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 field of medicine that focuses on the prevention, detection, and treatment of cancer.

The development of this practice involves a combination of complex management approaches for various types of cancer, including surgical procedures, chemotherapy, radiotherapy, immunotherapy for cancer. Oncology also entails the effort to investigate the causes and development of cancer in order to discover new therapies and improve treatment outcomes for the patients.
 

The rising prevalence of cancer has become the most pivotal contributor to the growth of the oncology market. The growing and aging global population combined with other factors such as lifestyle changes and increased exposure to several environmental factors have resulted in greater incidences and higher mortality rates, which leads to a larger pool of patients needing oncology therapy. For instance, the American Cancer Society anticipated that there would be around 1,958,310 and 609,820 new cases of cancer and fatalities linked to cancer in the U.S., respectively, in 2023. Thus, the growing incidence of different types of cancer emphasizes the necessity for more treatments and therapies in this area which in turn is broadening the market.
 

Additionally, oncology has also advanced considerably in recent years, which includes the expansive acceptance, approval, and success rates of advanced treatments such as immunotherapies and CAR T-cell therapies. For instance, according to the National Cancer Institute, a new path for cancer treatment modalities began with the launch of NexCAR19 in India as the first CAR T-cell developed in the country that was approved by the U.S. Food And Drug Administration in 2023, through the reduction of the injury caused to the healthy cells in the human body to the end goal of therapy, these treatments’ objective is to make the treatment more efficient and effective. Thus, these developments boost the need for new treatments, facilitate the receipt of permits, and attract large investments, which ensures the further growth of the industry.
 

Oncology Market Trends

• The development of diagnostic options such as genetic and biomarker testing has made it possible to not only locate lesions at an earliest onset but also to treat them at preliminary stage, which considerably increases the survival rate of patients through these advanced cancer diagnostic technologies.
   
• In addition, the healthcare budget expansions alongside the grants and subsidies have also increased the number of nations that have established oncology centers international grants in research and treatment. The trend has been more apparent for the new markets in the East and Asia Pacific which are developing for providing investment aimed at getting these centers closer to the patients.
   
• For instance, the “Health Minister's Cancer Patients Fund” under the National Health Fund was created to help poor cancer patients in India. It subsidized treatment for patients in the below the poverty line category at 27 Regional Cancer Centers. Each Regional Cancer Center was given a revolving fund of USD 59,000 to cater to those patients.
   
• Thus, these rising expenditures on health, grants, subsidies for cancer treatment have greatly expanded the market. These activities are increasing the supply of cancer care services, creating demand, and subsequently growing the market by improving business conditions for cancer treatment and aiding cancer patients especially in developing countries.
   

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.
 

• An increase in the global cases of cancer and the factors contributing towards this are aging populations, lifestyle factors such as smoking, poor diet, lack of physical activity, and other environmental factors.
   
• For instance, more than 35 million new cancer patients will be presented by the year 2050 according to the World Health Organization (WHO). This marks a significant growth of over 77 percent in comparison with 2022 when the number was predicted to be set at 20 million. The vast divide in the figures illustrates the increasing global burden of cancer and the importance of making progress in prevention, detection, and treatment of the disease.
   
• Moreover, the private sector alongside the government is constantly pouring money into cancer drugs, oncology, and treatment infrastructure. For instance, the U.S. National Cancer Institute (NCI) has allocated a budget of USD 6.72 billion for the fiscal year 2022 in relation to cancer research. This investment was important to counter the worldwide cancer burden and improve the outcome of patients belonging to different populations.
   
• Thus, such funding especially from developing regions is expected to improve the procurement of advanced therapies as well as speed up the rate at which new technologies are embraced boosting the performance of this segment significantly.
   

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 expanding breast cancer incidence due to changing demographics such as aging population, genetic factors, and change in lifestyles propelling the segment growth.
   
• For instance, in the year 2022, the World Health Organization stated, 2.3 million women were diagnosed with breast cancer and 670,000 women die of the disease in the same year. The alarming rise in diagnosis being so high increases the demand for breast cancer treatments and diagnosis which in turn leads to increase in the market.
   
• Moreover, both public and private entities are investing greatly in cancer-related research and the cancer-related infrastructure especially in developing countries such as those in Asia and the Middle East.
   
• Therefore, these investments increase the availability of better treatment and detection options which in turn speeds the growth of the market alongside improving the quality of cancer patients’ lives.
   

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.
 

• Due to the rising global burden in cancer cases, the proportional percentage of oncology services provisioned in hospitals has also risen which has led to an increase in hospital admissions for cancer treatment.
   
• For instance, Manipal Hospitals, the second largest hospital chain in India, estimates to receive over 400,000 visits every year for cancer treatment. This trend showcases the increasingly growing need for expansion of oncology services in order to cater to a larger number of patients worldwide.
   
• In addition to this, the availability of effective and lesser invasive cancer treatment methods along the lines of immunotherapy and personalized medicine have also boosted the demand for oncology-specific services provisioned in hospitals.
   
• Therefore, as these treatments are more advanced, they require intricate technology and highly skilled workforce forcing hospitals to extend their oncology departments in order to meet these changes.
   

 

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

• The increasing number of cancer patients across the country is escalating the need for oncology services, treatment, and research, primarily because of the aging population and lifestyle changes.
   
• For instance, an estimate by the American Cancer Society predicts the figure of women suffering from invasive breast cancer in the U.S. will increase to 310,720, with 42,250 women predicted to die from the disease in the year 2024.
   
• This growing burden of cancer on the health care systems is hastening the development of the U.S market at the fastest pace possible, with hospitals, research institutions, and pharmaceutical companies looking for means to improve therapies, diagnosis, and ancillary services.
   

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

• The United Kingdom has achieved significant advancement in cancer care, such as in immunotherapy and other targeted therapies, as well as in precision medicine. Such progress enabled an increase in innovation in oncology treatments and services, as well as improvements in patient outcomes and survival rates.
   
• For instance, according to Cancer Research UK, cancer survival rates in the UK have doubled in the last 50 years, and 50% of people diagnosed with cancer in the UK are expected to survive for ten years or longer after diagnosis. This improvement in cancer therapies along with other services confirms that there has been an increase in supply out of UK’s desire to expand their oncology services.
   

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

• Japan has one of the oldest populations in the world in terms of demographics, with a large section of its population greater than or equal to 65-year-olds. The aging population has a positive effect on the market, as older people are more likely to have cancer.
   
• For example, according to WHO, in 2023, 29.3% of the Japanese population was aged 65 years and above.
   

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

• Rise in awareness and improvement in cancer screening programs have enhanced early detection of cancer in Saudi Arabia. This trend reduces the stage of illness and treatment. Therefore, there is a greater need for oncology services in the country.
   
• There is increased growth of public health and the overall understanding of morbidity, especially cancer, followed by the launch of national screening programs that increase the need for diagnosis and cancer care, exacerbating market growth in the region.
   

Oncology Market Share

Oncology is a competitive market with global corporations and many small companies. One of the core strategies of players in the market is investing in the development of advanced oncology therapies, such as immunotherapy, targeted therapy, gene therapy, as well as oncolytic viruses, to increase precision and effectiveness. Moreover, firms need to form strategic partnerships with research institutions and health services to enable the use of new technologies and aid in distribution to meet the increasing need for oncology. Regulatory support and smoother approval procedures further spur innovation and new players in the market and strengthens the standing of the firms in 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

• The market players invest heavily in the R&D for the development of next-generation oncology drugs, such as CAR-T cell therapies, gene therapies, and monoclonal antibodies.
   
• They provide a wide spectrum of oncology diagnostic and therapeutic services while enhancing the functioning of healthcare providers and the health of patients.
   

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 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