Oncology Market Size to Exceed USD 521.60 Billion by 2033 | CAGR 8.9%

The global oncology market size was valued at USD 222.36 billion in 2023 and is poised to grow from USD 242.15 billion in 2024

The global oncology market size was valued at USD 222.36 billion in 2023 and is poised to grow from USD 242.15 billion in 2024 to USD 521.60 billion by 2033, growing at a CAGR of 8.9% in the forecast period (2024-2033).

Oncology, focusing on tumor and cancer treatment, drives significant growth in healthcare. Specialized oncologists offer evidence-based interventions for better patient outcomes. As the healthcare landscape evolves, oncology nursing adapts, leveraging diverse teaching tools like print, visual, and online resources. The proliferation of internet access further fuels market expansion, as more patients seek cancer-related information online, driving demand for oncology services and products.

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Market Overview

The oncology market is experiencing rapid growth driven by advancements in cancer diagnosis, treatment, and prevention. Oncology, a medical specialty dedicated to addressing cancer, confronts the challenge of abnormal cell proliferation leading to widespread bodily impact. Recent breakthroughs in genetics and biology have transformed cancer care, empowering multidisciplinary teams led by oncologists. These teams, comprising surgeons, radiologists, pathologists, nurses, and social workers, deliver research-based care tailored to individual patient needs. Medical oncology, utilizing chemotherapy and hormone therapy, radiation oncology employing radiation therapy, and surgical oncology employing surgical procedures, form integral parts of cancer treatment. Oncologists play pivotal roles in diagnosing cancer, staging its progression, and determining its aggressiveness, relying heavily on patient history and diagnostic tools like biopsies and various imaging techniques. The expanding arsenal of diagnostic tools, including endoscopy and radiological studies, underscores the evolution of oncology in meeting the complex demands of cancer diagnosis and treatment.

Key Takeaway:

  • North America region has reached 48% of total market share in 2023.
  • Europe is anticipated to be the most opportunistic market during the forecast period.
  • The cancer treatment segment dominated the oncology market in 2023, garnering a market share of around 57%.
  • The cancer diagnostic segment has accounted 43% of the total market share in 2023
  • The hospitals segment dominated the market in 2023 with a revenue share of 69%
  • Hospital segment is growing at a CAGR of 10.9% from 2024 to 2033.
  • Breast cancer market was valued at USD 60.23 billion in 2023.

Oncology Market Size in U.S. 2024 to 2033

The U.S. oncology market size was valued at USD 74.71 billion in 2023 and is anticipated to reach around USD 180.12 billion by 2033, growing at a CAGR of 9.2% from 2024 to 2033.

In North America, particularly in the United States, the oncology market holds a significant revenue share, driven by robust infrastructure and support systems such as The US Oncology Network. Leveraging the resources, best practices, and extensive experience of McKesson, a stalwart in healthcare spanning over 180 years, physicians within The Network benefit from enhanced capabilities for cancer diagnosis and treatment. Lung cancer stands out as the most prevalent cancer globally, contributing to approximately 12.4% of all cancer diagnoses and remaining the primary cause of cancer-related deaths. In the United States alone, the American Cancer Society reports staggering figures, with an annual incidence surpassing 234,000 new cases of lung cancer and over 154,000 associated deaths. The scale of cancer treatment in the region is substantial, with more than 1.4 million patients receiving care annually across over 600 care facilities. This expansive network encompasses over 2,500 affiliated providers, with an impressive 70% of physicians actively participating in the Enhancing Oncology Model, indicating a strong commitment to advancing cancer care standards.

In Europe, the oncology market emerges as a significant opportunity during the forecast period, driven by a substantial cancer burden affecting the population. With radiotherapy utilized in approximately 50% of cancer cases across European countries, there’s a pressing need for a new generation of radiation/clinical oncologists (RO/CO) equipped not only with evidence-based oncological knowledge but also leadership skills in cancer care. Addressing this need, the European Society of Radiotherapy and Oncology (ESTRO) and the European Union for Medical Specialties (UEMS) have collaborated to establish a European Common Curriculum for RO/CO leadership. This harmonization of training aims to ensure standardized qualifications across the EU, enhancing the quality of cancer care delivery. The rise in cancer cases directly correlates with an increase in demand for radiotherapy courses, particularly for prostate cancer (24%), lymphoma, head and neck, and breast cancer, driven primarily by demographic factors such as aging.

The European Union of Medical Specialists (UEMS), representing 41 National Associations of Medical Specialists and over 1.6 million medical professionals, plays a crucial role in setting high-quality healthcare standards. By advocating for these standards to EU and national medical associations, the UEMS fosters their implementation by competent authorities, thereby elevating the standard of cancer care across Europe.

The European Institute of Oncology (IEO), situated at the gates of Milan, emerges as a leading anti-cancer center in Europe. With a focus on patient-centric care and clinical research, the IEO serves as a hub of global expertise, uniting over 1500 professionals dedicated to combating cancer through scientific innovation and compassionate care.

  • In February 2024, Novartis announced its agreement to acquire MorphoSys AG for EUR 68 per share or an aggregate of EUR 2.7 billion in cash, intending to strengthen its oncology pipeline

Report Highlights

By Type

In the oncology market, the cancer treatment segment held the largest share of 57% in 2023. Being the sub segment, the targeted therapy segment emerges as the dominant class type. Targeted therapy represents a paradigm shift in cancer treatment, focusing on precise molecular targets that regulate cancer cell growth, division, and metastasis. It forms the cornerstone of precision medicine, leveraging insights into DNA alterations and protein dysregulation driving cancer progression. Traditional chemothera