Breast Cancer Segment Bolsters 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 market was valued at US$ 225.96 billion in 2024 and is projected to reach US$ 516.15 billion by 2031; it is estimated to register a CAGR of 12.6% during 2025-2031. The Cancer Drugs Market report emphasizes the trends prevalent in the global market and drivers and deterrents affecting its growth.

The growing burden of breast and lung cancer, and surging investments in oncology research, contribute to the ever-increasing cancer drugs market size. However, the high cost of treatment hampers the growth of the market. Further, preference for personalized medicine will bring new cancer drug market trends in the coming years.

Growing Burden of Breast and Lung Cancer Bolsters Cancer Drugs Market Growth

The growing burden of lung cancer is a significant driver of the cancer drugs market, particularly in 2023. Lung cancer remains one of the most prevalent and deadly cancers globally, accounting for ~25% of all cancer deaths. According to the American Cancer Society, in 2023, an estimated 238,000 new cases of lung cancer were diagnosed in the US, and ~127,000 people died from the disease. Nearly half of the cases are diagnosed at distant (metastatic) stages, where survival drops to a 29% five-year survival, underscoring the critical demand for more effective therapeutic options. This grim statistic underscores the pressing need for effective treatment options and fuels the demand for innovative therapeutics. Although smoking remains the leading risk factor responsible for ~85% of cases, there is a rising share of lung cancer among never-smokers, driven primarily by air pollution, particularly in regions below WHO air quality standards.

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. According to an estimate published by Breastcancer.org in January 2022, 1 in 8 women in the US (i.e., ~13%) will have invasive breast cancer at some point in their lives. According to the World Health Organization, in 2022, there were 2.3million women diagnosed with breast cancer and 670,000 deaths worldwide. Moreover, rapid developments in the biopharmaceutical market have resulted in numerous new and innovative drugs that can efficiently target cancer cells without harming normal cells. Additionally, there is a rising awareness among the population regarding the availability of advanced therapeutics to treat cancer. The increasing investments by different pharmaceutical companies in the research and development of new cancer drugs are expected to provide new growth avenues.

Therefore, the increasing incidence of breast cancer drives the global cancer drugs market growth. Additionally, the rising awareness of cancer among the population is expected to contribute positively to the development of this market.

The cancer drugs market analysis has been carried out by considering the following segments: therapy types, indications, distribution channel, and geography. Based on therapy types, the cancer drugs market is segmented into chemotherapy, targeted therapy, radiation therapy, hormone therapy, and other therapy types. The targeted therapy segment held the largest cancer drugs market share in 2024.

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 from 2025 to 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.

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.

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.

Cancer Drugs Market Share, by Distribution Channel, 2024 (%)

Source: The Insight Partners Analysis

The geographic scope of the cancer drugs market report includes assessing the market performance in North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. North America is expected to dominate the market in 2024. The Cancer Drugs Market in North America is segmented into the US, Canada, and Mexico. The rising number of cancer cases fuels the demand for advanced therapeutics and treatment options. In the US, 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 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.

The cancer drugs market in North America caters to consumers seeking to prevent disease, manage cancer conditions, and promote overall health and wellness through cancer drugs. Emerging technologies, liquid biopsies, AI-based precision tools, and combination therapies optimize treatment effectiveness, further enriching the cancer drugs market.

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