Oncology/Cancer Drugs Market to Reach $335.2 Billion by 2033 Globally, at 7.2% CAGR: Allied Market Research
Factors that drive the growth of the global oncology/cancer drugs market include rise in awareness among the population about the treatment options of cancer, increase in prevalence of cancer disease, and surge in geriatric population. However, adverse effects related to cancer drugs is expected to hamper the growth of market.
WILMINGTON, Del., Feb. 10, 2026 /PRNewswire/ -- According to a new report published by Allied Market Research, titled, "Global Oncology/Cancer Drugs Market by Drug Class Type, Indication, and Region: Global Opportunity Analysis and Industry Forecast, 2024–2033," The oncology drugs market size was valued at $167.0 billion in 2023, and is projected to reach $335.2 billion by 2033, registering a CAGR of 7.2% from 2024 to 2033. Cancer is caused when the cells present in the body grow at an uncontrolled rate leading to the formation of a tumor. Cancer has different stages based on its progression. Metastasis is the final stage of the disease, which is marked by the invasion of tumor into others parts of body. The management of cancer in patients requires the use of different drugs such as hormonal therapy, immunotherapy, targeted therapy, and chemotherapy.
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Introduction and Dynamics
Rise in geriatric population, surge in prevalence of cancer, early screening of the cancer, and higher number of R&D activities to develop cancer therapeutics significantly contribute toward the growth of the market. Promising drugs in late stage of pipeline with high potential of emerging economies are further expected to provide lucrative opportunities for market expansion. However, adverse effects related to cancer drugs impede the oncology drugs market growth.
Market Segmentation
By drug class type, targeted therapy segment is anticipated to grow with the largest share throughout the forecast period. This is attributed to the identification of molecular targets of cancer cells, fewer adverse effects, and availability of number of targeted therapeutics. Recent advances in cellular technology have contributed to improve the understanding of tumor cells and their metabolism at molecular level, thus driving the need for targeted drug therapies for cancer treatment. On the other side, the demand for immunotherapy is projected to exhibit the fastest market growth during the forecast period due to its affectivity, and expected launch of pipeline immunotherapies.
By indication, the breast cancer segment was the major revenue contributor in 2020 and is anticipated to continue this trend during the forecast period, due to increase in number of females suffering from breast cancer. In addition, adoption of unhealthy lifestyle, increasing female geriatric population, exposure to harmful radiation and increasing governmental initiatives also contributed toward the growth of the oncology drugs market. On the other side lung cancer is projected to exhibit the fastest market growth during the forecast period, owing to higher incidence, increase in geriatric population, changes in lifestyle of people, and rise in smoking of tobacco that includes passive smoking, which may lead to lung cancer.
North America accounted for the largest share of revenue in 2023, and is anticipated to maintain its dominance from 2023 to 2033, owing to presence of large patient population, strong presence of key players, ease of drug availability, well developed healthcare infrastructure, favorable reimbursement policies in healthcare system, higher number of research, development, & innovation activities and higher adoption of advanced therapeutics. However, Asia-Pacific is expected to witness growth at the highest CAGR, owing to increase in number of cancer affected population and rise in awareness related to different cancers.
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Where Are the Most Attractive Investment Opportunities in the Oncology/Cancer Drugs Market?
Investors are majorly interests in targeted therapies as these drugs focus on specific molecular or genetic targets associated with cancer growth. This helps improve treatment effectiveness and reduce side effects. Further, immuno-oncology is another area gaining traction among the investors, who are focusing on immune checkpoint inhibitors, cancer vaccines, and cell-based therapies. These are effective as well as exhibit the ability to treat previously resistant cancers. Further, personalized and precision medicine also presents significant investment potential. Developments in genomics and biomarker testing allow treatments to be tailored to individual patients. Investors are, thus, interested in companies developing biomarker-driven drugs and companion diagnostics, as these products improve clinical outcomes and support regulatory approvals.
Why Is Demand Increasing in the Oncology / Cancer Drugs Market?
The demand for oncology or cancer drugs is increasing steadily. This is attributed to rise in incidence of cancer due to aging population, changes in lifestyle, environmental pollution, and genetic factors. Improvements in cancer diagnosis and screening also plays a major role in the growth of the oncology/cancer drugs market. There is an increase in the demand for effective drug-based treatments as more people are diagnosed with cancer. Advancements in imaging technologies, genetic testing, and early detection programs help identify cancer at earlier stages. Further, introduction of targeted therapies, immunotherapies, and personalized medicine also help improve treatment outcomes. These therapies are effective and better tolerated than traditional chemotherapy.
How Are Consumer Preferences Shaping Market Trends?
Surge in preference for effective and targeted treatments makes way for research and development of oncology/cancer drugs. This makes way fo manufacturers to focus on innovative treatment approaches that target cancer cells while minimizing damage to healthy tissues. This helps accelerate the development and adoption of targeted therapies and immunotherapies over traditional chemotherapy. Further, there is a rise in demand for treatment with fewer side effects as cancer patients are concerned about quality of life during and after treatment. Drugs that reduce pain, fatigue, nausea, and long-term complications are gaining preference. Thus, researchers need to focus on developing safer drug profiles and supportive care medications.
The rise in preference for personalized and precision medicine also makes way for biomarker-based drug development and companion diagnostics. This leads to effective approach toward cancer treatment. Further, many patients prefer oral oncology drugs as they help reduce hospital visits. This preference makes way for increase in development of oral oncology/cancer drugs. In addition, many patients also prefer the methods of treatment that are affordable, thus encouraging value-based treatment decisions.
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Key Findings Of The Study
- On the basis of drug class type, the targeted therapy segment held largest oncology drugs market share in 2023 and is expected to remain dominant throughout the forecast period.
- On the basis of indication, the breast cancer segment held largest market share in 2023 and is expected to remain dominant throughout the forecast period.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
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