Oncology Drugs Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Drug Class (Cytotoxic Drugs, Targeted Drugs, Hormonal Drugs, Others), By Route of Administration (Oral, Parenteral, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others), By Region and Competition, 2020-2030F

Market Overview

The Global Oncology Drugs Market, valued at USD 228.65 Billion in 2024, is projected to experience a CAGR of 13.33% to reach USD 484.54 Billion by 2030. Oncology drugs are pharmaceutical agents developed for the prevention, diagnosis, and treatment of cancer, encompassing a diverse range of therapeutic modalities including chemotherapy, targeted therapies, and immunotherapies. The market's growth is primarily supported by the increasing global incidence of cancer, the demographic shift towards an aging population, and continuous advancements in biotechnological research and development driving the discovery of novel treatments. According to the Pharmaceutical Research and Manufacturers of America, in its 2023 report, there were 1,600 treatments and vaccines in clinical development for cancer.

A significant challenge that could impede market expansion is the extensive expenditure associated with drug development and the stringent regulatory approval processes, which can prolong product timelines and affect global market access for emerging therapies.

Key Market Drivers

The global oncology drugs market is significantly influenced by the increasing global cancer incidence. The rising prevalence of cancer worldwide, fueled by aging populations, lifestyle changes, and environmental factors, creates a substantial and continuously growing patient pool requiring advanced therapeutic interventions. This demographic shift directly translates into heightened demand for effective cancer treatments, necessitating a broader portfolio of pharmaceutical solutions. According to the World Health Organization and the International Agency for Research on Cancer, in their February 2024 report, an estimated 20 million new cancer cases occurred globally in 2022, underscoring the urgent and expanding need for oncology drugs.

Concurrently, advancements in targeted and immunotherapies represent a critical driver, revolutionizing cancer treatment paradigms by offering more precise and effective options with improved patient outcomes. These innovative modalities, including checkpoint inhibitors and CAR T-cell therapies, often provide sustained responses in previously untreatable cancers, thereby expanding market segments and increasing the value of novel drug pipelines. The robust pace of therapeutic innovation is evident as, according to the American Association for Cancer Research blog, in January 2024, there were 45 oncology drug approvals by the FDA in 2023. The sustained innovation and introduction of these therapies directly address the immense burden of cancer, which impacts a vast global population. According to the World Health Organization and the International Agency for Research on Cancer, in their February 2024 report, 53.5 million people were estimated to be alive within 5 years following a cancer diagnosis in 2022, highlighting the enduring need for continued pharmaceutical development.

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Key Market Challenges

The extensive expenditure associated with oncology drug development and stringent regulatory approval processes presents a significant impediment to the growth of the Global Oncology Drugs Market. The substantial financial investment required for research, preclinical studies, and multiple phases of clinical trials, coupled with the high failure rate of experimental therapies, makes the development pathway costly and uncertain. This financial burden restricts the number of new treatments that can be brought to market, as companies must carefully prioritize projects with the highest likelihood of success and return on investment.

Moreover, the rigorous and lengthy regulatory review periods for oncology drugs, intended to ensure safety and efficacy, contribute to prolonged product timelines. According to the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), in 2023, the average time from clinical trial start to patient enrollment close increased by 26% from 2019, reflecting the increasing complexity of pharmaceutical research and development. This extended timeline delays patient access to innovative therapies, further hindering market expansion by limiting the rapid introduction of novel treatments.

Key Market Trends

The rising integration of artificial intelligence in drug development profoundly reshapes the global oncology market by accelerating the discovery and development of novel therapies. AI algorithms streamline target identification, optimize lead compounds, and predict clinical outcomes, significantly reducing the timelines and costs associated with bringing new cancer treatments to market. This technological shift enhances research and development productivity. In April 2025, Tempus AI, Inc. announced strategic collaborations with AstraZeneca and Pathos AI, Inc. to build a multimodal foundation model in oncology, involving $200 million in data licensing and model development fees, highlighting investment in AI driven therapeutic advancements. According to the Pistoia Alliance's 2024 Lab of the Future report, AI was a top investment area for 62 percent of respondents over the next two years.

The emergence and adoption of oncology biosimilars represents another pivotal trend, significantly enhancing affordability and access to essential cancer treatments. These biosimilars offer cost-effective alternatives to expensive biologic oncology drugs following patent expiry, thereby reducing healthcare expenditures and broadening patient reach. Increased competition from biosimilars consequently drives down overall drug prices. The Association for Accessible Medicines reported that biosimilars generated $20.2 billion in savings in the United States in 2024, underscoring their economic impact. Furthering this trend, Celltrion received FDA approval for Eydenzelt, its aflibercept biosimilar, in October 2025, expanding the array of available affordable therapeutic options.

Segmental Insights

The Targeted Drugs segment is experiencing rapid growth in the Global Oncology Drugs Market, driven by a paradigm shift towards precision medicine in cancer treatment. This growth stems from the ability of targeted therapies to specifically attack cancer cells while minimizing damage to healthy cells, leading to improved efficacy and a reduction in severe side effects compared to traditional chemotherapies. Continuous advancements in genomics and molecular biology have facilitated a deeper understanding of cancer, enabling the identification of specific biomarkers and genetic mutations that these therapies can precisely target. Furthermore, increasing investments in research and development by pharmaceutical companies, coupled with rising regulatory approvals of novel targeted agents by bodies such as the U. S. FDA, are significantly expanding the availability and adoption of these specialized treatments. The Targeted Drugs segment is experiencing rapid growth in the Global Oncology Drugs Market, driven by a paradigm shift towards precision medicine in cancer treatment. This growth stems from the ability of targeted therapies to specifically attack cancer cells while minimizing damage to healthy cells, leading to improved efficacy and a reduction in severe side effects compared to traditional chemotherapies. Continuous advancements in genomics and molecular biology have facilitated a deeper understanding of cancer, enabling the identification of specific biomarkers and genetic mutations that these therapies can precisely target. Furthermore, increasing investments in research and development by pharmaceutical companies, coupled with rising regulatory approvals of novel targeted agents by bodies such as the U. S. FDA, are significantly expanding the availability and adoption of these specialized treatments.

Regional Insights

North America leads the global oncology drugs market due to a convergence of critical factors. The region benefits from a highly developed healthcare infrastructure, substantial investments in research and development, and the early adoption of advanced cancer therapies, including precision oncology and immunotherapies. Regulatory bodies like the U. S. Food and Drug Administration (FDA) play a significant role by providing favorable and expedited drug approval pathways, such as Breakthrough Therapy Designation and Accelerated Approval, which facilitate quicker market entry for innovative cancer treatments. Furthermore, a high prevalence of cancer and a robust ecosystem for biotechnology and clinical trials further drive demand and innovation in the market. North America maintains its leading position in the global oncology drugs market, primarily driven by its highly developed healthcare infrastructure and significant research and development investments. The region's dominance is further strengthened by a high prevalence of cancer cases and the rapid adoption of advanced therapies, including precision oncology and immunotherapies. Robust regulatory frameworks, particularly through the U. S. Food and Drug Administration (FDA), contribute to this leadership by offering expedited pathways for drug approval, which accelerates patient access to innovative cancer treatments. This supportive environment, coupled with extensive clinical trial activities, fosters continuous innovation within the oncology sector.

Recent Developments

• In October 2025, QUANTRO Therapeutics announced the extension of its strategic collaboration with Boehringer Ingelheim for an additional two years. This partnership aims to advance the joint research and development program focused on creating first-in-class drug candidates that target cancer-associated transcription factors. The extension follows the successful completion of a significant high-throughput screening campaign, which identified promising compounds for further development in the global oncology drugs market. QUANTRO is eligible to receive potential success-based milestone payments up to an estimated total value of approximately €500M, highlighting the commitment to addressing high unmet needs in cancer patients.

• In October 2025, a collaborative breakthrough research effort between scientists at the Francis Crick Institute and Vividion Therapeutics led to the advancement of novel chemical compounds into their first human clinical trials. These compounds are designed to selectively halt the interaction between the cancer-linked RAS gene and a crucial signaling pathway driving tumor growth. The entry of these potential drugs into human trials marks a pivotal step in developing new treatments for a wide spectrum of cancers, particularly those with RAS mutations. This research aims to minimize harm to healthy cells while providing a precise method to interrupt cancer cell proliferation in the global oncology drugs market.

• In January 2025, Daiichi Sankyo and AstraZeneca received U.S. FDA approval for datopotamab deruxtecan (Dato-DXd; Datroway) for adult patients with unresectable or metastatic HR-positive, HER2-negative breast cancer that had progressed following endocrine therapy and chemotherapy. This antibody-drug conjugate (ADC) represents a significant new product launch within the global oncology drugs market. Clinical findings from the TROPION-Breast01 trial demonstrated that Dato-DXd significantly prolonged progression-free survival compared to chemotherapy, offering a new therapeutic option for patients with this specific breast cancer subtype.

• In December 2024, the U.S. Food and Drug Administration (FDA) granted accelerated approval to zenocutuzumab (Bizengri) by Merus. This approval was for the treatment of patients with advanced pancreatic cancer or non-small cell lung cancer that exhibits an NRG1 gene fusion. The decision was based on data from a Phase 2 clinical trial, which demonstrated the drug's potential in addressing these specific cancer types within the global oncology drugs market. This targeted therapy provides a new option for patients with these genetic alterations, underscoring ongoing advancements in precision oncology.

Key Market Players

• Astellas Pharma Inc.
• Pfizer, Inc.
• Novartis AG
• Astrazeneca Plc
• Merck & Co., Inc.
• F. Hoffmann-La Roche Ltd.
• Amgen, Inc.
• Bristol-Myers Squibb Company
• Abbvie Inc.
• Johnson & Johnson

Report Scope:

In this report, the Global Oncology Drugs Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Oncology Drugs Market, By Drug Class:

o   Cytotoxic Drugs

o   Targeted Drugs

o   Hormonal Drugs

o   Others

• Oncology Drugs Market, By Route of Administration:

o   Oral

o   Parenteral

o   Others

• Oncology Drugs Market, By Distribution Channel:

o   Hospital Pharmacies

o   Retail Pharmacies

o   Others

• Oncology Drugs Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Oncology Drugs Market.

Available Customizations:

Global Oncology Drugs Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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