In 2023, the oncology market was valued at USD 226.20 billion and is projected to grow significantly, reaching USD 632.32 billion by 2032, reflecting a compound annual growth rate (CAGR) of 12.1% from 2024 to 2032. This growth is driven by the rising prevalence of cancer and continuous advancements in cancer diagnostics and treatment technologies.
The oncology market is evolving rapidly, with several key trends shaping its future. Immuno-oncology is leading the way, with innovative therapies such as checkpoint inhibitors and CAR-T cell treatments revolutionizing cancer care by harnessing the immune system. Personalized medicine is also gaining momentum, with advancements in genomics and biomarker testing enabling tailored treatments based on individual genetic profiles. Additionally, combination therapies are becoming more prevalent, as the integration of different treatment modalities enhances efficacy and addresses drug resistance.
Early detection is improving with innovations like liquid biopsies and advanced imaging techniques, resulting in better prognoses and treatment outcomes. Digital health technologies, including AI and telemedicine, are advancing precision in treatment planning and patient management. Emerging markets in Asia-Pacific and Latin America are expanding rapidly due to rising cancer incidences and improvements in healthcare infrastructure. However, high treatment costs remain a challenge, driving efforts to improve access through policy reforms and patient assistance programs.
Despite the challenges of high drug costs, regulatory hurdles, and the need for comprehensive patient access systems, ongoing technological advancements and the growing emphasis on early detection and personalized treatments are expected to shape a dynamic and evolving oncology landscape in the coming years.
North America currently dominates the global oncology market, while Europe is expected to witness the fastest growth. Key market players are heavily investing in R&D and innovative therapies to strengthen their positions and capitalize on the growing demand for cancer treatments.
Growth Factors
- Rising Cancer Prevalence: Increasing global cancer cases are propelling demand for innovative diagnostics and treatment options.
- Technological Advancements: Rapid advancements in cancer diagnostics such as liquid biopsy and tumor biomarkers testing are driving market growth.
- Growing Awareness & Healthcare Investments: Government and private sector investments in cancer research and treatment, along with rising patient awareness, are further supporting market expansion.
- Personalized Treatment Demand: The rising preference for personalized and targeted cancer therapies is encouraging pharmaceutical innovation.
Trends and Opportunities
- Immunotherapy and Targeted Therapy: The growing adoption of immunotherapy and targeted therapies for various cancer types is driving demand.
- Liquid Biopsy: Non-invasive diagnostic methods like liquid biopsy are gaining popularity for early cancer detection and monitoring treatment effectiveness.
- Expanding Cancer Awareness: Rising awareness of cancer prevention, early detection, and treatment options are expected to contribute to the market’s expansion.
Cancer Diagnostics & Treatment Insights
Cancer Diagnostics
The oncology market is segmented based on various diagnostic methods:
- Biopsy: A primary diagnostic technique for detecting cancerous cells.
- Imaging: Including MRI, CT scans, and PET scans, is widely used for cancer detection.
- Liquid Biopsy: A non-invasive diagnostic method gaining popularity for early cancer detection.
- Tumor Biomarkers Test: These tests help in assessing cancer progression and treatment efficacy.
Cancer Treatment
The treatment segment is categorized into:
- Targeted Therapy: Focuses on specific cancer cells, reducing side effects on healthy cells.
- Chemotherapy: Widely used, though associated with side effects, it remains a mainstay in cancer treatment.
- Hormonal Therapy: Particularly effective in cancers like breast and prostate cancer.
- Immunotherapy: Utilizes the body’s immune system to fight cancer and has shown promising results in recent years.
Regional Insights
- North America: Dominates the global oncology market with the largest share, valued at USD 89.24 billion in 2023. This is due to high cancer prevalence, advanced healthcare infrastructure, and increased healthcare spending.
- Europe: Expected to be the fastest-growing region in the coming years, driven by increased adoption of advanced diagnostics and treatments.
- Asia-Pacific: Continues to show strong growth potential due to rising cancer rates and increasing investments in healthcare infrastructure.
Key Companies in the Oncology Market
The oncology market is highly competitive, with key companies adopting strategies like mergers, acquisitions, partnerships, and product innovations to maintain market leadership. Major players include:
- Aegerion Pharmaceuticals Inc.
- Abbvie Inc.
- Ability Pharma
- Acadia Pharmaceuticals Inc.
- Amgen Inc.
- Takeda Oncology
- Aslan Pharmaceuticals Ltd.
- Aspen Pharmacare Holdings Limited
- AstraZeneca
- Athenex, Inc.
Market Scope
| Attribute | Details |
|---|
| Market Size in 2023 | USD 226.20 Billion |
| Market Size in 2024 | USD 253.57 Billion |
| Market Size by 2032 | USD 632.32 Billion |
| Growth Rate (2024-2032) | CAGR of 12.1% |
| Largest Market | North America |
| Fastest Growing Market | Europe |
| Base Year | 2023 |
| Forecast Period | 2024 to 2032 |
| Segments Covered | Cancer Diagnostics & Treatment, Indication, Region |
| Regions Covered | North America, Asia Pacific, Europe, Latin America, Middle East & Africa |
Key Market Segments
By Cancer Diagnostics
- Biopsy
- Imaging
- Immunohistochemistry
- Tumor Biomarkers Test
- In Situ Hybridization
- Liquid Biopsy
By Cancer Treatment
- Targeted Therapy
- Chemotherapy
- Hormonal Therapy
- Immunotherapy
- Others
By Indication
- Lung Cancer
- Colorectal Cancer
- Breast Cancer
- Liver Cancer
- Bladder Cancer
- Head & Neck Cancer
- Prostate Cancer
- Others
By End-Use
- Hospitals
- Diagnostic Laboratories
- Diagnostic Imaging Centers
- Academia
- Specialty Clinics
- Others
By Geography
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Rest of the World
Table of Content
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID-19 Impact on Oncology Market
5.1. COVID-19 Landscape: Oncology Industry Impact
5.2. COVID-19 – Impact Assessment for the Industry
5.3. COVID-19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Oncology Market, By Indication
8.1. Oncology Market, by Indication Type, 2024-2032
8.1.1. Lungs Cancer
8.1.1.1. Market Revenue and Forecast (2018-2032)
8.1.2. Colorectal Cancer
8.1.2.1. Market Revenue and Forecast (2018-2032)
8.1.3. Breast Cancer
8.1.3.1. Market Revenue and Forecast (2018-2032)
8.1.4. Liver Cancer
8.1.4.1. Market Revenue and Forecast (2018-2032)
8.1.5. Bladder Cancer
8.1.5.1. Market Revenue and Forecast (2018-2032)
8.1.6. Head & Neck Cancer
8.1.6.1. Market Revenue and Forecast (2018-2032)
8.1.7. Prostate Cancer
8.1.7.1. Market Revenue and Forecast (2018-2032)
8.1.8. Others
8.1.8.1. Market Revenue and Forecast (2018-2032)
Chapter 9. Global Oncology Market, By Cancer Diagnostics
9.1. Oncology Market, by Cancer Diagnostics & Treatment, 2024-2032
9.1.1. Cancer Diagnostics (Biopsy, Imaging, Immunohistochemistry, Tumor Biomarkers Test, In Situ Hybridization, Liquid Biopsy)
9.1.1.1. Market Revenue and Forecast (2018-2032)
Chapter 10. Global Oncology Market, By Cancer Treatment
10.1.2. Cancer Treatment (Targeted Therapy, Chemotherapy, Hormonal Therapy, Immunotherapy, Others)
10.1.2.1. Market Revenue and Forecast (2018-2032)
Chapter 11. Global Oncology Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Indication (2018-2032)
11.1.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.1.3. U.S.
11.1.3.1. Market Revenue and Forecast, by Indication (2018-2032)
11.1.3.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.1.4. Rest of North America
11.1.4.1. Market Revenue and Forecast, by Indication (2018-2032)
11.1.4.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Indication (2018-2032)
11.2.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.2.3. UK
11.2.3.1. Market Revenue and Forecast, by Indication (2018-2032)
11.2.3.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.2.4. Germany
11.2.4.1. Market Revenue and Forecast, by Indication (2018-2032)
11.2.4.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.2.5. France
11.2.5.1. Market Revenue and Forecast, by Indication (2018-2032)
11.2.5.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.2.6. Rest of Europe
11.2.6.1. Market Revenue and Forecast, by Indication (2018-2032)
11.2.6.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Indication (2018-2032)
11.3.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.3.3. India
11.3.3.1. Market Revenue and Forecast, by Indication (2018-2032)
11.3.3.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.3.4. China
11.3.4.1. Market Revenue and Forecast, by Indication (2018-2032)
11.3.4.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.3.5. Japan
11.3.5.1. Market Revenue and Forecast, by Indication (2018-2032)
11.3.5.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.3.6. Rest of APAC
11.3.6.1. Market Revenue and Forecast, by Indication (2018-2032)
11.3.6.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Indication (2018-2032)
11.4.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.4.3. GCC
11.4.3.1. Market Revenue and Forecast, by Indication (2018-2032)
11.4.3.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.4.4. North Africa
11.4.4.1. Market Revenue and Forecast, by Indication (2018-2032)
11.4.4.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.4.5. South Africa
11.4.5.1. Market Revenue and Forecast, by Indication (2018-2032)
11.4.5.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.4.6. Rest of MEA
11.4.6.1. Market Revenue and Forecast, by Indication (2018-2032)
11.4.6.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Indication (2018-2032)
11.5.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.5.3. Brazil
11.5.3.1. Market Revenue and Forecast, by Indication (2018-2032)
11.5.3.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
11.5.4. Rest of LATAM
11.5.4.1. Market Revenue and Forecast, by Indication (2018-2032)
11.5.4.2. Market Revenue and Forecast, by Cancer Diagnostics & Treatment (2018-2032)
Chapter 12. Company Profiles
12.1. Aegerion Pharmaceuticals Inc.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Abbvie Inc.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Ability Pharma
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Acadia Pharmaceuticals Inc.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Amgen Inc.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Takeda Oncology
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Aslan Pharmaceuticals Ltd.
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Aspen Pharmacare Holdings Limited.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Astrazeneca
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Athenex, Inc.
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
