Oncology Market to Reach $628 Billion by 2032: Revolutionizing Cancer Care

Trishita Deb
Trishita Deb

Updated · May 13, 2024


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The oncology market is projected to experience substantial growth, with its valuation expected to increase from USD 208 billion in 2022 to around USD 628 billion by 2032, marking a Compound Annual Growth Rate (CAGR) of 12% over this period. This expansion can be attributed to several factors including rising cancer incidence globally, significant advancements in cancer treatment technologies, and increasing public and private investment in cancer research.

Challenges in this sector include the high costs associated with cancer treatments, especially with advanced diagnostics and imaging systems, and the side effects linked to cancer therapies such as chemotherapy, which can lead to long-term damage to organs and other healthy cells. Moreover, the scarcity of skilled oncology professionals poses additional constraints on the market’s growth​.

Recent developments in the field have been promising, with the FDA approving a variety of new cancer drugs, including 12 new, first-in-human molecules in 2022 alone. These developments are crucial in offering more effective and less harmful treatment alternatives to traditional methods​ (AACR)​. Additionally, there is an increasing focus on immunotherapy and targeted therapies, which are not only more effective but also result in fewer side effects compared to conventional chemotherapy​. while the oncology market is poised for significant growth driven by technological advances and increasing disease prevalence, it faces challenges such as high treatment costs and the adverse effects of current cancer treatments.

Key Takeaways

  • In 2022, the global oncology market was estimated at USD 208 billion and is anticipated to surge to USD 628 billion by 2032.
  • The projected compound annual growth rate (CAGR) for the oncology market over the next decade stands at 12%.
  • Europe contributed 24.1% to the oncology market’s revenue share in the year 2022.
  • The North American region held the largest share of the oncology market in 2022, showcasing its dominance.
  • The rising prevalence of cancer globally is attributed to factors such as population growth and shifts in lifestyle.
  • Innovations such as AI detectors and liquid biopsy techniques are significantly propelling the growth of the oncology market.
  • Significant investments in cancer treatment research and development are being made by pharmaceutical and biotechnology companies.
  • Governmental financial support is increasingly directed towards research in cancer immunotherapy.
  • The high costs associated with cancer treatment pose a substantial barrier in developing nations.
  • AI-based cancer detection systems represent a growing trend within the oncology market.
  • Hospitals are the predominant end-users within the global oncology market, holding the majority share.
  • The robust healthcare infrastructure and heightened awareness in North America are key drivers of its oncology market.
  • Moderate growth rates are observed in the oncology markets of Latin America and the Middle East and Africa (MEA).
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Oncology Statistics

  • In 2024, an estimated 2,001,140 new cancer cases will be diagnosed in the United States, and 611,720 will die from the disease.
  • The most common cancers in 2024 are breast, prostate, lung, colorectal, melanoma, bladder, kidney, non-Hodgkin lymphoma, endometrial, pancreatic, leukemia, thyroid, and liver cancers.
  • Cancer incidence rate is 440.5 per 100,000 people per year (based on 2017-2021 cases), while the cancer mortality rate is 146.0 per 100,000 per year (2018-2022 deaths).
  • As of January 2022, there were an estimated 18.1 million cancer survivors in the U.S., projected to increase to 22.5 million by 2032.
  • Approximately 40.5% of men and women will be diagnosed with cancer at some point during their lifetimes (based on 2017-2019 data).
  • In 2024, an estimated 14,910 children and adolescents ages 0-19 will be diagnosed with cancer, and 1,590 will die from the disease.
  • Estimated national expenditures for cancer care in the U.S. in 2020 were $208.9 billion, with costs likely to increase in future years.
  • Worldwide, in 2022, there were almost 20 million new cancer cases and 9.7 million cancer-related deaths.
  • By 2040, the number of new global cancer cases per year is expected to rise to 29.9 million, and cancer-related deaths to 15.3 million.
  • The U.S. overall cancer death rate has declined since the early 1990s, decreasing by 2.3% per year among men and 1.9% per year among women from 2015 to 2019.
  • In the U.S., cancer mortality is highest among non-Hispanic Black men (208.3 per 100,000) and lowest among non-Hispanic Asian/Pacific Islander women (82.6 per 100,000).
  • Prostate, lung, and colorectal cancers account for an estimated 48% of all cancers diagnosed in men in 2024 in the U.S.
  • For U.S. women in 2024, breast, lung, and colorectal cancers will account for an estimated 51% of all new cancer diagnoses.
  • From 2015 to 2019, the overall cancer death rate among children ages 0-14 in the U.S. decreased by 1.5% per year.
  • Cervical cancer incidence rates decreased by 65% from 2012 to 2019 due to HPV vaccination among women aged 20 to 24.
  • Prostate cancer incidence increased by 3% annually from 2014 to 2019, marking the first rise in about 20 years.
  • Lung cancer rates dropped slower in women compared to men, indicating gender-based disparities in improvements.
  • Liver cancer and melanoma incidence increased in women but declined in men under 50 and stabilized in older men.
  • Breast and endometrial cancer rates rose in women, potentially hindering future progress in reducing cancer-related deaths.
  • In 2023, an estimated 1.9 million new cancer cases and 609,820 cancer-related deaths are expected in the US.
  • Cancer death rates have dropped by 33% since 1991, attributed to factors like reduced smoking rates and advancements in prevention and treatment.
  • Racial disparities persist in cancer occurrence and outcomes, influenced by historical and persistent structural inequalities.
  • Cancer death rates have decreased over 30 years, saving around 4 million lives due to factors like smoking cessation and improved treatments.
  • Notably, colorectal cancer is becoming more prevalent among people under 50, with lifestyle changes possibly contributing to the rise.

Emerging Trends

  • Precision Oncology and Advanced Diagnostics: Precision oncology continues to evolve with an increasing focus on biomarker tests, which have significantly grown in use from 15% to 55% of all oncology clinical trials over the past two decades. As of 2019, 66% of oncology patients receive a biomarker test to help guide treatment decisions. This shift towards more personalized treatment plans is based on the genetic profile of individual tumors, enhancing the effectiveness of cancer therapies​​.
  • Combination Therapy Regimens: The use of combination therapies, which involve multiple cancer drugs used simultaneously, is on the rise. Clinical evidence suggests these regimens may be more effective than single-agent treatments, with the percentage of U.S. cancer patients eligible for these therapies growing significantly​​.
  • Advancements in Cell and Gene Therapies: Cell and gene therapies, such as CAR-T treatments, represent a frontier in potentially curative options for complex cancers. Despite their high upfront costs, these therapies are gaining traction, with expectations for several more approvals in the coming years​​.
  • Clinical Trial Trends: The landscape of oncology clinical trials is also changing. While there was a slight decrease in the total number of trials from 2022 to 2023, there was an increase in Phase III trials. Gastrointestinal cancers remain the most common focus, but there is also significant attention on lung, breast, and non-Hodgkin lymphoma​. There’s a notable rise in trials for antibody-drug conjugates (ADCs), and drugs targeting PD-1 and new antigens like CLDN18.2 and KRAS​.
  • Shifts in Treatment Modalities: The treatment modalities are diversifying. Alongside the traditional small molecules and monoclonal antibodies, there’s a growing emphasis on antibody-drug conjugates (ADCs) and dual-targeting therapeutics like bi-specific CAR-T cell therapies and bi-specific ADCs​.
  • Management and Payment Innovations: Stakeholders in the oncology field are restructuring traditional roles, particularly in how cancer care is paid for and managed. There is a movement towards alternative payment models (APMs) and risk-sharing arrangements, which aim to reduce the overall cost of care while maintaining quality. This includes the integration of sophisticated decision-support tools and expanding patient-reported outcomes (PROs) in clinical settings​​.

Use Cases

  • AI-Enhanced Diagnostic Accuracy: AI applications in diagnostic imaging, such as mammography, have shown significant improvements in detecting malignancies. For instance, AI models have increased the positive predictive value by 10% over traditional methods, leading to earlier and more accurate cancer detection​​​.
  • Optimizing Chemotherapy Treatment Plans: AI models are being utilized to refine chemotherapy regimens. By analyzing clinical data, genomic biomarkers, and population outcomes, AI has aligned treatment recommendations with oncologists’ choices with high consistency rates, approaching 95-97% in some cancer types. This reduces the trial-and-error in treatment planning, leading to more personalized and effective care​​.
  • Monitoring Treatment Response: AI algorithms are now capable of tracking treatment responses more accurately and much earlier than traditional methods. For example, AI-enhanced monitoring of lung cancer treatments via CT scans has been able to quantify response 5 months sooner than usual clinical criteria. This allows for timely adjustments in treatment plans, enhancing overall patient care​​.
  • Clinical Documentation: The use of large language models (LLMs) in clinical documentation is alleviating the administrative burden on healthcare providers. By automating routine documentation, LLMs give oncologists more time to focus on patient care rather than paperwork, thus potentially enhancing the patient-doctor relationship and reducing clinician burnout​.
  • Enhancing Radiology and Pathology: AI is also revolutionizing radiology and pathology by improving the resolution of diagnostic images and speeding up diagnostic processes. In one study, AI-supported mammography matched the cancer detection rates of two breast radiologists and significantly reduced their screen-reading workload by 44%, proving that AI can streamline operations without compromising care quality​.


The oncology market is poised for significant growth, driven by increasing cancer incidence and advancements in treatment technologies. Key developments, such as the approval of new cancer drugs and a focus on precision oncology and immunotherapies, are set to enhance treatment efficacy and reduce side effects. However, challenges such as high treatment costs and a shortage of skilled oncology professionals remain substantial barriers. Stakeholders are also exploring innovative payment models and AI applications to improve diagnostic accuracy and treatment management. The collective efforts in research, investment, and technology integration suggest a transformative trajectory for the oncology market, aligning with broader health care advancements and patient-centric approaches.

Trishita Deb

Trishita Deb

Trishita has more than 7 years of experience in market research and consulting industry. She has worked in various domains including healthcare, consumer goods, and materials. Her expertise lies majorly in healthcare and has worked on more than 400 healthcare reports throughout her career.