Oncology Market Size, Share and Trends 2025 to 2034

Oncology Market Size and Forecast 2025 to 2034

The global oncology market size accounted at USD 225.01 billion in 2024 and is expected to reach around USD 668.26 billion by 2034, expanding at a CAGR of 11.50% from 2025 to 2034.

Oncology Market Key Takeaways

• In terms of revenue, the oncology market is valued at $250.88 billion in 2025.
• It is projected to reach $668.26 billion by 2034.
• The oncology market is expected to grow at a CAGR of 11.50% from 2025 to 2034.
• The North America region has reached 46% of the total market share in 2024.
• The cancer treatment segment accounted for 56% of the total market share in 2024.
• By indication, the lung cancer segment registered the maximum market share in 2024.
• The hospital segment is growing at a CAGR of 10.9% from 2025 to 2034.

U.S. Oncology Market Size and Growth 2025 to 2034

The U.S. oncology market size was estimated at USD 72.74 billion in 2024 and is predicted to be worth around USD 220.21 billion by 2034, at a CAGR of 11.71% from 2025 to 2034.

North America dominated the global oncology market in 2024. This can be attributed to the increased prevalence of cancer in the major market like US. According to the American Cancer Society, over 1.8 million new cancer cases and 606,520 deaths were reported in the US in 2020. The most prominent type of cancer in North America includes lungs cancer, colorectal cancer, breast cancer, and the prostate cancer. The North America oncology market is expected to sustain its significance owing to the presence of developed healthcare infrastructure and the increased healthcare expenditure. The increased adoption of the oncology treatments in US has resulted in a decline of cancer deaths by around 29% since 1991.

Europe is anticipated to be the most opportunistic market during the forecast period. This is attributable to the rising technological advancements in the diagnostics of various cancers. Moreover, the rising prevalence of cancer across Europe and growing number of cancer deaths is expected to foster the growth of the Europe oncology market in the forthcoming years.According to the European Commission, approximately 2.7 million new cancer cases and about 1.3 million cancer deaths were recorded in 2020.

Asia Pacific is expected to grow significantly in the oncology market during the forecast period. The increasing cancer cases in the Asia Pacific are increasing the demand for early diagnosis as well as treatment options for effective management. This, in turn, increases the research and development in the field of oncology. Moreover, this also increases the collaboration between companies and institutes for enhancing the development of new diagnostic and treatment approaches. Furthermore, the advancing healthcare sectors are also adopting various technologies, which are enhancing the development as well as the production process. Thus, all these factors, along with the government and regulatory bodies' support, enhance the market growth.  

Some sales insight revealing the strong growth of oncology during the past few years are listed below:

• In the last five years, 64 oncology new active substances have been launched across the globe
• The cancer treatment segment accounted for around 56% of the global oncology market share in 2020
• About 19.3 million new cancer cases and around 10 million deaths related to cancer were registered in 2020
• New cancer cases are expected to rise by 47% from 2020 to 2040, across the globe
• Approximately 1.8 million deaths were recorded due to lungs cancer in 2020
• Approximately 2.3 million or 11.7% of the new cancer cases were breast cancer in 2020

Oncology Market Growth Factors                                          

The rising oncology burden across the globe owing to the increased consumption of alcohol and tobacco is driving the growth of the global oncology market. The International Agency for Research on Cancer (IARC), in its report GLOBOCAN, has stated that approximately 19.3 million new cancer cases and about 10 million deaths related to cancer were recorded in 2020, across the globe. The IARC has estimated that the new cancer cases are expected to rise by 47% all over the globe from 2020 to 2040. Therefore, the growing prevalence of cancer is expected to foster the adoption of the oncology diagnostics and oncology treatment across the globe, thereby boosting the growth of the global oncology market. Furthermore, the rising initiatives of government and various non-profit organizations in spreading the awareness regarding the prevention of cancer is expected to fuel the growth of the market. For instance, World Health Organization’s Global Action Plan for Prevention and Control of Non-Communicable Diseases, aims at decreasing the premature death due to cancer, cardiovascular diseases, chronic respiratory diseases, and diabetes by around 25% by the year 2025. The rising prevalence of the various chronic diseases has augmented the demand for the early diagnostics and treatment of cancer across the globe.

The rising investments and developments in the biopharmaceutical industry is encouraging the development of various innovative drugs and therapeutics, which fosters the demand for the oncology treatment and oncology diagnostics. The growing awareness among the population regarding the availability of various drugs and diagnostics related to oncology is expected to drive the global oncology market growth. The oncology therapeutics alone accounts for around 20% of the global sales of the pharmaceuticals. Therefore, the rising importance and higher potential of profit is attracting the market players to invest in the oncology market.

Market Scope

Cancer Diagnostics & Treatment Insights

The cancer treatment segment dominated the oncology market in 2024, garnering a market share of around 56%. This is attributable to the increased adoption of the traditional chemotherapy and immunotherapy for the treatment of cancer across the globe. People are now increasingly adopting the targeted therapy and immunotherapy for the treatment as they are more convenient, effective, and has low side-effects as compared to that of the traditional chemotherapy. The low toxicity and the ability of the targeted therapy to specifically target the cancer cells without harming the normal cells is boosting the growth of the cancer treatment segment significantly. Moreover, the rising awareness among the population regarding the benefits of the targeted therapy, hormonal therapy, and the immunotherapy is fueling the demand for these cancer treatments among the global cancer patients.

On the other hand, the cancer diagnostics segment is estimated to be the most opportunistic segment. The increased awareness among the population regarding the cancer disease is augmenting the demand for the cancer diagnostics across the globe. The rising preferences of the people to detect cancer as early as possible is propelling the growth of the cancer diagnostics segment. The availability of various non-invasive and convenient diagnostic tools is expected to drive the growth of this segment during the forecast period.

Indication Insights

Based on the indication, the lung cancer segment dominated the market in 2024, owing to the increased cases of lungs cancer across the globe. According to the International Agency for Research on Cancer, around 1.8 million deaths were recorded due to lungs cancer in 2020. Lungs cancer is the most diagnosed type of cancer among the global population and it accounts for around 18% of the cancer deaths all over the globe. It is recognized as the leading cause of cancer deaths. The increased prevalence of smoking around the globe is a major factor that boosts the growth of this segment.

Breast cancer, on the other hand, is anticipated to be the fastest-growing market during the forecast period. This is due to the growing prevalence of the breast cancer among the female population. As per the IARC, breast cancer has surpassed the lungs cancer as the most diagnosed type of cancer in 2020. Around 2.3 million or 11.7% of the new cancer cases reported as the breast cancer in 2020.

Oncology Market Companies

• Aegerion Pharmaceuticals Inc.
• Abbvie Inc.
• Ability Pharma
• Acadia Pharmaceuticals Inc.
• Amgen Inc.
• Takeda Oncology
• Aslan Pharmaceuticals Ltd.
• Aspen Pharmacare Holdings Limited.
• Astrazeneca
• Athenex, Inc.

Segments Covered in the Report

By Cancer Diagnostics & Treatment

• Cancer Diagnostics
  • Biopsy
  • Imaging
  • Immunohistochemistry
  • Tumor Biomarkers Test
  • In Situ Hybridization
  • Liquid Biopsy
• Cancer Treatment
  • Targeted Therapy
  • Chemotherapy
  • Hormonal Therapy
  • Immunotherapy
  • Others

By Indication

• Lungs 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
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• MEA
• Rest of the World