The global oncology drugs market size was valued at USD 181.96 billion in 2020 and is expected to expand at a compound annual growth (CAGR) of 12.0% from 2021 to 2028. Factors such as the growing number of cancer patients due to increasing consumption of tobacco and alcohol, unhealthy diet, lack of physical activities, increasing pollution levels, and prevalence of cancer disease are the key factors driving the growth of the market. The increasing popularity of therapies to cure cancer and the rising geriatric population globally are also contributing to the growth. Early-stage screening and the rising awareness about cancer are also expected to contribute to the growth of the market.
Oncology drugs are used to treat cancer patients during various cancer treatments, such as chemotherapy and immunotherapy. The goal of oncology drugs is to cure the disease, prolong survival, and improve the patients’ quality of life. However, these drugs have side effects and risks attached to them such as hair loss, diarrhea, mouth sores, fatigue, and reduction in white blood cells.
During the COVID-19 pandemic, various governments restricted physical movement and imposed lockdowns. The citizens preferred to stay at home and work from home to prevent the spread of the virus. It also resulted in the disruption of supply chains of oncology drugs. However, considering the urgent nature of oncology drugs, the supply of these drugs was allowed and efforts were made to restore the supply chains. Thus, a negligible impact of the pandemic is observed on the market revenue.
The lung segment dominated the cancer drugs market with a revenue share of more than 10.0% in 2020 and is expected to register the third-highest CAGR of 12.7% from 2021 to 2028. Lungs cancer is one of the leading causes of death. Changing lifestyle, smoking, and increasing air pollution levels are the key risk factors leading to lung cancer. With the increasing number of lung cancer patients, the revenue from this segment is witnessing a rise and as a result, contributes to the growth of the global market.
The breast segment is expected to register the highest CAGR of 13.8% from 2021 to 2028. Breast cancer is one of the most common types of cancer. It is more common among women than men. The key risk factors leading to breast cancer include obesity sedentary lifestyle, aging, genetic mutation, and radiation exposure. The rising prevalence of breast cancer and awareness about the disease are the key factors expected to contribute to the growth of the market during the forecast period.
Asia Pacific is likely to expand at the highest CAGR of 13.5% from 2021 to 2028. Countries such as China and India with the largest population across the world are expected to have a large number of cancer patients. With improving healthcare services in this region, the awareness about cancer and its treatment is also increasing. Apart from that, increasing income and purchasing power are significant factors contributing to the regional market growth over the forecast period.
Europe held the second-largest revenue share of more than 25.0% in 2020. The region is expected to witness expansion at a compound annual growth rate of over 12.0% during the forecast period. Factors such as the increasing healthcare expenditure, rising research development investments, supportive regulatory frameworks of the pharmaceutical industry in this region are the factors attributed to the high revenue generation in this regional market.
The market is characterized by the presence of various well-established players and several small and medium players. Pharmaceutical vendors are focusing on research activities to launch new chemical formulas of drugs to cure cancer. Moreover, the vendors are expanding their reach across all the regions of the world to increase the avenues for revenue generation. Such initiatives are expected to boost the adoption of oncology drugs. The vendors are aggressively following organic as well as inorganic strategies to expand their footprints across the globe. Some of the prominent players operating in the global oncology drugs market are:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 197.61 billion |
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Revenue forecast in 2028 |
USD 436.76 billion |
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Growth Rate |
CAGR of 12.0% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Indication, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Germany; France; U.K.; China; India; Brazil; South Africa |
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Key companies profiled |
Merck; AstraZeneca; Eli Lilly; Hoffmann-La Roche; AbbVie; Sanofi; GSK; Novartis; JOHNSON & JOHNSON; Pfizer |
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Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Million Insights has segmented the global oncology drugs market report based on indication and region:
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