Cancer diagnostic: The Global Cancer Diagnostics Market is projected to grow at a CAGR of 6.77% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 111.70 Billion in 2024 and is expected to reach USD 188.43 Billion by the end of the forecast period. (Source: Cancer Diagnostics Market Surges to USD 188.43 Billion by 2031, Propelled by 6.77% CAGR - Verified Market Research®).

Oncology therapeutics: The global oncology drugs market size was valued at USD 201.75 billion in 2023 and is projected to grow from USD 220.80 billion in 2024 to USD 518.25 billion by 2032, exhibiting a CAGR of 11.3% during the forecast period (2024-2032). Oncology drugs include wide range of medications such as targeted therapies, chemotherapy agents, immunotherapies, and hormone therapies to treat cancer. The market growth is attributed to various factors such as the rising prevalence of different type of cancer, increasing new drug launches and product approvals, and growing research activities by pharma companies in this field. According to data published by the American Cancer Society in January 2023, there will be around 1,958,310 cancer patients in the U.S. alone by the end of 2023, a 28.0% increase from 2010. The oncology cancer drugs are primarily used to lower the total number of cancer cells in the body, shrink the tumor size, and reduce the symptoms. (Source: Oncology Drugs Market Size, Share & Growth | Statistics [2032])

The combined global cancer diagnostic and therapeutics market in 2024 is estimated at USD 332.5 billion, rising to USD 719.436 billion by 2032.

Major pharmaceutical companies are investing big in cancer drug businesses. It is noteworthy that in December 2023, Pfizer Inc. announced the successful completion of its US$43 billion acquisition of Seagen Inc., a global biotechnology company that discovers, develops and commercializes transformative cancer medicines.