Oncology Drug Discovery & Development Market Size is predicted to witness a 18.2% CAGR during the forecast period for 2025-2034.
Key Industry Insights & Findings from the Report:
Oncology drug discovery and development involve identifying and validating targets in cancer cells, discovering potential drug candidates, optimizing their properties, and conducting preclinical and clinical testing. The global increase in cancer prevalence is leading to a substantial demand for new and enhanced cancer treatments. Ongoing cancer biology, genomics, and immunology research has deepened our understanding of the disease, enabling the development of more precise and individualized therapies.
Additionally, the healthcare sector in developing nations is expanding due to a growing need for high-quality medical services, significant investments in healthcare infrastructure by governments worldwide, and the emergence of medical tourism in these regions. In light of these circumstances, it is expected that the cancer drug market will offer substantial growth prospects. Numerous drugs in the pipeline, including promising medications currently in advanced stages of development, are poised to create attractive opportunities for market expansion. Regulatory bodies have established accelerated pathways for oncology drug approvals, facilitating faster entry of promising therapies into the market.
Furthermore, the development and approval of biosimilars and generic versions of established oncology drugs introduce competition and cost-saving opportunities in the market. Moreover, the healthcare sector in developing nations is expanding due to growing demand for top-notch medical services, substantial investments in healthcare infrastructure by governments worldwide, and the rise of medical tourism in these countries. Given these circumstances, it is anticipated that the cancer drug market will have significant growth opportunities.
The oncology drug discovery & development market is segmented on the basis of drug therapy, cancer type and stage. Based on drug therapy, the market is segmented as chemotherapy, targeted therapy, immunotherapy, hormone therapy, and others. By cancer type, the oncology drug discovery & development market is categorized into lung cancer, breast cancer, colorectal cancer, prostate cancer, leukaemia cancer, lymphoma cancer, ovarian cancer, and others. By stage, the market is segmented into the discovery phase, preclinical phase, and clinical trials & others.
The targeted therapy category is expected to hold a major share of the global oncology drug discovery & development market in 2022. The predominance of targeted therapy can be primarily ascribed to its precision, decreased occurrence of side effects, and heightened effectiveness compared to conventional chemotherapy. Targeted therapies are meticulously designed to focus exclusively on the molecular and genetic anomalies within cancer cells, sparing healthy tissues and thereby minimizing side effects. This approach enhances patient tolerance and overall quality of life. By directly tackling the root causes of cancer while reducing the chances of organ damage and cancer reoccurrence, targeted therapy has evolved into a more patient-centred, efficient, and safer methodology.
The breast cancer segment is projected to grow rapidly in the global oncology drug discovery & development market. The expansion is linked to the rising incidence of reported breast cancer cases. Furthermore, the expanding population plays a role in the exploration and development of breast cancer medications. The rising occurence of breast cancer is a critical driver in oncology drug discovery and development, spurring research, innovation, and investment in the development of new therapies for breast cancer patients. It underscores the importance of addressing the specific needs of breast cancer patients within the broader oncology market.
The North American oncology drug discovery & development market is anticipated to register a tremendous market share. One of the factors contributing to the increasing incidence of these diseases in Asia is the widespread use of tobacco, a known carcinogen linked to oral and laryngeal cancers and other health conditions. Regions such as Asia-Pacific, Latin America, and the Caribbean are poised for substantial growth in the near future. This growth is driven by improvements in healthcare infrastructure, increased affordability, and greater awareness regarding the significance of early cancer detection, particularly for oral cancer. In addition, the Asia Pacific region market is projected to develop faster than the global market. Moreover, the healthcare sector in developing nations is expanding due to growing demand for top-notch medical services, substantial investments in healthcare infrastructure by governments worldwide, and the rise of medical tourism in these countries. Given these circumstances, it is anticipated that the cancer drug market will have significant growth opportunities.
In April 2024, AstraZeneca's Tigress gained FDA approval for first-line treatment of metastatic lung cancer, permitting its combination with chemotherapy. This targeted therapy can now be used alongside chemo for locally advanced or metastatic lung tumors. Additionally, recent trial findings advocate for Tigress’s earlier utilization in treatment protocols.
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 18.2% from 2025 to 2034 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2025 to 2034 |
| Historic Year | 2021 to 2024 |
| Forecast Year | 2025-2034 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Application, Technology, Installation Type, Vessel Type |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
| Competitive Landscape | Novartis, AstraZeneca, Merck & Co., Inc, Bristol-Myers Squibb, Pfizer, Eli Lilly and Company, Gilead Sciences, Regeneron Pharmaceuticals, Takeda Pharmaceutical Company, Sanofi, Bayer AG, GlaxoSmithKline plc., Genentech, Inc., AbbVie Inc and among others. |
| Customization Scope | Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing And Available Payment Methods | Explore pricing alternatives that are customized to your particular study requirements. |
Oncology Drug Discovery & Development Market By Drug/Therapy
Oncology Drug Discovery & Development Market By Cancer Type
Oncology Drug Discovery & Development Market By Stage
Oncology Drug Discovery & Development Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
This study employed a multi-step, mixed-method research approach that integrates:
This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.
Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.
Secondary data for the market study was gathered from multiple credible sources, including:
These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.
Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.
Primary interviews for this study involved:
Interviews were conducted via:
Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.
All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.
The data validation process included:
This ensured that the dataset used for modelling was clean, robust, and reliable.
The bottom-up approach involved aggregating segment-level data, such as:
This method was primarily used when detailed micro-level market data were available.
The top-down approach used macro-level indicators:
This approach was used for segments where granular data were limited or inconsistent.
To ensure accuracy, a triangulated hybrid model was used. This included:
This multi-angle validation yielded the final market size.
Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.
Given inherent uncertainties, three scenarios were constructed:
Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.