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Oncology Market Size to Exceed USD 521.60 Billion by 2033 | CAGR 8.9%

April 16, 2024 | 
18 min read

The global oncology market size was valued at USD 222.36 billion in 2023 and is poised to grow from USD 242.15 billion in 2024

The global oncology market size was valued at USD 222.36 billion in 2023 and is poised to grow from USD 242.15 billion in 2024 to USD 521.60 billion by 2033, growing at a CAGR of 8.9% in the forecast period (2024-2033).

Oncology, focusing on tumor and cancer treatment, drives significant growth in healthcare. Specialized oncologists offer evidence-based interventions for better patient outcomes. As the healthcare landscape evolves, oncology nursing adapts, leveraging diverse teaching tools like print, visual, and online resources. The proliferation of internet access further fuels market expansion, as more patients seek cancer-related information online, driving demand for oncology services and products.

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Market Overview

The oncology market is experiencing rapid growth driven by advancements in cancer diagnosis, treatment, and prevention. Oncology, a medical specialty dedicated to addressing cancer, confronts the challenge of abnormal cell proliferation leading to widespread bodily impact. Recent breakthroughs in genetics and biology have transformed cancer care, empowering multidisciplinary teams led by oncologists. These teams, comprising surgeons, radiologists, pathologists, nurses, and social workers, deliver research-based care tailored to individual patient needs. Medical oncology, utilizing chemotherapy and hormone therapy, radiation oncology employing radiation therapy, and surgical oncology employing surgical procedures, form integral parts of cancer treatment. Oncologists play pivotal roles in diagnosing cancer, staging its progression, and determining its aggressiveness, relying heavily on patient history and diagnostic tools like biopsies and various imaging techniques. The expanding arsenal of diagnostic tools, including endoscopy and radiological studies, underscores the evolution of oncology in meeting the complex demands of cancer diagnosis and treatment.

Key Takeaway:

  • North America region has reached 48% of total market share in 2023.
  • Europe is anticipated to be the most opportunistic market during the forecast period.
  • The cancer treatment segment dominated the oncology market in 2023, garnering a market share of around 57%.
  • The cancer diagnostic segment has accounted 43% of the total market share in 2023
  • The hospitals segment dominated the market in 2023 with a revenue share of 69%
  • Hospital segment is growing at a CAGR of 10.9% from 2024 to 2033.
  • Breast cancer market was valued at USD 60.23 billion in 2023.

Oncology Market Size in U.S. 2024 to 2033

The U.S. oncology market size was valued at USD 74.71 billion in 2023 and is anticipated to reach around USD 180.12 billion by 2033, growing at a CAGR of 9.2% from 2024 to 2033.

In North America, particularly in the United States, the oncology market holds a significant revenue share, driven by robust infrastructure and support systems such as The US Oncology Network. Leveraging the resources, best practices, and extensive experience of McKesson, a stalwart in healthcare spanning over 180 years, physicians within The Network benefit from enhanced capabilities for cancer diagnosis and treatment. Lung cancer stands out as the most prevalent cancer globally, contributing to approximately 12.4% of all cancer diagnoses and remaining the primary cause of cancer-related deaths. In the United States alone, the American Cancer Society reports staggering figures, with an annual incidence surpassing 234,000 new cases of lung cancer and over 154,000 associated deaths. The scale of cancer treatment in the region is substantial, with more than 1.4 million patients receiving care annually across over 600 care facilities. This expansive network encompasses over 2,500 affiliated providers, with an impressive 70% of physicians actively participating in the Enhancing Oncology Model, indicating a strong commitment to advancing cancer care standards.

In Europe, the oncology market emerges as a significant opportunity during the forecast period, driven by a substantial cancer burden affecting the population. With radiotherapy utilized in approximately 50% of cancer cases across European countries, there’s a pressing need for a new generation of radiation/clinical oncologists (RO/CO) equipped not only with evidence-based oncological knowledge but also leadership skills in cancer care. Addressing this need, the European Society of Radiotherapy and Oncology (ESTRO) and the European Union for Medical Specialties (UEMS) have collaborated to establish a European Common Curriculum for RO/CO leadership. This harmonization of training aims to ensure standardized qualifications across the EU, enhancing the quality of cancer care delivery. The rise in cancer cases directly correlates with an increase in demand for radiotherapy courses, particularly for prostate cancer (24%), lymphoma, head and neck, and breast cancer, driven primarily by demographic factors such as aging.

The European Union of Medical Specialists (UEMS), representing 41 National Associations of Medical Specialists and over 1.6 million medical professionals, plays a crucial role in setting high-quality healthcare standards. By advocating for these standards to EU and national medical associations, the UEMS fosters their implementation by competent authorities, thereby elevating the standard of cancer care across Europe.

The European Institute of Oncology (IEO), situated at the gates of Milan, emerges as a leading anti-cancer center in Europe. With a focus on patient-centric care and clinical research, the IEO serves as a hub of global expertise, uniting over 1500 professionals dedicated to combating cancer through scientific innovation and compassionate care.

  • In February 2024, Novartis announced its agreement to acquire MorphoSys AG for EUR 68 per share or an aggregate of EUR 2.7 billion in cash, intending to strengthen its oncology pipeline

Report Highlights

By Type

In the oncology market, the cancer treatment segment held the largest share of 57% in 2023. Being the sub segment, the targeted therapy segment emerges as the dominant class type. Targeted therapy represents a paradigm shift in cancer treatment, focusing on precise molecular targets that regulate cancer cell growth, division, and metastasis. It forms the cornerstone of precision medicine, leveraging insights into DNA alterations and protein dysregulation driving cancer progression. Traditional chemotherapy, which indiscriminately targets rapidly dividing cells, targeted therapy specifically interferes with proteins crucial for tumor growth and dissemination. By honing in on these specific molecular targets, targeted therapies offer a more tailored approach, minimizing harm to healthy cells and reducing adverse effects commonly associated with chemotherapy. As researchers deepen their understanding of the genetic and molecular underpinnings of cancer, the development of targeted therapies continues to advance. This evolution underscores the potential for targeted therapy to revolutionize cancer treatment by offering more effective and tolerable therapeutic options for patients. In the oncology market landscape, the dominance of targeted therapy reflects its pivotal role in shaping the future of cancer care and underscores the growing importance of precision medicine in improving patient outcomes.

In the oncology market, immunotherapy emerges as the fastest-growing segment, poised for significant expansion during the forecast period. Immunotherapy represents a revolutionary approach to cancer treatment, leveraging the body’s own immune system to identify and combat cancer cells effectively. Immunotherapy capitalizes on the advancements in immunology, a branch of science dedicated to understanding the intricacies of the immune system. Through cutting-edge research, doctors and researchers have gained insights into how the immune system can be modulated to recognize and eradicate cancer cells, including those associated with blood cancers. traditional treatments that directly target cancer cells, immunotherapy enhances the patient’s immune response, training it to identify and selectively attack cancer cells while sparing healthy tissue. This approach holds immense promise for effectively treating various types of cancer, including those previously considered challenging to manage. By harnessing the natural abilities of the immune system, immunotherapy represents a form of biological therapy that offers targeted and personalized treatment options. Its ability to empower the body’s immune defenses against cancer cells positions immunotherapy as a cornerstone in the evolving landscape of oncology, driving significant growth and innovation in the market.

By Indication

In the oncology market, the lungs cancer indication segment commands the largest revenue share. Lung cancer, characterized by the uncontrolled proliferation of abnormal cells in one or both lungs, poses a significant health challenge. These aberrant cells fail to perform the functions of normal lung tissue and gradually form tumors, impairing lung function over time. Lung cancer has emerged as a leading cause of mortality, surpassing breast cancer as a cause of death among women. The impact is profound, with an estimated 225,000 new cases diagnosed annually in the United States alone, resulting in approximately 160,000 fatalities attributed to lung cancer. The prevalence and severity of lung cancer underscore its prominence within the oncology market, driving substantial revenue generation. As efforts continue to advance research, diagnosis, and treatment modalities for lung cancer, addressing this indication remains a critical focus area for healthcare providers and stakeholders alike.

In the oncology market, breast cancer emerges as the most opportunistic segment during the forecast period. Globally, breast cancer remains a significant health concern, causing 670,000 deaths in 2022 alone. Remarkably, roughly half of all breast cancer cases occur in women without specific risk factors beyond sex and age, highlighting its widespread prevalence. Breast cancer ranks as the most common cancer among women in 157 out of 185 countries, affecting women of all ages post-puberty, with rates increasing in later life. Notably, breast cancer is not limited by geography, occurring in every country worldwide. Although breast cancer predominantly affects women, approximately 0.5–1% of cases occur in men, underscoring the importance of gender-neutral approaches to diagnosis and treatment. Treatment protocols for breast cancer in men mirror those for women, reflecting the shared principles of management. With 2.3 million women diagnosed globally in 2022, breast cancer presents substantial revenue-generating opportunities within the oncology market. As advancements in research and technology continue to drive innovation in breast cancer detection and treatment, addressing this indication remains a pivotal focus for healthcare providers and stakeholders worldwide.

End-use Insights

The hospitals segment dominated the market in 2023 with a revenue share of 69%, The growth can be attributed to the strong presence of highly trained professionals in these settings for handling advanced cancer diagnosis equipment. The increased deployment of technologically developed biopsy and devices for the diagnosis of cancer has, in turn, led to the surged number of diagnoses performed in hospitals. The growing introduction of favourable reimbursement policies for various cancer treatment surgeries in hospital facilities will further influence the industry outlook.

Market Dynamics

Driver

  • Increasing Cancer Incidence

The Global Cancer Observatory (GLOBOCAN) estimates a staggering 19.3 million incident cancer cases worldwide, with cancer incidence continuing to rise. This trend underscores the urgent need for proactive measures in cancer prevention and control, emphasizing early detection, risk reduction, and effective management strategies. Notably, breast cancer emerges as the leading cancer among females, followed by cervical, ovarian, and uterine cancers, while lung, mouth, and tongue cancers predominate among males, primarily linked to tobacco use. Addressing this growing cancer burden necessitates concerted efforts toward preventive measures, driving significant growth in the oncology market as healthcare providers and stakeholders prioritize innovative solutions to mitigate the future impact of cancer.

Restraint

  • Regulatory and Evidence Mismatch

A significant restraint affecting the oncology market arises from the observed disparity between the evidence required and accepted by regulatory agencies for marketing authorization, and that desired by Health Technology Assessment (HTA) entities and payers for coverage or reimbursement decisions. Regulatory agencies focus on assessing safety, quality, and efficacy of drugs, often based on clinical trials data from narrowly-defined populations. However, this approach limits the generalizability of results, excluding certain demographics such as the very old, very young, and very sick. Consequently, this mismatch impedes market growth by constraining the ability of oncology treatments to demonstrate effectiveness across diverse patient populations, hindering the broader acceptance and adoption of innovative therapies.

Opportunity

  • Cutting-Edge Technologies

The oncology landscape is experiencing a wave of remarkable breakthroughs driven by cutting-edge technologies and innovative approaches. Five key advancements, namely Artificial Intelligence (A.I.), Genomic Medicine, Next-Generation Cancer Organoids, Nanoparticles, and Pressurized Intraperitoneal Aerosol Chemotherapy (PIPAC), are revolutionizing cancer treatment paradigms. Artificial Intelligence and machine learning are transforming oncology by accelerating the analysis of medical imaging data, enabling quicker and more accurate cancer detection. ML systems offer consistent and reliable results, irrespective of the user’s experience, thus enhancing diagnostic precision and efficiency. Next-Generation Cancer Organoids present a novel opportunity in oncology, offering advanced 3D models of cancer cells that closely mimic tumor characteristics and behavior. Cultivated from patients’ own cancer cells, these organoids enable personalized testing of therapeutic interventions in a laboratory setting, paving the way for tailored treatment approaches and driving market growth. Embracing these cutting-edge technologies not only enhances the capabilities of oncology professionals but also opens new avenues for personalized and precision medicine, ultimately improving patient outcomes and fueling innovation in the oncology market.

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Recent Developments

  • In December 2023, AstraZeneca Pharma India disclosed its plans to launch cancer drug Enhertu in January
  • In January 2024, Bristol Myers Squibb completed the acquisition of Mirati Therapeutics, strengthening and diversifying its oncology portfolio
  • In January 2024, Merck announced the acquisition of Harpoon Therapeutics, further diversifying its oncology pipeline

Some of the prominent players in the global oncology market include:

  • 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

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Oncology market.

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 Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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Oncology is the world’s largest pharmaceutical therapeutic area and highly competitive

Oncology advancements have substantially enhanced patient outcomes. However, experts believe that considerable work remains that needs to be done in oncology R&D, despite substantial investments from academia and industry. Oncology is a declared emphasis area for the largest 10 pharmaceutical companies, with an estimated 1,700 clinical compounds under development (about one-third of all the global clinical pipeline across all therapeutic areas). Around 100 active Phase III studies for NSCLC in the US currently represent around 75,000 patients. For acute lymphocytic leukemia, around 25 studies require more than 32,000 individuals for inclusion in clinical trials—more than the number of new diagnoses in a single year.

New cell and gene therapies

The last five years have seen a rise in interest in new treatments such as cell therapy, viral vectors, RNA therapy, and stem-cell therapies. In oncology, two chimeric antigen receptor T (CAR-T) cell therapies, Kymriah and Yescarta, were licensed with exceptional efficacy in acute lymphocytic leukemia (ALL) and diffuse large B-cell lymphoma (DLBCL). While current CAR-T sales are low, several hundred active agents are being tested, with 2024 revenue expected to exceed $6 billion. However, cell and gene treatments cause considerable disruptions to established healthcare approaches, requiring more sophisticated manufacturing and supply-chain operations, particularly for autologous medicines. These medicines also have longer lead times, more difficult treatment procedures, and, due to the one-time curative a promise of many therapies, more complex market-access considerations. If the cells and

Precision medicine

Precision medicine—the delivery of the right drug to the right patient at the right time—is rapidly emerging. Oncology is at the forefront of this movement, with over 160 oncology biomarkers approved by 2019 and more than 90% of pivotal trials targeting molecular targets. As additional drugs target particular subpopulations, boosting the use of biomarker testing and patient mapping and identifying will become a significant competitive advantage. Aside from the three most prevalent mutations in NSCLC (those related to the ALK and KRAS genes, as well as the EGFR protein), a multitude of less-frequent mutations account for less than 3% of patients apiece. Collaboration between test providers and governments, as well as increased physician education, can all help to promote testing acceptance. Once patients are tested,

Accelerating development timelines

As more pharmaceutical companies focus on oncology, competition for important targets has intensified. We estimate that about 80% of novel clinical assets are focused at targets that already have a commercial treatment or at least four clinical rivals. Increased competition has resulted in shorter development cycles, with competitor medicines fast following an initial introduction. Success in this environment requires exploring new development paradigms, including placing a greater emphasis on earlier trials (as 54 percent of approvals for assets with a breakthrough designation are based on Phase I or Phase II studies), site-agnostic approvals (such as Keytruda for MSI-H or dMMR mutations and Vitrakvi for NTRK mutations), and exploring real-world evidence for expanding indications for a particular treatment.

Immuno-oncology combination therapies

Companies have boosted their investment in immuno-oncology combination studies, with over 200 mechanisms now being studied as PD-(L)1 or CTLA-4 combination partners, with immuno-oncology assets expected to account for almost half of the top ten firm pipelines (Exhibit 7). However, the frequent use of combination medicines complicates trial design, especially if neither combination partner is currently approved or if additional costs for the combination partner must be paid for clinical investigations. When these combination medicines are introduced, they are projected to raise treatment costs, necessitating new approaches for collaborating with payers and showing cost effectiveness.

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