Oncology Market – By Cancer Diagnostics and Treatment, By Cancer Type, By End Use– Global Forecast, 2025 to 2034

Oncology Market Size

The global oncology market size was estimated at USD 320.3 billion in 2024. The market is expected to grow from USD 345.1 billion in 2025 to USD 866.1 billion in 2034, at a CAGR of 10.8% during the forecast period. Oncology is a branch of medicines that deal with the diagnosis, treatment and prevention of cancer. This medical field encompass various treatment options such as radiotherapy, chemotherapy, surgical interventions, targeted therapy, and cancer immunotherapy, which is estimated to reach USD 277.4 billion by 2032.
 

The growth of the market is highly attributed due to the rising prevalence of cancer across the world. Cancer is known as a group of disease that is characterized by uncontrolled growth and spread of the abnormal cells in the body. According to the data from the World Health Organization (WHO), in 2022, around 20 million people globally were diagnosed with cancer and 9.7 million deaths were reported.

Moreover, as per the 2022 report of Global Cancer Observatory, lung cancer was the most common type of cancer worldwide with 2.5 million cases followed by breast cancer with 2.3 million cases, then colorectal cancer with 1.9 million cases, prostate cancer with 1.5 million cases, and stomach cancer with 970,000 cases.  Thus, the rising incidence of the cancer, due to the factors such as lifestyle changes, aging population, and environmental factors, fostering the need for advance diagnostic imaging and treatment, thereby stimulating the market growth.
 

Additionally, the expanding number of diagnostic laboratories across the developed economies is a key catalyst for the growth of the market. Many developed countries are investing heavily in healthcare infrastructure to establish high tech laboratories and diagnostic centers for the research and diagnosis pertaining to various types of cancer. For instance, as per the estimates around USD 47.1 billion budget was allocated by the U.S. government to the National Institute of Health (NIH) in 2024, with National Cancer Institute received a budget of 6.9 billion in the same year. These funding were crucial to support cancer related research initiatives and infrastructure across the U.S. Thus, the growing cancer funding from the government bodies, stimulates the adoption of cutting-edge technologies in the diagnostic laboratories, accelerating the market growth.
 

Oncology Market Trends

• Technological innovations pertaining to the cancer diagnostic and treatment is highly influencing the growth of the market. The adoption of personalized medicine, CAR-T cell therapy, and as well as AI based diagnostic solutions has revolutionized the cancer care.  
   
• For instance, Chimeric Antigen Receptor T-cell (CAR-T) therapy is a groundbreaking cancer treatment, which is providing a new ray of hope for the patients suffering from the difficult to treat hematologic malignancies.
   
• Moreover, as per the recent data, seven CAR-T therapies have been approved by the U.S. Food and Drug Administration for the treatment of various types of cancer, such as large B-cell lymphoma, acute lymphoblastic leukemia (ALL), among others.
   
• Therefore, the rising approval of these therapies is expanding the treatment option for the patients suffering from cancer, thereby fostering the growth of the market.
   
• Additionally, governments and healthcare organizations across the globe predominantly promoting the cancer awareness program in order to encourage early cancer diagnosis and treatment.
   
• For instance, American Cancer Society (ACS) undertake various awareness program throughout the year, such as education pertaining to specific cancer, early detection method, and as well as preventive strategies.
   
• Such initiatives accelerates the awareness of early detection and prevention of cancer among the individuals, thereby propelling the adoption of advanced cancer diagnostic kits and targeted therapy among the healthcare professionals and patients, fostering the market growth.
   

Oncology Market Analysis

Based on cancer diagnostics and treatment, the market is bifurcated into cancer diagnostics and cancer treatment. The cancer diagnostics segment is further sub-segmented into tumor biomarkers test, imaging, biopsy, liquid biopsy, immunohistochemistry, and in situ hybridization. Additionally, the cancer treatment segment is further sub-segmented into chemotherapy, targeted therapy, immunotherapy, hormonal therapy, and other cancer treatments. The global market was estimated at USD 320.3 billion in 2024. The cancer treatment segment held revenues of USD 174.8 billion in the year 2024 and the segment is poised for significant growth at a CAGR of 11.3% during the forecast period.
 

• The growth of the segment is highly attributed due the rising number of FDA approval for the cancer therapies and as well as the growing prevalence of cancer globally.
   
• The U.S. FDA in recent years has accelerated the approval of novel cancer therapies including CAR-T cell therapy, targeted therapy, immunotherapy, among others.
   
• According to data from the Crown Bioscience, 13 novel anticancer therapy were approved by the FDA in 2023. Similarly, in 2024, as per the data from the American Association of Cancer Research, more than 60 oncology approvals including 11 first class therapeutics were approved by the FDA. Thus, the growing approval of these novel therapies expanding the treatment option for various type of cancer.
   
• Such regulatory support has substantially boosted the accessibility of these innovative oncology therapies among the patients, thereby propelling the segmental growth.
   

Based on cancer type, the oncology market is segmented into lung cancer, prostate cancer, colon and rectal cancer, gastric cancer, esophageal cancer, liver cancer, breast cancer, and other cancer types. The breast cancer segment held a significant revenue of USD 63.2 billion in 2024 with a revenue share of 19.7%.
 

• The rising prevalence of the breast cancer is one of the key catalysts for the growth of the segment.
   
• For instance, as per the data from the American Cancer Society, in the U.S. it is projected that in 2025 around 316,950 women will be diagnosed from the invasive breast cancer, about 59,080 women will be diagnosed with ductal carcinoma in situ and approximately 42,170 women will die due to the breast cancer across the nation. Thus, as the diagnosis rate of breast cancer increases so does the need for effective treatment and diagnostic in order to combat the disease.
   
• Additionally, the growing awareness and the research pertaining to the breast cancer is positively influencing the segmental growth.
   
• For instance, across the world breast cancer month is observed in the month of October and the month is named as “Pink October”. During this month across the world various awareness program are conducted regarding the early screening and early diagnosis of the breast cancer.
   
• Such awareness program, necessities the need for advance diagnostic kits and equipment, thereby propelling the market growth.
   

Based on end use, the oncology market is segmented into hospitals, diagnostic laboratories, diagnostic imaging centers, academia, specialty clinics, and other end users. The hospitals segment dominated the market with the largest revenue of USD 215 billion in 2024.
 

• The growth of the segment is owing to the ability of the hospital to manage large volume of cancer patient pool including both inpatient and outpatient. For instance, the Manipal Hospital of India, which is know as the second largest hospital chain in the nation annually see a footfall of 400,000 cancer patient visit to their hospital.
   
• Thus, the growing cases of cancer and as well as the hospitalization and visiting rate of patients, fostering the need for effective treatment and diagnostic equipment in the hospital setting to delivery utmost care to the patients in this setting, thereby fostering the growth of the segment.
   
• Additionally, the growing demand for the non-invasive treatment option for the cancer treatment such as immunotherapy and personalized medicines, has stimulated the adoption of these therapies in the hospitals. Since these advance therapies requires highly skilled personnel which is readily available in the hospital setting, thereby the segment remains in the forefront in the rapidly evolving market of oncology.
   

The U.S. oncology market is projected to grow significantly, reaching USD 377.1 billion by 2034.
 

• The growing prevalence of the cancer in the U.S. in the key catalyst for the growth of the market in the U.S.
   
• For instance, as per the data from the American Cancer Society in 2025, around 2,041,910 new cases of cancer are to be diagnosed and 618,120 cases of cancer related deaths is projected to occur in the U.S.
   
• Thus, this rising burden of the cancer is propelling the market in the U.S. as many pharmaceutical and biotechnology companies, hospitals and research institutes are undertaking various research to develop advanced diagnostic solutions and therapies to the combat the disease in the country.
   

The oncology market in UK is expected to experience significant and promising growth from 2025 to 2034.
 

• The UK government is heavily investing in the cancer research, treatment advancement, and in early detection programs.
   
• For instance, in 2022, as per the data from University of Oxford, the Cancer Research UK had invested around 11 million pound in the cancer science research in Oxford.
   
• Thus, these investment is anticipated to stimulate groundbreaking discovery in the research pertaining to cancer and enhance early diagnosis, accelerating the market growth in the country.
   

Japan oncology industry is anticipated to witness lucrative growth between 2025 – 2034.
 

• The country as one of speediest aging population which necessities frequent health monitoring. The individuals of this demographic are highly prone to age related chronic diseases such cancer, thereby increasing the need for oncology treatment and service among them.
   
• For example, in 2023 projections from the World Economic Forum revealed that 1 in 10 people in Japan are aged 80 years and above which is about one-third of the population.
   
• Thus, as the population ages in the country so does the chances of cancer, thereby fostering the market growth in the country.
   

The oncology market in Saudi Arabia is expected to experience significant and promising growth from 2025 to 2034.
 

• Saudi Arabia has experienced an increase in early cancer detection due to growing awareness and improved screening programs. This trend promotes earlier treatment and heightens the demand for oncology services.
   
• The rising need for diagnostics and cancer care is further fueled by public health campaigns and national cancer screening initiatives, resulting in significant market growth in the region.
   

Oncology Market Share

The top 5 players of the market account for approximately 59.5% of the market share which includes companies such as Bristol-Myers Squibb Company, Merck & Co, Johnson & Johnson, F. Hoffmann-La Roche, and AstraZeneca. A key strategy for participants is investing in the development of advanced oncology therapies, such as immunotherapy, targeted therapy, gene therapy, and oncolytic virus therapy, to enhance accuracy and efficiency.
 

Strategic partnerships with research institutions and healthcare providers are crucial for integrating new technologies and expanding distribution, enabling companies to address the rising demand for oncology. Regulatory support and streamlined approval processes further drive innovation and market entry, solidifying the position of firms within the growing market.
 

Oncology Market Companies

Some of the eminent market participants operating in the oncology industry include:

• AbbVie
• Amgen
• AstraZeneca
• Bristol-Myers Squibb Company
• Eli Lilly and Company
• GE HealthCare Technologies
• Gilead Sciences
• GlaxoSmithKline
• Johnson & Johnson
• Merck & Co
• Novartis
• Pfizer
• F. Hoffmann-La Roche
• Sanofi
• Takeda Pharmaceutical Company Limited
• Bristol-Myers Squibb Company has a strong focus on R&D activities, the company has invested approximately USD 11,159 million in financial year 2024.
• Merck & Co has a strong financial position; the company had reported a total revenue of USD 60,115 million for the financial year 2023.
   

Oncology Industry News:

• In May 2024, Novartis announced that it had entered into an agreement to acquire Mariana Oncology, a preclinical-stage biotechnology company based in Watertown, Massachusetts. The company specializes in developing novel radioligand therapies (RLTs) aimed at treating cancers with significant unmet medical needs. This acquisition strengthened Novartis' RLT pipeline and expanded its research infrastructure and clinical supply capabilities, aligning with the company's strategic priorities in oncology and furthering innovation within its RLT platform.
   
• In March 2024, AstraZeneca entered into a definitive agreement to acquire Fusion Pharmaceuticals Inc., a clinical-stage biopharmaceutical company focused on developing next-generation radioconjugates (RCs). This acquisition represented a significant advancement in AstraZeneca’s efforts to transform cancer treatment by replacing traditional therapies, such as chemotherapy and radiotherapy, with more targeted treatments aimed at improving patient outcomes.
   

The oncology market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million from 2021 – 2034 for the following segments:

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Market, By Cancer Diagnostics and Treatment

• Cancer diagnostics
  • Tumor biomarkers test
  • Imaging
  • Biopsy
  • Liquid biopsy
  • Immunohistochemistry
  • In situ hybridization
• Cancer treatment
  • Chemotherapy
  • Targeted therapy
  • Immunotherapy
  • Hormonal therapy
  • Other cancer treatments

Market, By Cancer Type

• Lung cancer
• Prostate cancer
• Colon and rectal cancer
• Gastric cancer
• Esophageal cancer
• Liver cancer
• Breast cancer
• Other cancer types

Market, By End Use

• Hospitals
• Diagnostic laboratories
• Diagnostic imaging centers
• Academia
• Specialty clinics
• Other end use

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Poland
  • Switzerland
  • Netherlands
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Thailand
  • Indonesia
  • Vietnam
• Latin America 
  • Brazil
  • Mexico
  • Argentina
  • Colombia
• Middle East and Africa 
  • South Africa
  • Saudi Arabia
  • UAE
  • Israel