Oncology Drugs - Market Insights, Competitive Landscape, and Market Forecast - 2032

Oncology Drugs Market by Therapy Type (Chemotherapy, Hormonal Therapy, Targeted Therapy [Gene Therapy and Immunotherapy], and Others), Modality (Small Molecule and Biologics), Route of Administration (Oral and Parenteral), Indication (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, and Others), Distribution Channel (Hospital & Retail Pharmacies and Online Pharmacies), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2032 owing to the rising incidence of cancer globally and increasing number of drug development and launch activities among biotech companies and pharmaceutical firms.

The oncology drugs market was valued at USD 215.32 billion in 2024, growing at a CAGR of 6.87% during the forecast period from 2025 to 2032 to reach USD 364.81 billion by 2032. The demand for oncology drugs is primarily driven by the rising global incidence of cancer, fueled by a combination of factors including aging populations, underlying health conditions such as obesity, lifestyle changes, and increased environmental exposures. Rising cancer risk factors are increasing the global cancer burden, prompting rapid advancements in oncology. Targeted therapies and immunotherapies are leading innovations, offering more precise treatments with fewer side effects than traditional chemotherapy. Additionally, the market is witnessing a surge in drug development and launch activities by biotech companies and pharmaceutical firms, driven by both commercial opportunity and unmet clinical needs. Together, these trends are creating a highly supportive environment for sustained growth, positioning the oncology drugs market for robust and steady expansion during the forecast period from 2025 to 2032.

Oncology Drugs Market Dynamics:

According to GLOBOCAN (2024), an estimated 20 million new cancer cases were recorded globally in 2022, with projections rising sharply to 32.6 million by 2045. The growing global cancer burden is a result of several factors, including population aging, urbanization, and a high prevalence of modifiable risk factors such as tobacco use, obesity, physical inactivity, unhealthy diets, and environmental pollution.

In the WHO Eastern Mediterranean Region, over 788,000 new cancer cases were reported in 2022, a number expected to nearly double to 1.57 million by 2045 (WHO, 2024). Similar trends were seen across other regions: Asia reported 9.8 million cancer cases in 2022, with a projected increase to 16.3 million by 2045, while in Europe, cases were expected to rise from 4.47 million to 5.48 million over the same period (GLOBOCAN, 2024). These trends reflect an urgent and widespread need for more effective cancer treatment solutions. Targeted therapies, which are designed to attack specific genetic mutations or molecular markers in cancer cells, have shown promising results in improving patient outcomes with fewer side effects compared to traditional treatments.

Underlying health conditions like obesity are further contributing to the rising cancer burden. According to the World Obesity Federation, by 2030, approximately 1 billion people globally will be living with obesity, including 1 in 5 women and 1 in 7 men. Obesity significantly increases the risk of various cancers. For example, the National Cancer Institute (2022) reported that obese individuals face a 1.3 times higher risk of developing colorectal cancer. The growing prevalence of such risk factors continues to drive demand for innovative and effective oncology treatments.

Furthermore, the governments and health organizations are responding with increased efforts in cancer awareness, prevention, and research. For instance, the European Union's Cancer Mission, launched under the Horizon Europe research and innovation programme (2021-2027), aimed to improve the lives of over 3 million people by 2030 through enhanced cancer prevention, diagnosis, and care.

In addition, pharmaceutical companies are ramping up research and development to meet rising clinical needs. In May 2025, AbbVie announced that the U.S. Food and Drug Administration (FDA) granted accelerated approval for EMRELIS(TM) (telisotuzumab vedotin-tllv) for the treatment of adult patients with locally advanced or metastatic, non-squamous NSCLC with high c-Met protein overexpression who have received prior systemic therapy.

However, the high cost of cancer drugs and complications and safety concerns associated with cancer therapies, among others, are some of the key constraints that may limit the growth of the oncology drugs market.

Oncology Drugs Market Segment Analysis:

Oncology Drugs Market by Therapy Type (Chemotherapy, Hormonal Therapy, Targeted Therapy [Gene Therapy and Immunotherapy], and Others), Modality (Small Molecule and Biologics), Route of Administration (Oral and Parenteral), Indication (Breast Cancer, Lung Cancer, Prostate Cancer, Colorectal Cancer, and Others), Distribution Channel (Hospital & Retail Pharmacies and Online Pharmacies), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the therapy type segment of the oncology drugs market, the immunotherapy category is estimated to account for the largest market share in 2024. The growth of the category is primarily driven by the rising global cancer burden and the clinical advantages associated with immunotherapy over traditional treatments. Immunotherapy works by activating the body's immune system to recognize and destroy cancer cells, often sparing healthy tissue and reducing collateral damage compared to chemotherapy and radiation.

According to the World Health Organization (2024), over 20 million cancer cases were reported globally in 2022, with projections indicating a rise to 35 million by 2050. To help address this growing burden, immunotherapies have been developed as a transformative treatment approach. By training the immune system to recognize and remember cancer cells, immunotherapy offers the potential for long-term protection and a reduced risk of cancer recurrence.

Unlike conventional therapies that can damage fast-dividing healthy cells (e.g., in the gut lining or hair follicles), immunotherapies typically have milder side effects and are better tolerated by patients. Moreover, immunotherapy can induce durable responses, with some patients experiencing long-lasting remission even after treatment ends, thanks to the immune system's memory function. This is particularly evident in cases of melanoma, lung cancer, and lymphoma, where checkpoint inhibitors and CAR-T cell therapies have shown significant success.

The immunotherapy segment of the oncology drugs market is further propelled by intensive R&D activities and active regulatory approvals from leading pharmaceutical companies. For example, in September 2024, the U.S. FDA approved Roche's Tecentriq Hybryza, the first and only subcutaneous anti-PD-L1 cancer immunotherapy, which offers faster administration and improved patient convenience.

Similarly, in May 2024, Amgen received FDA approval for IMDELLTRA(TM) (tarlatamab-dlle), a first-in-class immunotherapy for adult patients with extensive-stage small cell lung cancer (ES-SCLC) who have experienced disease progression after platinum-based chemotherapy.

These developments highlight the growing momentum in the immunotherapy field, where the combination of clinical efficacy, expanding indications, innovative product launches, and increased investment in immuno-oncology research is expected to drive substantial segment growth.

Thus, the factors mentioned above are likely to boost the market segment and thereby increase the overall market of oncology drugs across the globe.

North America is expected to dominate the overall oncology drugs market:

North America is projected to hold the largest share of the oncology drugs market in 2024, driven by several key factors. The region's dominance is primarily attributed to the rising prevalence of chronic diseases, robust investments in research and development, and a high volume of clinical trials focused on cancer drug innovation. Furthermore, growing government initiatives aimed at cancer awareness, along with an increasing number of research collaborations and strategic partnerships between pharmaceutical and biotechnology companies, are further accelerating market growth. Together, these elements are solidifying North America's position as the leading region in the global oncology drugs market.

According to the data from the GLOBOCAN 2024, in 2022, North America saw an estimated number of 2,673,174 million new cases of cancer, with forecasts indicating a rise to 3,828,805 million by 2045. This rising cancer burden is fueling demand for advanced oncology drugs, as more patients require effective, tailored treatments for various cancer types.

According to the American Cancer Society's Cancer Facts & Figures (2024), in 2024, nearly 2 million cancer cases were diagnosed in the United States, up from 1.9 million in 2023.

As per the report published by the Government of Canada (2022), in 2022, over 233,900 people were diagnosed with lung cancer in Canada. The source also mentioned that smoking and tobacco were responsible for 72% of cancer cases in Canada. Similarly, data from the Lung Cancer Research Foundation (2024), in 2023, approximately 238,340 people were diagnosed with lung cancer in the United States, with one in 16 people expected to be diagnosed with lung cancer in their lifetime. This surge in cancer cases has led to a heightened focus on early diagnosis, treatment innovation, and accessibility. Pharmaceutical and biotech companies are investing heavily in research and development to meet this growing demand, leading to the discovery and commercialization of new oncology drugs, including targeted therapies and immunotherapies. These novel drugs are designed to treat cancer more precisely by focusing on specific genetic mutations or immune pathways, offering better patient outcomes with fewer side effects.

Moreover, leading pharmaceutical companies are making substantial investments in research and development to advance cutting-edge targeted therapies. For example, in March 2025, AstraZeneca secured FDA approval for Imfinzi, marking it as the first and only perioperative immunotherapy for patients with muscle-invasive bladder cancer in the United States, a breakthrough that offers new hope for improved patient outcomes.

Similarly, strategic partnerships are fueling innovation in the oncology landscape. In June 2025, BioNTech and Bristol Myers Squibb announced a global collaboration to co-develop and commercialize BNT327, a next-generation bispecific antibody designed to target multiple solid tumor types, potentially transforming treatment options for a broad spectrum of cancer patients.

Collectively, the rising burden of cancer and product launches, and approvals is propelling the demand for oncology drugs in North America, reinforcing its position as a leading region in the global market.

Oncology Drugs Market Key Players:

Some of the key market players operating in the oncology drugs market include Johnson & Johnson Services, Inc., Amneal Pharmaceuticals LLC, Bristol-Myers Squibb Company, GSK plc, Teva Pharmaceutical Industries Ltd., AstraZeneca, AbbVie Inc., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Sanofi, Novartis AG, Pfizer Inc., Amgen Inc., Eli Lilly and Company, Astellas Pharma Inc., DAIICHI SANKYO COMPANY, LIMITED, Takeda Pharmaceutical Company Limited, Gilead Sciences, Inc., BeOne Medicines Ltd., ImmunityBio, Inc., and others.

Recent Developmental Activities in the Oncology Drugs Market:

• In June 2025, Merck announced that the U.S. Food and Drug Administration (FDA) had approved KEYTRUDA(R) (pembrolizumab), the company's anti-PD-1 immunotherapy, for the treatment of adult patients with resectable, locally advanced head and neck squamous cell carcinoma (HNSCC).
• In February 2025, Ono Pharmaceutical Co., Ltd. announced that the U.S. Food and Drug Administration (FDA) has approved ROMVIMZA(TM) (vimseltinib), a novel kinase inhibitor, for the treatment of adult patients with symptomatic tenosynovial giant cell tumor (TGCT) in cases where surgical resection is likely to result in significant functional impairment or severe morbidity. This approval provided a much-needed non-surgical therapeutic option for patients facing complex or high-risk TGCT cases.
• In August 2024, Johnson & Johnson announced that the U.S. Food and Drug Administration (FDA) approved RYBREVANT(R) (amivantamab-vmjw) in combination with LAZCLUZE(TM) (lazertinib) for the first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring epidermal growth factor receptor (EGFR) exon 19 deletions or exon 21 L858R substitution mutations.
• In December 2023, Pfizer Inc. announced the successful completion of its acquisition of Seagen Inc., a global biotechnology company specializing in innovative cancer therapies. This acquisition strengthens Pfizer's oncology portfolio with the addition of Seagen's four approved medicines: ADCETRIS(R) (brentuximab vedotin), PADCEV(R) (enfortumab vedotin), TIVDAK(R) (tisotumab vedotin), and TUKYSA(R) (tucatinib), further solidifying its position as a leader in oncology drugs.

Key takeaways from the oncology drugs market report study

• Market size analysis for current oncology drugs market size (2024), and market forecast for 8 years (2025 to 2032)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years.
• Key companies dominating the oncology drugs market.
• Various opportunities available for the other competitors in the oncology drugs market space.
• What are the top-performing segments in 2024? How these segments will perform in 2032?
• Which are the top-performing regions and countries in the current oncology drugs market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for the oncology drugs market growth in the future?

Target audience who can benefit from this oncology drugs market report study

• Oncology drug product providers
• Research organizations and consulting companies
• Oncology drug-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in oncology drugs
• Various end-users who want to know more about the oncology drugs market and the latest technological developments in the oncology drugs market.

Frequently Asked Questions for the Oncology Drugs Market:

1. What are oncology drugs?

• Oncology drugs are medications used to treat cancer. They encompass a variety of therapies, including chemotherapy, targeted therapies, and hormone therapies, all designed to combat cancer cells or influence the body's response to the disease.

2. What is the market for oncology drugs?

• The oncology drugs market was valued at USD 215.32 billion in 2024, growing at a CAGR of 6.87% during the forecast period from 2025 to 2032 to reach USD 364.81 billion by 2032.

3. What are the drivers for the oncology drugs market?

• The demand for oncology drugs is primarily driven by the rising global incidence of cancer, fueled by a combination of factors including aging populations, underlying health conditions such as obesity, lifestyle changes, and increased environmental exposures. Rising cancer risk factors are increasing the global cancer burden, prompting rapid advancements in oncology. Targeted therapies and immunotherapies are leading innovations, offering more precise treatments with fewer side effects than traditional chemotherapy. Additionally, the market is witnessing a surge in drug development and launch activities by biotech companies and pharmaceutical firms, driven by both commercial opportunity and unmet clinical needs. Together, these trends are creating a highly supportive environment for sustained growth, positioning the oncology drugs market for robust and steady expansion during the forecast period from 2025 to 2032.

4. Who are the key players operating in the oncology drugs market?

• Some of the key market players operating in the oncology drugs market include Johnson & Johnson Services, Inc., Amneal Pharmaceuticals LLC, Bristol-Myers Squibb Company, GSK plc, Teva Pharmaceutical Industries Ltd., AstraZeneca, AbbVie Inc., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Sanofi, Novartis AG, Pfizer Inc., Amgen Inc., Eli Lilly and Company, Astellas Pharma Inc., DAIICHI SANKYO COMPANY, LIMITED, Takeda Pharmaceutical Company Limited, Gilead Sciences, Inc., BeOne Medicines Ltd., ImmunityBio, Inc., and others.

5. Which region has the highest share in the oncology drugs market?

• North America is projected to hold the largest share of the oncology drugs market in 2024, driven by several key factors. The region's dominance is primarily attributed to the rising prevalence of chronic diseases, robust investments in research and development, and a high volume of clinical trials focused on cancer drug innovation. Furthermore, growing government initiatives aimed at cancer awareness, along with an increasing number of research collaborations and strategic partnerships between pharmaceutical and biotechnology companies, are further accelerating market growth. Together, these elements are solidifying North America's position as the leading region in the global oncology drugs market.