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Oncology Market Share

Report ID: GMI4879
Published Date: Dec 2024
Report Format: PDF

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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

Authors: Mariam Faizullabhoy , Gauri Wani

Frequently Asked Questions (FAQ) :

The global oncology industry was valued at approximately USD 320.3 billion in 2024 and is estimated to grow at a 10.8% CAGR from 2025 to 2034, driven by the increasing number of diagnostic laboratories in developing countries.

The cancer treatment segment dominated the market with the largest revenue share of 54.6% in 2024, due to aging populations, lifestyle-related risks (such as smoking, poor diet, and lack of physical activity), and environmental influences.

The U.S. oncology market is projected to reach USD 377.1 billion by 2034, driven by an aging population and lifestyle factors increasing the demand for oncology services, treatments, and research.

Key players in the global market include AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb Company, Eli Lilly and Company, GE HealthCare Technologies, Gilead Sciences, GlaxoSmithKline, Johnson & Johnson, Merck & Co, Novartis, Pfizer, and F. Hoffmann-La Roche.