The global oncology drugs market is projected to reach USD 763.21 billion by 2035, up from USD 202.26 billion in 2025, expanding at a CAGR of 14.20% during the forecast period, according to a new report by Market Research Future.
The market’s growth is being propelled by three converging forces: the rising cancer prevalence, advances in targeted therapies and immunotherapy, and the increasing integration of biomarker-driven diagnostics and combination treatment strategies.
The growing incidence of cancer remains a key driver of demand for oncology medicines. The World Health Organization (WHO) reported nearly 20 million new cancer cases and approximately 9.7 million cancer-related deaths globally in 2022. The organisation projects that the number of new cancer cases could exceed 35 million annually by 2050.
Market Segment Insights
The global oncology drugs market was valued at USD 177.1 billion in 2024, according to the report.
By Drug Type
Chemotherapy drugs represented the largest segment, accounting for approximately 38% of the market in 2024. Despite the rapid emergence of new therapies, chemotherapy remains an important component of cancer treatment.
Targeted therapy drugs represent the fastest-growing segment, supported by advances in precision medicine and biomarker identification. Immunotherapy drugs are also rapidly gaining traction due to their ability to harness the body’s immune system to treat various malignancies.
Hormonal therapy drugs continue to play an important role in specific cancers, including breast and prostate cancer, representing a specialised but significant segment of the oncology landscape.
By Therapeutic Area
Breast cancer accounted for approximately 26% of the market in 2024, representing the largest segment. High disease prevalence and continued innovation in HER2-targeted and other precision therapies are supporting market growth.
Lung cancer is the fastest-growing indication, driven by increasing awareness, improvements in early diagnosis and the rapid development of targeted and immunotherapy options.
Colorectal cancer represents another significant segment, supported by expanding screening programmes and the availability of targeted treatment options.
Prostate cancer is benefiting from advances in hormonal and targeted therapies, while leukaemia continues to see innovation in targeted medicines and cell therapies.
North America Leads the Market
North America accounted for more than 45% of global oncology drug revenue in 2024, generating approximately USD 79.70 billion, according to the report.
The region’s leadership is supported by advanced healthcare infrastructure, high pharmaceutical R&D investment and a strong pipeline of innovative therapies. Regulatory support from the US Food and Drug Administration (FDA) also facilitates the introduction of new medicines.
Europe Remains the Second-Largest Market
Europe was valued at approximately USD 53.13 billion in 2024, representing around 30% of the global market, according to the report.
The region benefits from a strong regulatory framework that encourages innovation, alongside rising healthcare investments. The European Medicines Agency (EMA) plays an important role in expediting the approval of new therapies, particularly for rare cancers.
Asia-Pacific Emerges as a High-Growth Market
Asia-Pacific accounts for approximately 20% of the global oncology drugs market and is expected to remain one of the fastest-growing regions.
Rising cancer prevalence, improvements in healthcare infrastructure and increasing investment in healthcare research and development are supporting market expansion. China and India are particularly important markets, with growing contributions from domestic pharmaceutical and biotechnology companies alongside multinational drugmakers.
The region is also seeing greater collaboration between domestic and international companies, particularly in areas such as targeted therapies.
Middle East and Africa Offer Growth Opportunities
The Middle East and Africa account for approximately 5% of the global market. Growth in the region is being supported by increasing cancer awareness, rising healthcare expenditure and improving access to treatment.
As healthcare infrastructure and treatment capabilities continue to develop, demand for oncology drugs is expected to increase significantly across the region.
Companies Leading in the Oncology Drugs Market
Roche is a leading player in targeted oncology innovation. The company’s oncology portfolio generated over CHF 18 billion in annual revenue, supported by strategic collaborations and continuous product development in HER2-positive breast cancer and hematologic malignancies.
Bristol-Myers Squibb reported oncology revenue exceeding USD 17 billion. The company strengthened its immunotherapy leadership through acquisitions, portfolio expansion, and regulatory approvals for Opdivo-based cancer treatments across melanoma, lung cancer, and renal cell carcinoma.
Merck & Co. continues to expand combination oncology therapies through innovative product development and regulatory advancements involving Keytruda across multiple cancer indications. The company recorded oncology sales exceeding USD 29 billion, supported by approvals across a broad range of cancer indications.
Pfizer has established a significant presence through its diverse oncology portfolio. The company continues to invest in targeted therapies and combination treatments, with strategic collaborations further strengthening its market position.
Novartis is focused on innovative cell therapies and targeted treatments for hematologic and solid tumours. The company acquired a biotechnology firm specialising in cancer treatments in June 2023 to strengthen its oncology portfolio.
AstraZeneca has strengthened its oncology presence through investments in targeted therapies and immunotherapies, particularly in lung cancer.
Johnson & Johnson continues to develop a diversified oncology portfolio, investing in innovative treatment modalities, strategic partnerships and continuous product development.
Amgen is investing in novel oncology therapies, including targeted treatments and biosimilars to address unmet needs across multiple cancer types.
Gilead Sciences has expanded its oncology operations through cell therapy innovation and hematologic cancer treatments. Its oncology revenue surpassed USD 2 billion annually, with continued investment in CAR-T therapies and advanced cancer research.
Other notable players include AbbVie, Eli Lilly, Regeneron Pharmaceuticals and Seattle Genetics.
