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 valued at around USD 320.3 billion in 2024 and is estimated to grow at 10.8% CAGR from 2025 to 2034. Oncology is the medical specialty dedicated to the prevention, diagnosis, and treatment of cancer.

This field encompasses diverse strategies for managing various cancer types, including surgical interventions, chemotherapy, radiotherapy, cancer immunotherapy, which was valued at USD 125.7 billion in 2023, and targeted therapies. Oncology also involves comprehensive research to elucidate the causes and progression of cancer, with the goal of developing novel treatments and enhancing patient outcomes.
 

The global increase in cancer incidence is a primary driver of the oncology market. Factors such as aging populations, lifestyle changes, and environmental factors further contribute to higher cancer rates and fatalities, thereby increasing demand for oncology treatments. For instance, the American Cancer Society estimated 1,958,310 new cancer cases and 609,820 cancer deaths in the U.S. in 2023. This rising incidence underscores the critical need for continued advancements in cancer research and treatment, fueling market growth.
 

Additionally, recent years have seen significant progress in oncology, particularly with the growing recognition, effectiveness, and product approvals of personalized medicine, immunotherapies, and CAR T-cell therapies. For instance, according to the National Cancer Institute, in late 2023, NexCAR19 became the first CAR T-cell therapy developed and approved in India, marking a new era in cancer treatment approaches. These treatments aim to improve the specificity and effectiveness of cancer treatment by targeting cancer cells while minimizing damage to healthy tissues. This progress in oncology, particularly in personalized medicine, immunotherapies, and CAR T-cell therapies, is driving growth in the market by expanding treatment options and improving outcomes. These advancements enhance demand for innovative therapies, support regulatory approvals, and attract significant investment, fueling ongoing expansion in the sector.
 

Oncology Market Trends

• Advancements in diagnostic tools, such as genetic testing and biomarker analysis, have enabled earlier identification and treatment of cancers, contributing to improved patient survival rates.
   
• For instance, the American Cancer Society reported that cancer death rate declined by 1.5% from 2019 to 2020, contributing to a 33% total reduction since 1991 and resulting in an estimated 3.8 million fewer deaths, due to the significant contribution of early detection and improved treatments. This trend highlights the importance of continued investment in cancer diagnostics and screening programs.
   
• Additionally, many countries are increasing healthcare budgets and offering grants and subsidies for oncology research and treatment facilities. This trend is particularly significant in developing regions and emerging markets like the Middle East and Asia Pacific, where investments are improving access to advanced cancer care.
   
• For instance, the “Health Minister’s Cancer Patient Fund (HMCPF)” under the Rashtriya Arogya Nidhi (RAN) was established to assist impoverished cancer patients in India. It provided financial aid for treatment to patients below the poverty line at 27 Regional Cancer Centers (RCCs). Each RCC was provided access to a revolving fund of up to USD 59,000 to support eligible patients.
   
• These increasing investments in healthcare, grants, and subsidies for oncology are significantly boosting the market. By enhancing access to advanced treatments and providing financial support for cancer patients, particularly in emerging markets, these efforts are expanding the reach of cancer care, fostering demand, and driving market growth in oncology.
   

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 cancer treatment segment dominated the market with the largest revenue share of 54.6% in 2024.
 

• The global incidence of cancer is rising due to factors like aging populations, lifestyle-related risks (such as smoking, poor diet, and lack of physical activity), and environmental influences. For instance, according to the World Health Organization (WHO), by 2050, over 35 million new cancer cases are expected, marking a 77% increase from the estimated 20 million cases in 2022. This significant rise reflects the growing global cancer burden and underscores the urgent need for advancements in prevention, early detection, and treatment strategies
   
• Additionally, governments and private organizations are investing heavily in oncology research, drug development, and treatment infrastructure. For instance, The National Cancer Institute (NCI) in the U.S. reported a fiscal year 2022 budget of USD 6.72 billion for cancer research. This investment is crucial for addressing the growing global cancer burden and improving patient outcomes across diverse populations.
   
• Such increased funding, particularly in developing regions, improves the availability of advanced treatments and accelerates the adoption of new therapies, resulting in significant segment 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.
 

• The rising incidence of breast cancer, influenced by factors such as aging populations, genetic predisposition, and lifestyle changes, is a significant market driver.
   
• For instance, according to the World Health Organization (WHO), in 2022, 2.3 million women were diagnosed with breast cancer, and 670,000 women died from the disease globally. This escalating prevalence underscores the growing demand for breast cancer treatments and diagnostics.
   
• Additionally, both public and private sectors are making substantial investments in cancer research and infrastructure, particularly in emerging markets such as Asia and the Middle East. For instance, the National Cancer Institute (NCI) reports that in fiscal year 2020, USD 2.57 billion in stamp funds were allocated for breast cancer research?.
   
• Such investments are enhancing access to advanced treatment options and early detection methods, thereby accelerating the growth of the breast cancer market and improving patient outcomes globally.
   

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 global rise in cancer cases is driving increased demand for oncology services in hospitals, leading to a notable increase in hospital admissions for cancer treatment. For example, Manipal Hospitals, India's second-largest hospital chain, reports over 400,000 patient visits annually for cancer care. This growing demand highlights the need for expanded oncology services to meet the needs of patients worldwide.
   
• Additionally, the advent of more effective and less invasive cancer treatments, including immunotherapy and personalized medicine, has increased the demand for specialized oncology services in hospitals. These advanced therapies require sophisticated technologies and highly trained personnel, prompting hospitals to expand their oncology departments to meet these evolving needs.
   

• The U.S. oncology market is projected to grow significantly, reaching USD 377.1 billion by 2034.
   
• The rising number of cancer cases in the U.S., driven by an aging population and lifestyle factors, is significantly increasing the demand for oncology services, treatments, and research.
   
• For instance, the American Cancer Society predicts that in 2024, an estimated 310,720 women in the U.S. will be diagnosed with invasive breast cancer, and 42,250 women are expected to die from the disease.
   
• This growing burden on healthcare systems is contributing to the rapid expansion of the U.S. market, as hospitals, research organizations, and pharmaceutical companies work to develop and provide more advanced therapies, diagnostics, and support services.
   

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

• The United Kingdom has experienced notable progress in cancer treatments, encompassing immunotherapy, targeted therapies, and precision medicine. These advancements have resulted in higher survival rates and enhanced patient outcomes, consequently increasing the demand for innovative oncology treatments and services.
   
• For instance, According to Cancer Research UK, cancer survival rates in the UK have doubled in the last 50 years, with 50% of people diagnosed with cancer surviving their disease for 10 years or more. This continuous improvement in cancer therapies and increased demand for services underscores the UK's commitment to advancing oncology care.
   

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

• Japan's population is among the world's oldest, with a significant proportion of citizens aged 65 and above. The aging population substantially impacts the market, as cancer incidence is higher in older individuals.
   
• For instance, according to the World Health Organization (WHO), as of 2023, 29.3% of Japan's population was aged 65 years or older. This demographic shift leads to a higher prevalence of age-related diseases, including cancer, thereby increasing the demand for oncology treatments and services.
   

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 market is competitive, featuring both major global companies and numerous smaller firms. 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 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.
   

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
   

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 users

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