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The global cancer/oncology drugs Market size was USD 154.47 billion in 2023, estimated at USD 172.39 billion in 2024 and is anticipated to reach around USD 507.68 billion by 2034, expanding at a CAGR of 11.41% from 2024 to 2034.
The global cancer/oncology drugs market size accounted for USD 172.39 billion in 2024 and is predicted to reach around USD 507.68 billion by 2034, expanding at a CAGR of 11.41% from 2024 to 2034.
The U.S. cancer/oncology drugs market size was estimated at USD 48.66 billion in 2023 and is expected to be worth around USD 161.29 billion by 2034, at a CAGR of 11.49% from 2024 to 2034.
Based on region, North America accounted highest revenue share in 2023. This is attributed to the higher prevalence of cancer cases in North Americaalong with the increased adoption of the cancer drugs amongst the American population. According to the American Cancer Society, over 1.8 million new cancer cases and 606,520 deaths were reported in the US in 2020. The colorectal cancer, lungs cancer, prostate cancer, and breast cancerare the most prominent types of cancers that affects the majority of the population in the US. The presence of developed healthcare infrastructure, higher healthcare expenditure, and the favorable reimbursement policies have fostered the market growth in the Region. However, due to the higher adoption of the cancer drugs in the US, the cancer deaths has declined by 29% since 1991.
On the other hand, Europe is estimated to be the most opportunistic market during the forecast period. This is attributable to the growing cancer cases and cancer deaths across the Europe. According to the European Commission, approximately 2.7 million new cancer cases and about 1.3 million cancer deaths were recorded in 2020. The people aged 65 years or above were the most affected by the cancer in in 2020, across Europe. Breast cancer was the most diagnosed type of cancer across the European nations in 2020.
The global cancer drugs market is primarily driven by the increasing prevalence of various types of cancer among the global population. As per the GLOBOCAN, a report published by the International Agency for Research on Cancer, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe, in 2020. The new cancer cases are expected to rise by 47% from 2020 to 2040, globally. Therefore, it is estimated that around 28.4 million new cancer cases will be recorded in 2040 across the globe. The most prominent types of cancer include lungs cancer, breast cancer, prostate cancer, and colorectal cancer. Moreover, the rapid developments in the biopharmaceutical market has resulted in the development of various new and innovative drugs that can efficiently target the cancer cells without harming the normal cells. The increased awareness among the population regarding the availability of various advance therapeutics to treat cancer is significantly driving the growth of the global cancer drugs market. The rising investments by various pharmaceutical companies in the research and development of various new cancer drugs is expected to provide new growth avenues in the forthcoming future.
Market Scope
| Report Coverage | Details |
| Market Size by 2034 | USD 507.68 Billion |
| Market Size in 2023 | USD 154.47 Billion |
| Market Size in 2024 | USD 172.39 Billion |
| Market Growth Rate from 2024 to 2034 | CAGR of 11.41% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Class Type, Indication, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
The targeted therapy segment dominated the market by over 50% in 2023, in terms of revenue. The targeted therapy involves the use of drugs that precisely targets the cancer affected cells in the body and prevents the normal cells from getting damaged or affected. This results in minimal side-effects. The advantages of the targeted therapy over the traditional chemotherapy has fostered the demand for the targeted therapy across the globe. The chemotherapy involved higher risks of internal organ failure, re-occurrence of cancer, and other harmful side-effects that sometimes resulted in death. Therefore, the development of the targeted therapy, which is much more efficient and low toxic than the chemotherapy has gained rapid traction among the cancer patients and hence dominated the cancer drugs market.
On the other hand, the immunotherapy is estimated to be the fastest-growing segment during the forecast period. The rapidly rising awareness regarding the benefits of the monoclonal antibodies used in the cancer immunotherapy is boosting the adoption of the immunotherapy among the population. Moreover, the rising number of approvals by the authorities like EMA and FDA is fueling the growth of the immunotherapy. In 2017, the FDA and EMA collectively approved around 73 monoclonal antibodies.
The lung cancer segment accounted largest revenue share in 2023. This is attributed to the increased prevalence of the lungs cancer across the globe. Lungs cancer is the most prominent type of cancer that affects the majority of the global population. According to the International Agency for Research on Cancer, around 1.8 million deaths were recorded due to lungs cancer in 2020. Lungs cancer is the leading cause of the cancer deaths that accounts for around 18% of the global cancer deaths.
On the other hand, the breast cancer is estimated to be the most opportunistic segment during the forecast period. The rapidly rising cases of breast cancer amongst the female population is driving the growth of this segment.According to the International Agency for Cancer Research,around 2.3 million or 11.7% of the new cancer cases reported as the breast cancer in 2020. The breast cancer has surpassed the lungs cancer as the most diagnosed type of cancer across the globe. Therefore, this segment is expected to grow rapidly in the forthcoming years.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In April 2020, F.Hoffmann-La Roche launched Atezolizumab, an immunotherapy medicine in India, for the treatment of breast cancer.
The various developmental strategies like new product launches, acquisitions, and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Segments Covered in the Report
By Drug Class
By Indication
By Geography
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