia Pacific, accounting for the largest share of new cancer cases, reflects a strong demand for advanced oncology therapies across the region. Additionally, the substantial investment in oncology research and development (R&D) is accelerating the introduction of novel therapies. Moreover, regulatory support for accelerated drug approvals is further contributing to market expansion. Initiatives such as the FDA's Breakthrough Therapy Designation and the European Medicines Agency’s PRIME program are facilitating the fast-tracking of innovative cancer treatments to the market, ensuring faster patient access and incentivizing continued R&D efforts across the oncology sector.

However, high treatment costs, particularly for advanced therapies such as immunotherapies and targeted treatments, remain a major challenge, limiting access to care, especially in low-income regions.

On the other hand, there are significant opportunities in the market for oncology drugs. Emerging markets, particularly in Asia-Pacific and Africa, are witnessing improvements in healthcare infrastructure, which opens up new avenues for growth.

Oncology Drugs Market Trends

Increasing Research and Development for Rare Cancer Treatment

The oncology drug market is witnessing a remarkable shift towards improving research and development efforts for rare cancer diseases. Particularly in Europe, the European Organization for Research and Treatment of Cancer (EORTC) is significantly emphasizing on advancing therapies for rare and ultra-rare cancers.

Table 1: Clinical Development Activities by EORTC

Source: European Organization for Research and Treatment of Cancer, and Straits Research

These targeted developments reflect a shift toward personalized medicine, aim to address unmet clinical needs in rare cancer populations.

Growing Collaborative Initiatives to Reduce the Cancer Burden

Increasing focus on collaborative efforts to reduce the growing cancer burden reflects a strategic shift toward multi-country partnerships and government-led funding programs aimed at improving cancer prevention, early detection and comprehensive care. Countries across the Indo-Pacific are committing significant financial resources to support this mission, particularly through initiatives such as the Cancer Moonshot Initiative.

Table 2: Funding by Asia Pacific Countries

Source: Government of India, and Straits Research

The rise of such initiatives is expected to boost the innovations in oncology drug development and accessibility, while also fostering cross-national collaborations that enhance clinical research and treatment protocols.

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Oncology Drugs Market Growth Factors

Increasing Clinical Trials for Novel Oncology Drugs

The rising number of clinical trials aimed at developing novel cancer therapies is expanding the therapeutic pipeline, enabling faster innovation and broader treatment options. Emerging economies, particularly in regions such as Asia Pacific, are playing a pivotal role due to cost cost-effective trial environment.

• For instance, the American Society of Clinical Oncology reports that the cost of conducting clinical trial in India is 40-50% less compared to the U.S. and the UK, reflecting a surge in clinical trials in India from 2015 to 2022.

Source: Clinical Trials Registry India (CTRI), American Society of Clinical Oncology, and Straits Research

This growth in clinical trial activity is fueling the pipeline of innovative oncology drugs, thereby propelling overall market expansion.

Growing Investment in Oncology Drug Development

Pharmaceutical companies are significantly expanding manufacturing and clinical trial facilities globally for cancer research to meet the increasing demand of oncology drugs.

• For instance, the table below illustrates the significant investment in the U.S. for cancer research in 2024.

Table 3: Investment by Pharmaceutical Companies to Expand Cancer Research and Manufacturing Facilities in U.S.

Source: Company Press Releases, and Straits Research

These investments are facilitating the discovery of targeted therapies, immunotherapies, and next-generation biologics aimed at improving treatment outcomes, thereby accelerating the market growth.

Market Restraining Factor

High Cost of Oncology Drugs

Targeted therapies and immunotherapies are often too expensive, creating a financial burden for many patients, particularly in low- and middle-income countries.

• For instance, the table below highlights the cost of oncology drugs in the Indian market in 2022.

Table 4: Cost of Oncology Drugs in India, 2022

Source: Straits Research

This results in reduced patient affordability and accessibility, thereby lowering the adoption of oncology drugs.

Market Opportunity

Advancement in Next-Generation Cancer Treatments

The emergence of next-generation cancer treatments presents a significant opportunity in the market, as these innovative therapies, including CAR-T cell therapy, gene editing, bispecific antibodies, and mRNA-based cancer vaccines, are transforming the landscape of cancer care by offering highly personalized and targeted treatment options.

• For instance, currently Pfizer is investigating sigvotataug vedotin ADC that targets a protein expressed in 90% of non-small cell lung cancer (NSCLC) tumors and has the potential to transform the standard of care.

This opens up vast opportunities for biopharmaceutical companies to innovate and capture new market segments, especially in rare or drug-resistant cancers.

Regional Insights

North America accounted for the major oncology drugs market with 43.67% market share, owing to strong healthcare infrastructure, well-established reimbursement schemes, and increasing prevalence of cancer. Additionally, early adoption of advanced therapies, strong presence of leading pharmaceutical companies, and robust research infrastructure further drive market growth in the region. Further, collaboration throughout the cancer research community, non-profit organizations, private companies, and other federal agencies is reshaping the clinical and research capabilities of oncology in North America.

Asia Pacific Oncology Drugs Market Trends

Asia Pacific region is anticipated to grow at the fastest CAGR during the forecast period. This growth is driven by rising cancer prevalence, improving healthcare infrastructure, increasing government initiatives, and growing investments in oncology research. Additionally, expanding access to advanced treatments and clinical trials in emerging economies such as China and India is accelerating market growth in the region. Further, expanding cancer screening efforts for breast, cervical, colorectal, stomach, and lung cancer in Japan will increase the diagnosis of cancer.

• For instance, since 2022, the Japanese Cancer Society (JCS) has expanded its cancer screening efforts. Between 2022-2023, the hotline received more than 9,100 consultations, an increase of 26.5% as compared with the previous year, emphasizing early detection and timely intervention.

The oncology drugs sector is experiencing dynamic growth and diversification across the globe, with each country contributing uniquely to the advancement of this transformative field.

U.s Oncology Drugs Market Trends

• The U.S. oncology drugs industry is experiencing strong growth driven by the presence of leading U.S. based pharmaceutical companies such as Pfizer Inc., Merck Co., Inc, AbbVie Inc., and Gilead Sciences is strengthening the country’s position in the global market by advancing novel treatments, production, and distribution.
  • For instance, Pfizer Inc. and Merck & Co., Inc. are the major players in the market, generating the maximum amount of oncology drugs revenue in the U.S.

Table 5: Below Table Represents the Oncology Drugs Revenue Generation in the U.S. 2024

Source: Company Annual Reports, and Straits Research

Additionally, the U.S. market is also experiencing rapid evolution, fuelled by advancements in immunotherapy and precision medicine to treat highly prevalent cancers.

Europe Oncology Drugs Market Trends

• The UK market is rapidly growing owing to the increasing cancer diagnosis, which further creates demand for oncology drugs. Macmillan Cancer Support UK predicted a rise in people living with cancer from 2020 to 2025, from 3 million to 3.5 million. This rising burden of cancer is elaborated in the table below according to nations, which underscores the number of cancer cases diagnosed every year, every month, every week, and every day.

Table 6: New Cases of Cancer Diagnosed in the UK

Source: Macmillan Cancer Support, and Straits Research

• In France, the presence of oncology-focused hospital federations is strengthening the demand for oncology drugs, thereby contributing to market growth.
  • For instance, Unicancer is the only hospital federation in the country entirely dedicated to the fight against cancer. It collaborates with 18 cancer centers that provide public healthcare services and conduct cancer research.

Asia Pacific Oncology Drugs Market Trends

This focused network enhances access to advanced treatments and accelerates the adoption of innovative oncology drugs across the nation.

• The oncology drugs market in China is dominated by increasing clinical trials and advancing research and development capabilities in the country.
  • For instance, in March 2025, Chinese researchers at Zhejiang University reported the effectiveness of VG161, an engineered herpes virus, for treating late-stage liver cancer.

The therapy doubled survival rates during clinical trials for those suffering from tumors resistant to medication. Additionally, rising cancer incidences demand the need for oncology drugs, thereby supporting market growth.

• For instance, according to the International Agency for Research on Cancer (IARC), the cancer incidence in China was 4,824,703 in 2022, the highest across the globe. The rising burden of cancer is highlighted in the pie chart below, showing the percentage of various cancer incidences that occurred in both sexes in China in 2022.

Source: International Agency for Research on Cancer (IARC), and Straits Research

• In India, government-led initiatives such as the National Cancer Grid (NCG) are significantly driving the demand for oncology drugs.
  • The National Cancer Grid (NCG) provides standard, high-quality cancer care overall in India, fueling demand for oncology drugs. Since its formation, it has transformed into the globe's largest network of cancer of 287 members, including patient advocacy groups, research institutes, charitable organizations, professional societies, and cancer centers. Among the NCG member organizations, the network treats more than 750,000 new cancer patients every year, more than 60% of all India's cancer load.

This expansive reach and commitment to consistent care standards have accelerated the need for effective oncology treatments nationwide.

• In South Africa, consistent year-on-year investment in cancer care through the Social and Economic Development (SED) Committee is propelling the growth of the oncology drugs market. The SED supports NGOs and small businesses to improve access to quality cancer care across the country.
  • For instance, it provided a USD 5,303 grant to the Johnson Rose Cancer Foundation, with continued funding into 2025.

These efforts are enhancing cancer treatment availability and driving demand for oncology drugs.

• In Brazil, government policies such as the National Oncology Care Policy (Política Nacional de Atenção Oncológica (PNAO)), created by the Health Ministry, to structure the oncology care network in the Brazilian States to bridge fragmentation issues with regard to cancer care and to be more effective & efficient in cancer treatment and control, demands the need for novel treatment therapies, thus accelerate the oncology drugs market growth.

Drug Class Insights

The market is segmented into chemotherapy drugs, hormonal therapy drugs, targeted therapy drugs, and immunotherapy drugs. The targeted therapy drugs segment accounted for the largest oncology drugs market share, owing to its precision-based approach in treating specific cancer types, high efficacy with fewer side effects compared to traditional therapies, and increasing approvals of novel targeted therapy agents. Additionally, increasing access to genomic testing, expanding pipeline of targeted agents, and strong clinical adoption of precision oncology further fuel the segment growth.

Indication Insights

The market is segmented into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, cervical cancer, bladder cancer, thyroid cancer, multiple myeloma and other cancers. The breast cancer segment dominated the oncology drugs sector. This growth is driven by growing awareness about breast cancer, rising number of cases, as well as efforts being taken to increase screening, leading to an increase in screening rate.

• For instance, breast cancer in UK, makes up to 15% of all new cases, with one woman being diagnosed with breast cancer every eight minutes across the country.

Distribution Channel Insights

The market is segmented into hospital pharmacies, drug stores and retail pharmacies and online pharmacies. The online pharmacies segment is anticipated to register the fastest CAGR during the forecast period, owing to investments being made to develop platforms for running online pharmacies, and major pharmacy operators acquiring other pharmacies to develop new ones with online stores too. Additionally, easy accessibility and availability of discounts, this segment is growing with fastest CAGR.

Company Market Share

Companies in the industry are focused on adopting key business strategies, such as product launches, acquisitions, and product approvals, to gain a strong foothold in the market.

Astellas Pharma Inc.: An Emerging Company in the Oncology Drugs Market

Astellas Pharma Inc. is an emerging company in the market, owing to its innovative oncology drug portfolio and expanding market presence.

Recent developments by Astellas Pharma Inc:

• In April 2025, Astellas Pharma Inc. collaborated with the Japanese Foundation for Cancer Research to boost its translational and clinical oncology research. This collaboration will strengthen the development of novel treatments for patients with cancer.

List of key players in Oncology Drugs Market

1. Merck & Co., Inc.
2. Pfizer Inc.
3. Johnson & Johnson Services, Inc.
4. AstraZeneca
5. Hoffmann-La Roche Ltd
6. Eli Lilly and Company
7. Incyte
8. Novartis AG
9. Bristol-Myers Squibb Company
10. AbbVie Inc.
11. Gilead Sciences, Inc.
12. Amgen Inc. 
13. Sanofi
14. GSK plc.
15. Bayer AG
16. Takeda Pharmaceutical Company Limited
17. Regeneron Pharmaceuticals Inc.
18. Betta Pharmaceuticals Co., Ltd.
19. Astellas Pharma Inc.
20. Biogen

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Recent Developments

• In March 2025, Novartis's Pluvicto received FDA approval to treat patients with prostate-specific membrane antigen (PSMA)-positive metastatic castration-resistant prostate cancer (mCRPC) who had previously been treated with an androgen receptor pathway inhibitor (ARPI) therapy.
• In January 2025, Johnson & Johnson's LAZCLUZE, in combination with RYBREVANT received approval from the European Commission for its Marketing Authorization for the treatment of adult patients with advanced non-small cell lung cancer. 

Analyst Opinion

The oncology drugs market is experiencing robust growth globally, driven by rising cancer prevalence, expanding clinical trials, and continuous innovation in targeted and immunotherapy treatments. Governments and private sectors are heavily investing in research and development, fueling the pipeline of next-generation cancer therapies. Additionally, improved reimbursement frameworks, increasing patient awareness, and early detection initiatives are accelerating oncology drugs adoption globally.