12.6% CAGR for Cancer Drugs Market to Reach US$516.15 billion by 2031, Due to Surging Investments in Oncology Research

NEW YORK, Aug. 19, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global cancer drugs market is witnessing substantial growth with the growing breast and lung cancer burden and surging investments in oncology research. The report analyzes market trends, key players, and future opportunities in-depth. This detailed analysis highlights the key challenges faced in the cancer drugs market and emphasizes the importance of practical solutions to address issues.

The cancer drugs market is expected to reach US$516.15 billion by 2031 from US$225.96 billion in 2024. The market is anticipated to register a CAGR of 12.6% during the forecast period. The cancer drugs market size is expanding rapidly, driven by the rising prevalence of breast and lung cancer. As per the World Health Organization's media center, different types of cancer cause ~1 in every six deaths across the world. There were ~20 million new cancer cases and 9.7 million deaths associated with the disease in 2022.

The burden is projected to increase by ~77% by 2050, further straining health systems and communities. According to the American Cancer Society, genes inherited from parents are responsible for 5–10% of all cancers. The highest rates are observed in Australia, North America, New Zealand, and Northern Europe, while mortality disproportionately affects low-HDI nations due to limited screening and access to care.

Breast cancer is deemed the most prevalent cancer among women, with a rising prevalence worldwide. Therefore, the increasing incidence of breast cancer drives the global cancer drugs market growth. Additionally, the growing awareness for cancer among the population is expected to contribute positively to the development of this market.

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Overview of Cancer Drugs Market Report Findings

Surging Investments in Oncology Research: Research and development activities have become the foundation for discovering innovative drugs and therapeutic strategies with the rising demand for more effective and targeted cancer therapies. A surge in research and development investments is due to increasing cancer rates and the need for advanced treatments. Pancreatic cancer, ovarian cancer, and glioblastoma, among others, are challenging to treat due to their complex pathogenesis.
The promise of more tailored therapies, especially those that selectively target cancer cells without harming healthy tissues, is propelling the growth of the cancer drugs market. According to a report published by IQVIA 2024, global spending on cancer medicine increased to US$223 billion in 2023, ~ US$25 billion more than in 2022, and is anticipated to reach US$409 billion by 2028. Moreover, in 2023, 25 oncology novel active substances (NASs) were launched globally, making 193 since 2014. This investment trend is a response to and a catalyst for transformative advancements in cancer treatment innovation. Therefore, the growing investment in oncology research fuels the growth of the cancer drugs market.
Advancements in Targeted Therapies & Immuno-oncology: Developing immune checkpoint inhibitors, CAR-T therapies, and monoclonal antibodies has transformed treatment results in recent years. Drugs such as Opdivo, Keytruda, and Yescarta have improved survival rates, boosting confidence in the market. Additionally, advancements in biomarker-based therapies and precision medicine have paved the way for more personalized and effective treatments.
Geographical Insights: In 2024, North America led the cancer drugs market with a substantial revenue share, followed by Europe and the Asia Pacific. Further, the Asia Pacific is expected to register the highest CAGR during the forecast period.

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Cancer Drugs Market Segmentation

Based on therapy types, the cancer drugs market is segmented into chemotherapy, targeted therapy, immunotherapy, hormonal therapy, and other therapy types. The targeted therapy segment held the largest share of the market in 2024, owing to the higher adoption of targeted therapy for cancer treatment.
By indications, the market is categorized into blood, lung, breast, colorectal, prostate, stomach, cervical, liver, and intrahepatic bile duct, thyroid, and other indications. The lung cancer segment accounted for the largest share of the cancer drugs market in 2024. The factors driving the market are the high global prevalence of lung cancer, and recent technological advancements have made cancer drugs more acceptable.
In terms of distribution channel, the cancer drugs market is categorized into hospital pharmacies, retail pharmacies, and online stores. The hospital pharmacies segment held the largest share of the cancer drugs market in 2024 due to the high dependency of patients on these pharmacies for the supply and administration of chemotherapy medications.
The cancer drugs market is segmented into five major regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America.

Competitive Strategy and Development

Key Players: Bristol-Myers Squibb Co.; AbbVie Inc.; Johnson & Johnson; F. Hoffmann-La Roche Ltd; Pfizer Inc.; AstraZeneca Plc; Merck KGaA; Novartis AG; Astellas Pharma Inc.; and Eli Lilly and Co. are major companies operating in the market.
Trending Topics: KRAS Inhibitors, Next-Gen Targeted Therapies, AI in Oncology Drug Discovery, Antibody–Drug Conjugates, and Oral Chemotherapy.

Global Headlines on Cancer Drugs Market

Could cancer drugs be the future of Alzheimer's treatment?
Miguel Bronchud: Cancer Drugs Approval in China - Looking Bright but with Room for Improvement?
KAIST Unveils AI for Designing Optimal Cancer Drugs
Targeting Cell Cycle Protein Sensitizes Tumors to Radiotherapy
Mental Wellness Tied to Improved Outcomes in NSCLC

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Conclusion

The growing burden of breast and lung cancer, surging investments in oncology research, accelerating home care demand, and advancements in targeted therapies & immuno-oncology drive the demand for cancer drugs. The significant factors supporting the cancer drugs market growth are the growing R&D investments in cancer care, and government initiatives & cancer control programs. Integration with telemedicine and IoT is the latest technological advancement.

Geographically, North America dominates the global cancer drugs market owing to its robust healthcare infrastructure and continuous technological innovations in the field of cancer drugs. The Asia Pacific cancer drugs market witnesses the highest growth rate, with increasing urbanization, rising cancer incidences, and changing lifestyles. In conclusion, the cancer drugs market is set to expand based on evolving technologies, healthcare demands, and regional investments, making it a critical component in the future of oncology drugs.

The report from The Insight Partners lists several stakeholders—including researchers and academic institutions, oncology drug manufacturers, hospitals and clinics, oncology care centres, healthcare and clinical laboratories, and pharmaceutical companies—along with valuable insights to navigate this evolving market landscape and unlock new opportunities.

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12.6% CAGR for Cancer Drugs Market to Reach US$516.15 billion by 2031, Due to Surging Investments in Oncology Research | The Insight Partners