Oncology Therapy Market to Reach US$ 440.26 Billion by 2033 Driven by Rising Cancer Cases

The global oncology therapy market is set for substantial expansion, rising from US$ 193.98 billion in 2024 to US$ 440.26 billion by 2033. This growth reflects a compound annual growth rate (CAGR) of 9.6% over the forecast period of 2025-2033, underscoring the increasing demand for effective cancer treatments on a global scale.

Oncology therapy encompasses medical interventions designed to diagnose, manage, and treat various forms of cancer. It integrates chemotherapy, targeted therapy, immunotherapy, radiation therapy, and surgical approaches, often in personalized combinations tailored to individual patient needs. Advancements in precision medicine are shaping the future of oncology, delivering higher efficacy with fewer side effects.

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Rising Global Cancer Burden Fuels Market Demand

The escalating prevalence of cancer worldwide is the primary driver of the oncology therapy market. According to the National Institutes of Health, cancer remains a leading cause of mortality, with 20 million new cases and 9.7 million deaths recorded globally in 2022. By 2040, annual new cancer cases are projected to reach 29.9 million, with deaths expected to rise to 15.3 million.

Data from the International Agency for Research on Cancer indicates that incidence will rise to 21.3 million cases in 2025 and 24.1 million by 2030. Breast cancer, in particular, is emerging as the most burdensome cancer, with projections showing an increase from 2.3 million new cases in 2022 to 2.7 million in 2030.

This surging patient base intensifies the need for innovative therapies across chemotherapy, targeted agents, and advanced immunotherapies, creating ongoing momentum in market growth.

Challenges: Adverse Effects Restricting Adoption

While oncology therapies are lifesaving for millions, side effects remain a significant challenge impacting treatment adoption and market expansion.

Chemotherapy's non-selective action on dividing cells often damages healthy tissue, causing toxic effects that can lead to dose reductions, treatment delays, or discontinuation. Immunotherapies, though revolutionary for malignancies like melanoma and lung cancer, present immune-related adverse events that can inflame healthy organs. Targeted therapies, despite their precision, may still produce molecular-specific side effects that limit duration or scope of use.

These complexities require continual innovation aimed at minimizing risks, improving tolerability, and enhancing patient quality of life.

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Segment Analysis: Breast Cancer Dominates Applications

Breast cancer remains the most diagnosed cancer among women globally, driving robust demand for oncology therapies. In 2022, the World Health Organization recorded 2.3 million diagnoses and 670,000 deaths from breast cancer worldwide.

Advancements in treatment - including targeted therapies, hormonal interventions, and immunotherapies - have markedly improved survival rates. Trastuzumab (Herceptin) for HER2-positive breast cancer is a prime example of how tailored therapies transform outcomes.

Market momentum is further boosted by major product launches. In January 2024, AstraZeneca India Pharma Ltd. introduced Trastuzumab deruxtecan, in collaboration with Daiichi Sankyo, for adults with unresectable or metastatic HER2-positive breast cancer who have previously received anti-HER2 therapy. This antibody-drug conjugate represents a breakthrough in targeted oncology therapeutics.

Regional Analysis: North America Leads Market Growth

North America holds the highest market share, valued at US$ 70.70 billion in 2022 and growing to US$ 75.64 billion in 2023. Factors supporting growth in the region include a strong presence of leading pharmaceutical companies, robust healthcare infrastructure, extensive cancer research, and rising incidence rates.

Lifestyle factors, aging demographics, obesity, and smoking habits contribute to increasing cancer prevalence, further driving market demand. The region also benefits from fast-track U.S. Food and Drug Administration (FDA) approvals for cutting-edge oncology treatments.

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Recent notable approvals include:

April 2024: Johnson & Johnson's CARVYKTI (ciltacabtagene autoleucel; cilta-cel) - BCMA-targeted therapy - approved for relapsed or refractory multiple myeloma as early as first relapse.

May 2024: Amgen's IMDELLTRA (tarlatamab-dlle) - for extensive-stage small cell lung cancer following platinum-based chemotherapy - granted accelerated approval based on promising clinical outcomes.

Key Market Players

Leading companies driving innovation in the global oncology therapy market include:

Amgen Inc.

AstraZeneca

Bayer AG

Merck & Co., Inc.

Johnson & Johnson Services, Inc.

F. Hoffmann-La Roche Ltd

Novartis AG

GSK plc

Eli Lilly and Company

Rigel Pharmaceuticals, Inc.

These organizations are focused on expanding portfolios across targeted therapies, immunotherapies, and combination treatments to address unmet medical needs and improve patient outcomes.

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This release was published on openPR.