According to insights from Towards Healthcare, the global oncology market size is estimated to be worth USD 225.05 billion in 2024 and is expected to grow to USD 251.01 billion in 2025. The market is projected to nearly double, reaching USD 600.97 billion by 2034, expanding at a solid CAGR of 11.54% between 2025 and 2034.
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The major factors that govern the market are the rising prevalence of cancer, growing research and development facilities, and increasing investments. Government organizations provide funding to support oncology research and launch initiatives to promote early diagnosis and screening. Prominent players collaborate to access advanced technologies and expand their geographical presence. Moreover, advanced technologies, such as artificial intelligence (AI) and machine learning (ML), are revolutionizing the market.
Oncology Market: Highlights
➢ North America held a major revenue share of the market by 43% in 2024.
➢ Asia-Pacific is expected to witness the fastest growth during the predicted timeframe.
➢ By therapy type, the pharmacological/drug-based therapy segment dominated the market in 2024.
➢ By therapy type, the immunotherapy sub-segment is expected to witness the fastest growth in the market over the forecast period.
➢ By cancer type, the breast cancer segment accounted for the highest revenue share of the market in 2024.
➢ By cancer type, the liver cancer segment is expected to show the fastest growth over the forecast period.
➢ By modality type, the therapeutic oncology segment led the oncology market in 2024.
➢ By modality type, the diagnostic oncology segment is expected to expand rapidly.
➢ By end-user, the hospital & cancer institutes segment contributed the biggest revenue share of the market in 2024.
➢ By end-user, the specialty oncology clinics segment is expected to grow with the highest CAGR in the market during the studied years.
➢ By technology, the monoclonal antibodies & targeted biologics segment held a dominant revenue share of the market in 2024.
➢ By technology, the immune checkpoint inhibitors segment is expected to account for the highest growth in the coming years.
Market Overview
The oncology market refers to the development and distribution of drugs and medical devices for the prevention, diagnosis, treatment, and rehabilitation of cancer. Oncology is the study of cancer, which is caused by the abnormal growth of tumor cells, both malignant and benign, at a specific location within the body. Cancer is diagnosed through biopsy and several imaging techniques. The most common treatment for cancer includes radiotherapy, chemotherapy, and surgery. Researchers develop novel treatment modalities other than conventional therapy to cure cancer from its root cause.
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Next-Gen Oncology Care: Major Potential
Scientists leverage AI and ML in oncology research to develop novel therapeutics such as targeted therapy and chemotherapy. AI and ML enable researchers to predict drug properties and treatment outcomes. They analyze a patient’s conditions and personalize patient care. Integrating AI in imaging techniques enables healthcare professionals to target tumors more accurately and adapt radiation delivery during each course of treatment. Additionally, AI-enabled robots assist surgeons in performing surgeries and provide greater precision, flexibility, and control than traditional surgical methods.
Economic Burden: Major Limitation
Oncology poses a significant economic burden on patients, their families, and the healthcare sector. According to an IQVIA report, cancer medicine spending at list prices rose to $252 billion in 2024 and is expected to reach $41 billion by 2029 globally. This leads to financial catastrophe, deeper debts, and impoverishment. Cancer results in productivity losses, lower employment rates, and premature retirement.
The Oncology Market: Regional Analysis
North America held a major revenue share of 43% market in 2024. The rising prevalence of cancer, favorable government support, and the availability of state-of-the-art research and development facilities are the major growth factors for the market in North America. Researchers and companies use advanced technologies to develop innovative products. North American countries have suitable infrastructure for research and clinical trials, aligned with favorable regulatory policies.
The U.S. conducts the highest number of clinical trials in the world. As of September 11, 2025, a total of 47,789 clinical trials were registered on the clinicaltrials.gov website related to cancer. An article published in the American Cancer Society journal reported that more than 2 million new cancer cases are estimated to occur in 2025, including both men and women. The Food and Drug Administration (FDA) regulates the approval of oncology drugs and medical devices in the U.S. In 2024, the FDA approved 60 oncology drugs.
Canada has a total of 7,224 clinical trials related to cancer as of September 2025. Canadian Cancer Statistics estimated that 44% of Canadian women and 45% of Canadian men will develop cancer at least once in their lifetime. The government of Canada announced an investment of $545,000 for two initiatives, “Canadian Partnership for Tomorrow’s Health” and “Canadian Cancer Society”, to advance research and raise awareness of breast cancer screening.
Asia-Pacific is expected to host the fastest-growing oncology market in the coming years.
The growing geriatric population and sedentary lifestyles are the leading causes of cancer in people living in the Asia-Pacific countries. Government and private institutions conduct seminars, workshops, and conferences to share the latest updates on oncology innovation. The increasing investments and collaborations among key players lead to the development of novel products. People are becoming aware of early diagnosis of cancer and personalized treatment.
The Chinese government plays a pivotal role in managing and tackling cancer through the “Healthy China 2030” initiative. As part of this initiative, the government encourages people to adopt healthy lifestyles and invest in promoting early diagnosis through regular checkups. Shanghai is set to host “The 13th International Conference of Federation of Asian Clinical Oncology (FACO)” in October 2025, with a theme of “Collaboration & Innovation in Clinical Oncology in Asia”.
The Indian government provides financial assistance of up to Rs 15 lakh for the treatment of poor cancer patients, as part of the Health Minister’s Cancer Patient Fund (HMCPF). Between January and July 2025, a total of 134 patients benefited under the scheme. In addition, India observes National Cancer Awareness Day on 7th November every year to raise awareness of the growing cancer burden and inspire action for its prevention, early detection, and treatment.
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The Oncology Market: Segmentation Analysis
By Therapy Type
The pharmacological/drug-based therapy segment held a dominant presence in the market in 2024. This is due to high affordability, targeted treatment, and easy availability of pharmacological treatment. Several small molecules and biologics have been developed to provide targeted therapy to patients. These drugs cure a disease from its root cause. The growing demand for non-invasive treatment promotes the use of pharmacological therapy. About 568 cancer drugs were launched from 1990 to 2022.
The immunotherapy sub-segment is expected to expand rapidly. Immunotherapy helps the immune system detect and attack tumor cells. The different types of immunotherapy drugs used for cancer include checkpoint inhibitors, adoptive cell therapy, monoclonal antibodies, cancer vaccines, and immune system modulators. They may not necessarily cure cancer, but they help patients live longer.
By Cancer Type
The breast cancer segment held the largest revenue share of the oncology market in 2024. The increasing breast cancer cases and their complexity boost the segment’s growth. Breast cancer is the most prevalent type of cancer in women globally. The Breast Cancer Organization estimated that in 2025, approximately 316,950 women will be diagnosed with invasive breast cancer. Advanced mammography and novel therapeutics are developed for breast cancer diagnosis and treatment, respectively. Additionally, the World Health Organization (WHO) launched the Global Breast Cancer Initiative (BCI) to reduce mortality rates by 2.5% annually.
The liver cancer segment is expected to grow with the highest CAGR in the market during the studied years. Liver cancer is mainly caused by fatty liver disease, genetic conditions, type 2 diabetes, alcohol consumption, and obesity. It is reported to be the fourth most common cause of death globally and the sixth most common cancer type. Ongoing efforts are made to transform the diagnosis and treatment of liver cancer. Current treatment modalities include surgery, liver transplant, radiation, and chemotherapy.
By Modality Type
The therapeutic oncology segment contributed the biggest revenue share of the oncology market in 2024. This is due to advancements in cancer therapeutics, leading to the development of personalized medicines. Gene editing techniques like CRISPR and drug delivery systems like nanoparticles are increasingly used to revolutionize cancer treatment. Hormonal therapy has also made significant strides in treating cancer by preventing hormone-sensitive cancer cells from getting the hormones they need to proliferate.
The diagnostic oncology segment is expected to account for the highest growth in the oncology market in the coming years. Several government organizations launch initiatives to create awareness about the screening and early diagnosis of cancer. This helps healthcare professionals to provide early intervention and personalized care. AI/ML-enabled diagnostic devices are developed to enhance diagnostic precision and accuracy.
The liquid biopsy sub-segment is expected to expand rapidly. The growing demand for minimally invasive surgeries promotes the demand for liquid biopsy. Liquid biopsy is a simple technique that involves the withdrawal of body fluids. The high affordability of liquid biopsy makes it accessible to patients of different economic backgrounds.
By End-User
The hospital & cancer institutes segment led the oncology market in 2024. The segmental growth is attributed to the availability of favorable infrastructure and suitable capital investment. Hospitals and cancer institutes have experts from diverse departments, providing multidisciplinary care to patients. Patients also prefer visiting hospitals due to favorable reimbursement policies and cashless treatment services.
The specialty oncology clinics segment is expected to witness the fastest growth in the market over the forecast period. Specialty clinics are equipped with specialized equipment for the diagnosis and treatment of cancer. They have skilled professionals who provide personalized care to patients. The increasing number of specialty oncology clinics also contributes to the segment’s growth. As of March 2025, there are around 73 NCI-designated cancer centers in the U.S.
By Technology Type
The monoclonal antibodies & targeted biologics segment accounted for the highest revenue share of the oncology market in 2024. This is due to the growing demand for personalized medicines. Monoclonal antibodies work by delivering the drug or radioactive substance directly to the cancer cells. Some monoclonal antibodies block the connection between a cancer cell and proteins that promote cell growth. In 2024, the U.S. FDA approved 13 monoclonal antibodies.
The immune checkpoint inhibitors segment is expected to show the fastest growth over the forecast period. Immune checkpoint inhibitors are gaining considerable attention as they attack the immune system. They boost the immune responses by targeting immunologic receptors on the surface of T-lymphocytes. They are in high demand as they increase the survival rates of cancer patients.
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Top Companies and Their Contributions to the Market
|
Companies |
Contributions & Offerings |
|
Pfizer, Inc. |
Pfizer conducts 50+ programs and 80+ clinical trials and contributes 40% of its R&D budget to oncology. |
|
Merck KGaA |
Advances cancer research with one of the largest development programs across more than 30 tumor types. |
|
Novartis AG |
Novartis offers a portfolio of treatments for more than 25 cancer conditions worldwide, with approximately 30 compounds in development. |
|
Amgen |
Amgen delivers new therapies for complex cancers and propels the next generation of targeted small molecules and innovative immunotherapies. |
|
Eli Lilly & Company |
The company has been making strides in cancer treatment since 1961 and makes efforts to increase accessibility to cancer clinical trials. |
Oncology Market Top Companies
• Pfizer, Inc.
• Merck KGaA
• Novartis AG
• Amgen, Inc.
• Eli Lilly & Company
• AbbVie
• AstraZeneca plc
• Bristol Myers Squibb
• Roche Holding AG
• Astellas Pharma
• Bayer
Recent Developments in the Oncology Market
⦿ In September 2025, Imagene AI announced a collaboration with Sheba Medical Center to advance cancer research and care with real-world data and multimodal AI. The collaboration was made to revolutionize personalized medicines and enable biomarker discovery.
⦿ In August 2025, Everhope Oncology unveiled its first 15-bed dedicated cancer daycare center in Sector 65, Gurugram. The center will offer cancer care in a seamless and personalized manner. The company also aims to open similar centers in South Delhi, Noida, Mumbai, and Bangalore.
⦿ In June 2025, Citius Oncology, Inc. announced the launch of LYMPHIR, an FDA-approved immunotherapy, for the treatment of adults with relapsed or refractory cutaneous T-cell lymphoma (CTCL). The launch is estimated to occur in the second half of 2025.
Oncology Market Segmentation
By Therapy Type
• Pharmacological/Drug-Based Therapy
Chemotherapy
• Targeted Therapy (~31% of total drug market)
• Immunotherapy (ICIs, CAR-T)
• Hormonal Therapy
• Radiation Therapy
External Beam Radiation (EBRT)
Brachytherapy
Proton Beam Therapy
• Surgical Oncology
• Supportive Care Therapy
Antiemetics, Pain Relief, Blood Cell Support
• Combination Therapies
By Cancer Type
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Liver Cancer
• Hematological Cancers (Leukemia, Lymphoma, Myeloma)
• Melanoma
• Cervical & Ovarian Cancer
• Other Rare and Solid Tumors
By Modality
• Therapeutic Oncology
• Diagnostic Oncology
• Imaging (CT, MRI, PET)
• Molecular Diagnostics
• Liquid Biopsy
• Surgical Oncology
• Preventive Oncology (Vaccines, Screening)
By End-User
• Hospitals & Cancer Institutes
• Diagnostic Laboratories
• Ambulatory Surgical Centers
• Academic & Research Organizations
• Specialty Oncology Clinics
By Technology
• Monoclonal Antibodies & Targeted Biologics
• Immune Checkpoint Inhibitors (PD-1/PD-L1, CTLA-4)
• Cell & Gene Therapies (CAR-T, TCR-T, Oncolytic Viruses)
• Radiopharmaceuticals
• Companion Diagnostics & NGS
• Artificial Intelligence in Oncology (AI-augmented imaging & pathology)
By Region
• North America
○ US
○ Canada
• Asia Pacific
○ China
○ Japan
○ India
○ South Korea
○ Thailand
• Europe
○ Germany
○ UK
○ France
○ Italy
○ Spain
○ Sweden
○ Denmark
○ Norway
• Latin America
○ Brazil
○ Mexico
○ Argentina
• Middle East and Africa (MEA)
○ South Africa
○ UAE
○ Saudi Arabia
○ Kuwait
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Browse More Insights of Oncology Market from Towards Healthcare:
The oncology clinical trial market valued at USD 13.64 billion in 2024, is projected to reach USD 14.36 billion in 2025 and nearly USD 22.85 billion by 2034, reflecting a steady CAGR of 5.3% over the forecast period.
The oncology API market is expanding steadily, with a valuation of USD 41.79 billion in 2024, growing to USD 43.95 billion in 2025, and expected to reach approximately USD 69.55 billion by 2034 at a CAGR of 5.24%.
The oncology biosimilars market is poised for rapid growth. From USD 6.7 billion in 2024, it is anticipated to rise to USD 7.94 billion in 2025 and surge to around USD 36.23 billion by 2034, achieving an impressive CAGR of 18.47%.
Tele-oncology is also gaining momentum. The market, valued at USD 4.74 billion in 2024, is expected to grow to USD 5.49 billion in 2025 and reach USD 20.48 billion by 2034, expanding at a CAGR of 15.76%.
The oncology drug discovery space is set for significant expansion over the coming decade, fueled by advancements in precision medicine, AI-driven drug development, and a growing pipeline of targeted therapies.
Emerging technologies such as microfluidics in oncology are showing strong potential, with both markets expected to generate substantial revenue, potentially reaching hundreds of millions over the forecast period from 2025 to 2034.
The oncology molecular diagnostics market is also on an upward trajectory. Valued at USD 3.11 billion in 2024, it is projected to grow to USD 3.48 billion in 2025 and reach USD 9.76 billion by 2034, reflecting a CAGR of 12.13%.
Precision oncology continues to gain traction, with the market expected to grow from USD 120.9 billion in 2024 to an estimated USD 310.75 billion by 2034, achieving a CAGR of 9.9%.
The oncology NGS market is showing robust growth, rising from USD 508.95 million in 2024 to USD 589.01 million in 2025 and projected to reach around USD 2,193.49 million by 2034, expanding at a CAGR of 15.73%.
