Oncology-Cancer Drugs Market Expected to Reach $335.2 Billion by 2033

According to a new report published by Allied Market Research, titled, “oncology/cancer drugs market size" was valued at $167.0 billion in 2023, and is projected to reach $335.2 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033. The immunotherapy segment is expected to register the highest CAGR of 8.7% during the forecast period.  

Cancer is caused when the cells present in the body grow at an uncontrolled rate, thereby leading to the formation of a tumor. Cancer has different stages based on its progression. Metastasis is the final stage of the disease, which is marked by the invasion of tumor into other parts of the body. Oncology drugs, also known as cancer drugs, are medications specifically designed to treat cancer by targeting and killing cancerous cells or inhibiting their growth. The management of cancer in patients requires the use of different drugs such as hormonal therapy, immunotherapy, targeted therapy, and chemotherapy.  

The oncology/cancer drugs market trends include the increase in prevalence of various types of cancer globally, which has heightened the demand for effective treatment options. As cancer becomes more common, the number of patients seeking medical intervention rises correspondingly. For instance, according to the World Health Organization (WHO) , over 35 million new cancer cases are predicted in 2050, a 77% increase from the estimated 20 million cases in 2022. This surge in patient numbers creates a substantial market for pharmaceutical companies to develop and market oncology drugs, thereby boosting the market growth. In addition, the growing geriatric population, which is more susceptible to cancer, further fuels growth during the oncology/cancer drugs market forecast period. Moreover, increased awareness and screening programs have led to earlier detection and diagnosis of cancer, driving the need for a diverse range of treatment options.  

However, the side effects and safety concerns associated with cancer treatments can lead to hesitancy among patients and healthcare providers, affecting adoption rates and hindering the market growth. On the contrary, the ongoing research into combination therapies, which use multiple drugs to treat cancer, offers opportunities to improve treatment regimens and outcomes. 

The oncology/cancer drugs market analysis is segmented on the basis of drug class type, indication, and region. Depending on drug class type, the oncology/cancer drugs industryis classified into chemotherapy, targeted therapy, immunotherapy (biologic therapy) , and hormonal therapy. The targeted therapy segment dominated the market share in 2023. This is attributed to the identification of molecular targets of cancer cells, fewer adverse effects, and availability of number of targeted therapeutics. In addition, recent advances in cellular technology have contributed to improving the understanding of tumor cells and their metabolism at molecular level, thus driving the need for targeted drug therapies for cancer treatment. However, the immunotherapy segment is projected to exhibit the fastest market growth during the forecast period due to its affectivity and expected launch of pipeline immunotherapies. 

Depending on indication, the oncology/cancer drugs industry is classified into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, esophagus cancer, cervical cancer, kidney cancer, bladder cancer, and other cancers. The other cancer segment dominated the market share in 2023. This is attributed to advancements in targeted therapies and immunotherapies specific to each cancer type, increase in prevalence rates globally, early detection technologies enhancing treatment efficacy, and regulatory initiatives expediting drug approvals for rare cancers. In addition, adoption of unhealthy lifestyle, increase in female geriatric population, exposure to harmful radiation and increase in governmental initiatives also contributed toward the segment growth. However, the lung cancer segment is expected to register the highest CAGR during the forecast period. This is attributed to higher incidence, increase in geriatric population, changes in lifestyle of people, and rise in smoking of tobacco that includes passive smoking, which may lead to lung cancer. In addition, the development of targeted therapies and immunotherapies specifically for lung cancer offers more effective and personalized treatment options thereby supporting the segment growth. 

On the basis of region, North America accounted for the largest oncology/cancer drugs market share in 2023 and is expected to remain dominant during the forecast period, owing to presence of large patient population, strong presence of key players, ease of drug availability, well developed healthcare infrastructure, favorable reimbursement policies in healthcare system, higher number of research, development, & innovation activities and higher adoption of advanced therapeutics. However, Asia-Pacific is anticipated to register the highest growth during the forecast period. This is attributed to increase in the number of people suffering from cancer and rise in awareness related to different cancers.  

Key Findings of the Study 

• On the basis of drug class type, the targeted therapy segment dominated the oncology/cancer drugs market size in terms of revenue in 2023.
• On the basis of indication, the other cancers segment dominated the oncology/cancer drugs market share in terms of revenue in 2023. However, the lung cancer segment is expected to register the highest CAGR during the forecast period. 
• On the basis of region, North America dominated the market in terms of revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.