Oncology Drugs Market Report 2024 (Global Edition)

Global Oncology Drugs Market Report 2024 Market Size Split by Drug Class (Cytotoxic Drugs, Targeted Drugs, Hormonal Drugs, Others), by Therapy (Chemotherapy, Targeted Therapy, Immunotherapy), by Indic...

Oncology Drugs Market Report Description

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Competitive Landscape of the Oncology Drug Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Oncology Drug Industry News

In May 2023, One of the few medications available for treating patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) is AbbVie Inc.'s EPKINLY, which received FDA approval in the United States. 

(Source: https://news.abbvie.com/2023-05-19-EPKINLY-TM-epcoritamab-bysp-Approved-by-U-S-FDA-as-the-First-and-Only-Bispecific-Antibody-to-Treat-Adult-Patients-with-Relapsed-or-Refractory-Diffuse-Large-B-Cell-Lymphoma-DLBCL)

Top Companies Market Share in Oncology Drugs Industry: (In no particular order of Rank)

• Amgen
• Bayer Healthcare AG
• CELGENE CORPORATION
• GlaxoSmithKline
• ARIAD Pharmaceuticals
• Inc.
• Eli Lilly and Company
• Novartis
• Hoffmann-La Roche Ltd.
• AstraZeneca
• BoehringerIngelheim GmbH
• Pfizer
• Teva Pharmaceuticals Industries
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of Oncology Drug Market 

Which Region Dominates the Oncology Drug Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The market for cancer drugs is expanding significantly in North America thanks to increased cancer incidence, technological breakthroughs, and active research & development. Furthermore, rising healthcare costs and advantageous reimbursement schemes support market growth. North America continues to be a major driver of the growth of the global cancer drug market, prioritizing innovation and facilitating access to cutting-edge therapies.

Which Region is Expanding at the Fastest CAGR?

The Europe region is witnessing an increase in the sales of reagents. The market for cancer drugs is growing significantly in Europe because of improvements in medical research, rising cancer incidence, and developing healthcare facilities. Research institutes and pharmaceutical businesses working together also spurs innovation and the creation of new treatments. Focused on enhancing patient outcomes and providing access to state-of-the-art therapies, Europe remains a major participant in global oncology.

The current report Scope analyzes Oncology Drugs Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Oncology Drugs Market

According to Cognitive Market Research, the global Oncology Drug market size was estimated at USD 206125.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 82450.08  million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.4% from 2024 to 2031. Because of its strong healthcare system, large R&D expenditures, and high cancer incidence rates, North America is a leader in the oncology medicine industry. The United States leads the market in particular because of its sophisticated healthcare system and sizable population. Targeted therapies are a significant market sector in this area, providing individualized treatment options and propelling market expansion. North America maintains its position as a leader in oncology drug research and access because to continuous breakthroughs and a strong focus on patient care. This ensures improvements in cancer therapy and better results for patients throughout the continent.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the Oncology Drug market with a market size of USD 65053.11 million in 2024 and is projected to grow at a CAGR of 11.2% during the forecast period. The demand is amplified by the advanced healthcare infrastructure. 
• The Canada Oncology Drug market had a market share of USD 9894.01 million in 2024 and is projected to grow at a CAGR of 12.2% during the forecast period. Canada's rising high cancer incidence rates.
• The Mexico Oncology Drug market is projected to witness growth at a CAGR of 11.9% during the forecast period with a market size of USD 7502.96 million in 2024.

Europe Oncology Drugs Market

According to Cognitive Market Research, with a market value of USD 206125.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 11.7% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 61837.56 million. High cancer incidence rates, a well developed healthcare system, and robust research resources define Europe's oncology medicine industry. The region's varied healthcare systems and diverse population combine to create a dynamic market environment. As a result of Europe's emphasis on precision medicine and individualized treatment plans, targeted medicines become a significant market. Europe continues to lead the world in the development of novel cancer treatments thanks to continuous advances in oncology research and growing partnerships between pharmaceutical companies and academic institutions. The European oncology medicine market is growing in spite of obstacles including complicated regulations and competitive pricing pressures, which gives patients and their quality of life more optimism.

• The United Kingdom Oncology Drug market had a market share of USD 10388.71 million in 2024 and is projected to grow at a CAGR of 12.5% during the forecast period. In the UK, Oncology Drug sales witness an upswing due to the nation's strong research and development capabilities. 
• The France Oncology Drug market is projected to witness growth at a CAGR of 10.9% during the forecast period with a market size of USD 5689.06 million in 2024.
• According to Cognitive Market Research, the Germany Oncology Drug market size was valued at USD 12243.84 million in 2024 and is projected to grow at a CAGR of 11.9% during the forecast period. In Germany, Oncology Drug sales surge due to the nation's favorable reimbursement policies. 
• The Italy Oncology Drug market is projected to witness growth at a CAGR of 11.1% during the forecast period with a market size of USD 5318.03 million in 2024.
• The Russia Oncology Drug market is projected to witness growth at a CAGR of 10.7% during the forecast period with a market size of USD 9584.82 million in 2024.
• The Spain Oncology Drug market is projected to witness growth at a CAGR of 10.8% during the forecast period with a market size of USD 5070.68 million in 2024.
• The Luxembourg Oncology Drug market is projected to witness growth at a CAGR of 11.8% during the forecast period with a market size of USD 1916.96 million in 2024.
• The Portugal Oncology Drug market is projected to witness growth at a CAGR of 11.5% during the forecast period with a market size of USD 1298.59 million in 2024.
• The Greece Oncology Drug market is projected to witness growth at a CAGR of 12.0% during the forecast period with a market size of USD 742.05 million in 2024.
• Rest of Europe Oncology Drug market is projected to witness growth at a CAGR of 10.4% during the forecast period with a market size of USD 9584.82 million in 2024.

Asia Pacific Oncology Drugs Market

According to Cognitive Market Research, the global Oncology Drug market size was estimated at USD 206125.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 47408.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.2% from 2024 to 2031. The market for cancer drugs in Asia Pacific is expanding significantly due to factors like rising healthcare costs, bettering healthcare infrastructure, and an increase in the occurrence of cancer. The area offers special opportunities and difficulties because of its diverse population and differing degrees of access to healthcare. The region's adoption of precision medical approaches is seen in the substantial segmentation of targeted medicines. Market expansion is further fueled by ongoing research collaborations and investments in oncology research and development. Asia Pacific continues to be a major player in the global oncology medication market, providing cutting-edge treatment choices and treating the rising cancer burden throughout the region, despite regulatory hurdles and access concerns in some locations.

• According to Cognitive Market Research, the China Oncology Drug market size was valued at USD 21333.96 million in 2024 and is projected to grow at a CAGR of 14.7% during the forecast period. Oncology Drug sales surge in China due to the nation's rapid expansion in biopharmaceuticals.
• The Japan Oncology Drug market is projected to witness growth at a CAGR of 13.7% during the forecast period with a market size of USD 6542.41 million in 2024.
• The India Oncology Drug market had a market share of USD 5689.06 million in 2024 and is projected to grow at a CAGR of 17.0% during the forecast period. The demand is augmented by India's increasing focus on precision medicine and its role as a key player in the global pharmaceutical industry.
• The South Korea Oncology Drug market is projected to witness growth at a CAGR of 14.3% during the forecast period with a market size of USD 4740.88 million in 2024.
• The Australia Oncology Drug market is projected to witness growth at a CAGR of 14.9% during the forecast period with a market size of USD 2465.26 million in 2024.
• The South East Asia Oncology Drug market is projected to witness growth at a CAGR of 16.2% during the forecast period with a market size of USD 3271.21 million in 2024.
• The Rest of Asia Pacific Oncology Drug market is projected to witness growth at a CAGR of 15.0% during the forecast period with a market size of USD 3366.02 million in 2024.

South America Oncology Drugs Market

According to Cognitive Market Research, the global Oncology Drug market size was estimated at USD 206125.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 10306.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2031. The market for cancer drugs in Latin America is expanding steadily as the region's healthcare infrastructure improves and the region's cancer incidence rates rise. One noteworthy market category that responds to the growing need for individualized treatment choices in the region is targeted therapy. Pharmaceutical corporations are increasing their footprint in Latin America despite obstacles like access and regulatory difficulties, motivated by the rising demand for efficient cancer therapies. Latin America continues to play a vital role in meeting the requirements of its population for oncology treatment, with continued improvements in research and development and initiatives to promote access to novel therapies affording promise for improved patient outcomes throughout the region.

• According to Cognitive Market Research, the Brazil Oncology Drug market size was valued at USD 4411.08 million in 2024 and is projected to grow at a CAGR of 13.2% during the forecast period. Oncology Drug sales flourish in Brazil due to the nation's thriving pharmaceutical industry and increasing investments in healthcare infrastructure.
• The Argentina Oncology Drug market had a market share of USD 1731.45 million in 2024 and is projected to grow at a CAGR of 13.5% during the forecast period. The demand is augmented by Argentina's commitment to and a large pharmaceutical market.
• The Colombia Oncology Drug market is projected to witness growth at a CAGR of 12.4% during the forecast period with a market size of USD 917.26 million in 2024.
• The Peru Oncology Drug market is projected to witness growth at a CAGR of 12.8% during the forecast period with a market size of USD 845.11 million in 2024.
• The Chile Oncology Drug market is projected to witness growth at a CAGR of 12.9% during the forecast period with a market size of USD 742.05 million in 2024.
• The Rest of Latin America Oncology Drug market is projected to witness growth at a CAGR of 11.7% during the forecast period with a market size of USD 1659.31 million in 2024.

Middle East and Africa Oncology Drugs Market

According to Cognitive Market Research, the global Oncology Drug market size was estimated at USD 206125.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 4122.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.9% from 2024 to 2031. Growing investments in oncology research and development, rising cancer incidence rates, and developing healthcare infrastructure are driving the Middle East and Africa's oncology drug market's promising growth prospects. One noteworthy subset that responds to the need for individualized treatment options in the area is targeted therapy. Pharmaceutical companies are increasing their footprint in the Middle East and Africa in spite of obstacles including fiscal limitations and access problems, as a result of the growing demand for efficient cancer therapies. The Middle East and Africa stands to benefit greatly from the region's continued efforts to provide access to cutting-edge treatments and improve oncology care. These initiatives will help fight cancer and enhance patient outcomes throughout the region.

• According to Cognitive Market Research, the GCC Countries Oncology Drug market size was valued at USD 1764.43 million in 2024 and is projected to grow at a CAGR of 13.7% during the forecast period. Oncology Drug sales flourish in the GCC Countries due to the region's strategic investments in healthcare research and advancements.
• The Egypt Oncology Drug market is projected to witness growth at a CAGR of 13.2% during the forecast period with a market size of USD 432.86 million in 2024.
• The South Africa Oncology Drug market is projected to witness growth at a CAGR of 13.9% during the forecast period with a market size of USD 651.36 million in 2024. Oncology Drug sales flourish in the South Africa due to the region's strategic investments in healthcare research and advancements.
• The Turkey Oncology Drug market is projected to witness growth at a CAGR of 12.4% during the forecast period with a market size of USD 354.54 million in 2024.
• The Nigeria Oncology Drug market is projected to witness growth at a CAGR of 12.0% during the forecast period with a market size of USD 432.86 million in 2024.

Oncology Drugs Market Analysis

Oncology Drug Drug Class Segment Analysis

According to Cognitive Market Research, Cytotoxic Drugs held the major market share over the forecast period. The market for cancer treatments is expanding because of cytotoxic medications, which have a long history of success in treating different types of cancer. These medications are the mainstay of chemotherapy regimens because they target and kill cancer cells that divide quickly. The oncology medicine market is growing due to the continuous improvements in drug delivery methods and combination therapies, which keep cytotoxic drugs at the forefront of cancer treatment.

Targeted Drugs are the fastest-growing category over the forecast period. This method has fewer adverse effects and increased efficacy compared to conventional chemotherapy. The market for these medications is growing quickly, transforming the treatment of cancer and enhancing patient outcomes all around the world. This is due to ongoing research and development efforts that have produced breakthrough targeted medicines.

• Cytotoxic Drugs
• Targeted Drugs
• Hormonal Drugs
• Others

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Oncology Drugs Industry. Request a Free Sample PDF!

Oncology Drug Therapy Segment Analysis

According to Cognitive Market Research, Chemotherapy holds a prominent market share. Even with the developments in immunotherapy and targeted medicines, chemotherapy is still a common treatment for many forms of cancer. Its ability to eradicate cancer cells that divide quickly and its function in combination therapy regimens guarantee its sustained renown in oncology. Chemotherapy plays a major role in the market's growth, and research is constantly being done to improve efficacy and minimize adverse effects.

Targeted Therapy is the fastest-growing category over the forecast period. The market for cancer drugs is expanding due largely to targeted Therapy, which provides targeted treatment by focusing on particular chemicals or pathways crucial to the growth and survival of cancer cells. Targeted therapies are becoming more and more popular in the treatment of cancer because they have fewer adverse effects than conventional chemotherapy. Ongoing research and development initiatives to find novel targeted medications contribute to the market growth for cancer treatments.

• Chemotherapy
• Targeted Therapy
• Immunotherapy

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Oncology Drugs Indication Segment Analysis

According to Cognitive Market Research, Lung Cancer held the major market share over the forecast period. Targeted treatments and immunotherapies are revolutionizing treatment results due to increased incidence rates and advancements in precision medicine. Furthermore, continued research into innovative medication combinations and biomarker-driven strategies highlights the market's growth and gives patients with lung cancer hope for increased survival and quality of life.

Stomach Cancer is the fastest-growing category over the forecast period. Because stomach cancer is so common, more research & development are being done to find effective therapies, driving the growth of the oncology medicine market. Immunotherapies and targeted treatments can potentially combat stomach cancer cells by utilizing the immune system and focusing on particular molecular targets. The development of innovative medication therapy catered to stomach cancer subtypes is fueling market expansion as customized medicine progresses, providing patients with more effective treatment alternatives.

• Lung Cancer
• Stomach Cancer
• Colorectal Cancer
• Breast Cancer
• Prostate Cancer
• Others

Oncology Drugs Dosage Form Segment Analysis

According to Cognitive Market Research, Solid held the major market share over the forecast period. Research and development activities are driven by the need for effective treatments for solid tumors, resulting in novel therapies like combination regimens, immunotherapies, and targeted medications. Patients now have new hope as the market for solid tumor therapy grows and precision medicine continues progressing.

Liquid is the fastest-growing category over the forecast period. The market for oncology drugs is expanding due to liquid cancers, like leukemia and lymphoma, because of their distinct treatment needs and rising occurrence rates. Treatment outcomes are revolutionized by targeted treatments and immunotherapies customized for certain blood malignancies. As a result of continuous research into innovative drug combinations and tailored medicine strategies, the market for liquid tumor therapies is growing and providing patients with better treatment alternatives.

• Solid
• Liquid
• Injectable

Oncology Drugs Distribution Channel Segment Analysis

According to Cognitive Market Research, Hospital Pharmacies held the major market share over the forecast period. As important distribution hubs for cancer therapies, hospital pharmacies are essential to the market's growth in oncology drugs. Hospitals are treating a growing number of cancer patients, which is driving up demand for oncology medications from these pharmacies. Hospital pharmacies also help patients obtain specialty cancer drugs, which supports the growth of the oncology drug industry.

Retail Pharmacies are the fastest-growing category over the forecast period. The market for cancer drugs is rising, and retail pharmacies play a major role in this growth by providing access to cancer medicines outside of established healthcare settings. Retail pharmacies are essential for giving patients convenience and accessibility as oral oncology and supportive care medications become more common.

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Oncology Drugs Drug Classification Segment Analysis

According to Cognitive Market Research, Branded held the major market share over the forecast period. Because of their well-established efficacy, creative formulations, and robust market presence, branded cancer medications propel the industry's expansion. These medications are subjected to intense research, development, and marketing campaigns, which raise demand and drive up their cost. Their continuous market expansion is also facilitated by physician preference and brand familiarity, underscoring the important role that branded oncology medications play in meeting unmet medical requirements.

Generic is the fastest-growing category over the forecast period. Because generic cancer treatments are more affordable than branded ones, they play a bigger role in the market's expansion. Patients now have more economical treatment alternatives because of the expansion of generic equivalent availability following the expiration of numerous cancer drug patents. Insurers and healthcare providers' increasing adoption of generic oncology medications propels their market expansion and increases cancer patients' accessibility and affordability.

• Branded
• Generic

Author's Detail

Manjiri Kanhere

Senior Research Associate at Cognitive Market Research

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Manjiri Kanhere is an experienced market researcher focused on the Pharma & Healthcare industry. With over 3+ years of experience, She has worked with major pharmaceutical companies and healthcare providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies. Her expertise lies in the ability to analyze complex data sets and deliver insights that drive business decisions. At Cognitive Market Research, she handles the market research related to Pharma and healthcare industry.

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