Oncology Market Size To Increase USD 674.38 Billion By 2034 | Statifacts

(MENAFN- GlobeNewsWire - Nasdaq) The global oncology market size is predicted to increase from USD 251.14 billion in 2025 and is anticipated to reach around USD 674.38 billion by 2034. The market is expected to grow at a CAGR of 11.6% from 2025 to 2034. A study published by Statifacts a sister firm of Precedence Research.

Ottawa, April 16, 2025 (GLOBE NEWSWIRE) -- According to Statifacts, the global oncology market size surpassed USD 225.04 billion in 2024. The market size is expected to exceed USD 674.38 billion by 2034, expanding at a CAGR of 11.6% from 2025 to 2034. The oncology market growth is driven by patient-centric care, innovation in early detection techniques and screening programs, rising cancer incidences, and integration of machine learning (ML) and artificial intelligence (AI).

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Market Overview

Oncology is the study of cancer. The medical field of oncology includes the management of cancer survivors, prevention, treatment, diagnosis, screening, and cancer research. Oncology benefits include excellent support before and after treatment and affordable treatment by providing flexibility in the insurance plans. Cancer is difficult to manage, and oncology plays an important role in treating it.

The oncology market refers to the production, distribution, and use of oncology, which is a branch of medicine that deals with the study, treatment, diagnosis, and prevention of cancer. It includes surgical oncology (the use of surgery and other methods for cancer treatment), radiation oncology (the use of radiation therapy for cancer treatment), and medical oncology (the use of hormone therapy, chemotherapy, and other drugs for cancer treatment).

Advancements in genomic research have allowed oncologists to identify genetic alterations or mutations in cancer cells, which helps in selecting the most efficient treatment options. Personalized medicine enables more accurate and individualized care, eliminating unnecessary interventions and enhancing treatment outcomes. The ultrafast cancer treatment may replace traditional radiotherapy.

Oncology Market Key Highlights

• North America dominated the global oncology market share of 47% in 2024.
• By cancer diagnostics & treatment, the cancer treatment segment held a dominant presence in the oncology market share of 56% in 2024.
• By cancer diagnostics & treatment, the cancer diagnostic segment is projected to grow at the fastest rate in the market from 2025 to 2034.
• By indication, the lung cancer segment led the oncology market 2024.
• By indication, the breast cancer segment is estimated to expand with the largest CAGR in the market during the studied years.
• By end-use, the hospital segment held the largest revenue share of 11% in 2024.
• By end-use, the diagnostic laboratories segment will gain a significant share of the market over the studied period of 2025 to 2034.
  

Major Key Trends in the Oncology Market:

• Technological advancements: In cancer care settings, artificial intelligence (AI) allows researchers to identify trends in disease progression, accurately predict harmful complications, and develop precise, personalized interventions to enhance the health outcomes of cancer patients. Advanced technology plays an important role in transforming cancer care by allowing early detection, remote patient monitoring, and personalized treatment approaches.
• An increasing number of diagnostic laboratories: Laboratories are important for cancer patients. Laboratory tests like blood and urine tests can help doctors to identify abnormalities that may be caused by cancer. The significant role of the diagnostic laboratory in oncology aims to generate useful information for diagnosis, therapeutic monitoring, and prognostication of various human conditions.
• Increasing incidences of cancer globally: Some reasons for increasing incidences of cancer include constipation and lack of exercise, chemical pollution, frequent non-vegetarian diets, food additives, processed foods, increase in dairy consumption, improper dietary habits, and adoption of the Western lifestyle. The oncology field of cancer covers survivorship, diagnosis, treatment, risk and prevention, and cancer research.

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Limitations & Challenges in the Oncology Market:

• Shortage of trained and well-skilled radiologists and oncologists: One reason is the increased access to scanners, coupled with an aging population, which presents its limitations. In addition, clinical skills alone cannot justify medical interventions; diagnostic imaging remains important for efficient patient management pathways.
• High risk of side effects associated with cancer treatment: Side effects of cancer treatment include diarrhea, delirium, constipation, cachexia, bowel obstruction, bleeding and bruising, ascites, and anemia. Any problem affecting healthy tissues and organs that appears as a result of cancer treatment may include vomiting, nausea, anemia, fatigue, and pain.
• High cost of a diagnostic imaging system: The High cost of diagnostic imaging systems includes increasing complexity and costly technologies, rising procedural costs for patients, and the need for high investment for installations.

Development of Oncology Platforms: Market's Largest Potential

The development of oncology platforms helps clinicians and researchers identify any evidence related to the clinical suggestions of specific gene variants in cancer and presents potential treatment decisions. The oncology platform provides limited advantages for cancer patients who need access to a list of high-cost and innovative cancer treatments. The benefits of the development of oncology platforms include enhanced profitability, increased turnover, increased competitiveness, reduced costs, and enhanced productivity.

• In September 2024, India's first comprehensive cancer multi-omics data portal was launched by the Indian Cancer Genome Atlas (ICGA). This platform consists of data from 50 breast cancer patients, with plans to expand to over 500 patients in the coming years.
  

Regional Analysis:
What Expect From North American Countries till 2034?

North America dominated the global oncology market in 2024. Rising incidences of cancer, technological advancements, an expanding therapeutic landscape, the development of precision medicine, and biopharmaceutical advancements are driving the growth of the market .

Top North American Countries for Oncology Treatment
United States : In the U.S. oncology network, physicians have access to the best business practices, resources, and experience. The United States is famous for its advanced oncology treatments and innovative medical facilities.

• In March 2025, the expansion of the U.S. commercial footprint with the launch of a dedicated sales force and market access teams was launched by a U.S.-Irland specialty pharmaceutical company, Shorla Oncology.
  

Canada: Canadians facing cancer have a better chance of surviving than ever before. In October 2024, the first and only oral targeted treatment, VORANIGO (vorasidenib tablets) for brain cancer, was approved by Health Canada.

Europe to Boom Rapidly: Product Innovation to Support Growth

ESMO is the European Society for medical oncology, providing a professional network for its members and working with national societies across Europe. The growing demand for precision medicines, increasing cancer incidences, and advancements in treatments are driving the growth of the oncology market in the European region.

Major Factors for the Market's Expansion in Europe

• In January 2025, the plan to launch the ChemoFx drug response assay in Europe and expansion of its ability in the United States was announced by Predictive Oncology.
• In April 2025, the upcoming oral presentation of Emi-Le Clinical Data at the European Society for Medical Oncology (ESMO) Breast Cancer 2025 Annual Congress announced by a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, Mersana Therapeutics, Inc.

Oncology Market Scope

Report Attribute	Key Statistics
Market Size in 2025	USD 251.14 Billion
Market Size by 2034	USD 674.38 Billion
Growth Rate from 2025 to 2034	CAGR of 11.6%
Base Year	2024
Forecast Period	2025 to 2034
Segments Covered	By Cancer Diagnostics & Treatment, By Indication, By End-use, and By Region
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Cancer Diagnostics & Treatment Insights

The cancer treatment segment held a dominant presence in the oncology market in 2024. If a cure is difficult, treatments are used to shrink cancer or slow its growth. These cancer treatments may help patients to live without symptoms for as far as possible.

• In January 2025, Bengaluru company Immuneel Therapeutics, co-founded by Kiran Mazumdar-Shaw, launched India's second CAR-T cell therapy to treat B-cell Non-Hodgkin lymphoma (blood cancer), which is a low-cost treatment.

The cancer diagnostic segment is expected to grow at the fastest rate in the market during the forecast period. Early cancer detection can make a difference between life and death. When a patient catches cancer at its early stages, their chances of successful treatment and long-term survival improve dramatically. Detecting cancer early can efficiently eliminate the mortality associated with cancer.

• In February 2025, Dhule MP Shobha Bachhav launched a Cancer Diagnostic Van in rural Nashik. It aims to provide screenings for breast cancer, uterine cancer, and oral cancer in rural parts of the district.
  

Indication Insights
The lung cancer segment led the oncology market. Through enhancement in treatment and care, people not only live longer with lung cancer but also they are enjoying a better quality of life. Radiation therapy uses high-energy beams to kill cancer cells. It also can be used as palliative care to relieve pain and shrink tumors.

• In August 2024, across seven countries, the world's first lung cancer vaccine trials were launched.
  

The breast cancer segment is anticipated to grow with the highest CAGR in the market during the studied years. Chemotherapy may be used in breast cancer treatment that shrink the breast cancer so that it is easy to remove. Chemotherapy before surgery may control the spread of cancer to the lymph nodes. Breast cancer treatment is successful for most people.

• In February 2025, to enhance cancer research, the Indian Breast Cancer Genome Database was launched.
  

End-use Insights
The hospital segment captured a significant portion of the oncology market in 2024. Cancer clinics and medical care provide many psychological support services to help patients and their loved ones deal with the disease and its treatment. Hospitals are essential for healthcare delivery. They include many departments like outpatient offices, surgical, ICU, and emergency rooms.
The diagnostic laboratories segment will gain a significant share of the market over the studied period of 2025 to 2034. Diagnostic laboratories play an important role in cancer treatment. Laboratory tests are used to screen high-risk patients, identify the cancer stage, find treatment options, and assess whether the cancer is responding to treatment.

Browse More Research Reports:

• The global oncology companion diagnostic market size surpassed USD 5,204 million in 2024 and is predicted to reach around USD 12,095 million by 2034, registering a CAGR of 8.8% from 2025 to 2034.
• The global precision oncology market size accounted for USD 121.02 billion in 2024 and is predicted to touch around USD 313.33 billion by 2034, growing at a CAGR of 9.98% from 2025 to 2034.
• The U.S. AI in oncology market size accounted for USD 562 million in 2024 and is predicted to touch around USD 6,900 million by 2034, growing at a CAGR of 28.3% from 2025 to 2034.
• The global veterinary oncology market size surpassed USD 1,590 million in 2024 and is predicted to reach around USD 4,980 million by 2034, registering a CAGR of 12.09% from 2025 to 2034.
• The global radiation oncology market size was calculated at USD 10,580 million in 2024 and is predicted to reach around USD 34,050 million by 2034, expanding at a CAGR of 12.4% from 2025 to 2034.
• The global interventional oncology market size accounted for USD 4,500 million in 2024 and is expected to exceed around USD 11,990 million by 2034, growing at a CAGR of 10.3% from 2025 to 2034.
• The global generic oncology drugs market size was calculated at USD 23,748 million in 2024 and is predicted to reach around USD 30,998 million by 2034, expanding at a CAGR of 2.7% from 2025 to 2034.
• The global oncology biosimilars market size accounted for USD 6,550 million in 2024 and is expected to exceed around USD 36,370 million by 2034, growing at a CAGR of 18.7% from 2025 to 2034.
• The U.S. oncology molecular diagnostic market size accounted for USD 792 million in 2024 and is expected to exceed around USD 2,527 million by 2034, growing at a CAGR of 12.3% from 2025 to 2034.
• The U.S. oncology clinical trials market size is calculated at USD 7,919 million in 2024 and is predicted to reach around USD 12,416 million by 2034, expanding at a CAGR of 4.6% from 2024 to 2034.

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Oncology Market Top Companies:

• Aegerion Pharmaceuticals Inc.
• Abbvie Inc.
• Ability Pharma
• Acadia Pharmaceuticals Inc.
• Amgen Inc.
• Takeda Oncology
• Aslan Pharmaceuticals Ltd.
• Aspen Pharmacare Holdings Limited.
• Astrazeneca
• Athenex, Inc.

Recent Breakthroughs in the Global Oncology Market :

• In February 2025, the groundbreaking international delivery of childhood cancer medicines was launched by the World Health Organization (WHO) and St. Jude Children's Research Hospital.
• In September 2024, patients to connect to personalize access to cancer clinical trials globally was launched by Massive Bio, a global leader in artificial intelligence (AI) for cancer clinical trial enrollment.

Segments Covered in the Report
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
• MEA
  

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