Cancer Drugs Market is expected to reach US$ 516.15 Billion by 2031

Targeted Therapy Segment Based on Therapy Types Fuels Cancer Drugs Market Growth

According to our new research study on “Cancer Drugs Market Forecast to 2031 – Global Analysis – by Therapy Types, Indications, and Distribution Channel,” the cancer drugs market size is expected to grow from US$ 225.96 billion in 2024 to US$ 516.15 billion by 2031; the market is expected to register a CAGR of 12.6% during 2025–2031. Major factors driving the cancer drugs market growth include the growing burden of breast and lung cancer, and surging investments in oncology research.

Cancer drugs are pharmaceutical agents that prevent, diagnose, treat, or manage cancer. Due to the increasing prevalence of cancer, rising investments in research and development, and growing demand for targeted and personalized therapies, oncology drugs form one of the most dynamic and rapidly growing segments of the global pharmaceutical industry. Preference for personalized medicine will likely emerge as a significant cancer drugs market trends.

Cancer Drugs Market, by Region, 2024(%)

Source: The Insight Partners Analysis

Cancer Drugs Market Analysis Based on Segmental Evaluation:

Based on therapy types, the cancer drugs market is categorized into chemotherapy, targeted therapy, radiation therapy, hormone therapy, and other therapy types. In 2024, the targeted therapy segment held a significant cancer drugs market share. The rising global cancer burden and the clinical advantages of immunotherapy over traditional treatments primarily drive the category's growth. Targeted therapy activates the body’s immune system to recognize and destroy cancer cells, often sparing healthy tissue and reducing collateral damage compared to chemotherapy and radiation.

These therapies encompass small?molecule inhibitors (tyrosine kinase inhibitors and PARP inhibitors) and monoclonal antibodies, including immune checkpoint inhibitors, VEGF inhibitors, HER2 inhibitors, and ADCs such as trastuzumab deruxtecan and telisotuzumab vedotin. Trastuzumab (Herceptin) or lapatinib (TYKERB) can be prescribed to female patients whose breast tumors show an excessive HER2 in lab tests. The rising global cancer burden and drug advancements are thereby boosting market demand.

By indications, the market is segmented into blood cancer, lung cancer, breast cancer, colorectal cancer, prostate cancer, stomach cancer, cervical cancer, liver and intrahepatic bile ducts cancer, thyroid cancer, and other indications. The breast cancer segment held the largest share of the cancer drugs market in 2024 and is anticipated to register the highest CAGR during 2025–2031. Breast cancer is one of the most prevalent forms of cancer, with an estimated 2.3 million new cases diagnosed globally each year. It is the leading cancer in women and remains a prime cause of cancer-related mortality worldwide. However, significant advancements in breast cancer research and treatment have dramatically improved survival rates, particularly in early-stage diagnoses. Ongoing developments in targeted therapies, immunotherapies, and personalized treatment regimens continue to transform the therapeutic landscape for breast cancer. The breast cancer drugs market is characterized by a diverse range of treatment modalities that are available and in development; these promising therapy options include targeted therapies, hormone therapies, immunotherapies, and precision medicine, which are transforming the market dynamics and offering hope for patients with various stages and subtypes of breast cancer. The Phase 3 Datopotamab Deruxtecan Trials for evaluating the efficacy of the antibody-drug conjugate under study, targeting the TROP2 protein in patients with advanced breast cancer, was one of the significant clinical trials underway in 2023.

In terms of distribution channel, the cancer drugs market is segmented into hospital pharmacies, retail pharmacies, and online stores. The hospital pharmacies segment held the largest share of the cancer drugs market in 2024 and is anticipated to register the highest CAGR during 2025–2031. Hospital pharmacies play a crucial role in the management of cancer therapeutics. They are responsible for compounding and dispensing, monitoring drug safety, medication management, and educating patients. Hospital pharmacies are responsible for procuring, storing, and administering chemotherapy medications and other treatments related to cancer to ensure that patients receive the proper treatment in time. These pharmacies also manage the inventory and storage of these drugs, ensuring that they are stored and handled under strict regulations. Their collaborative efforts with oncologists and healthcare teams ensure that cancer patients receive optimal, personalized therapeutics and comprehensive care throughout their treatment journey. Hospital pharmacies remain instrumental in delivering timely and effective cancer treatments, significantly impacting patients' outcomes in battling the disease. The high dependency of patients on these pharmacies for the supply and administration of chemotherapy medications, as well as the enhanced availability of medicines in hospital pharmacies, favors the growth of the cancer drugs market for the hospital pharmacy segment.

The scope of the cancer drugs market report includes an assessment of the market performance in North America, Europe, Asia Pacific, South and Central America, and the Middle East and Africa. In terms of revenue, North America dominated the cancer drugs market share in 2024. The US dominated the North America cancer drugs market in 2024. According to the American Cancer Society, in 2022, more than 1.9 million new cases of cancer were diagnosed in the nation, causing ~0.61 million deaths. The source anticipated ~2.0 million cancer diagnoses in the US in 2024. Common types of cancers include breast, prostate, lung, colorectal, and melanoma. As per the data of the American Society of Clinical Oncology, colorectal cancer is the third most common cancer diagnosed in men and women in the US. In 2023, ~0.15 million adults in the US were diagnosed with colorectal cancer. These numbers include 106,970 new cases of colon cancer (54,420 men and 52,550 women) and 46,050 new cases of rectal cancer (27,440 men and 18,610 women). The rising case of cancer fuels the need for innovative treatments, such as targeted therapies and immunotherapies. Industry players Roche, Pfizer, Novartis, Merck, Bristol-Myers Squibb, AbbVie, Lilly, AstraZeneca, and J&J dominate the market through profound pipelines and strategic mergers & acquisitions.

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 among the leading companies profiled in the cancer drugs market report.

In terms of geography, the market is categorized into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (GCC Countries, South Africa, Turkey, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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