North America Leads $201B Oncology Market Amid Rising US Cancer Cases

Cancer remains the second leading cause of death worldwide, with the United States expecting nearly 2 million new cases and over 600,000 deaths in 2024. The growing incidence of cancer has driven a significant increase in treatment costs, projected to exceed $245 billion by 2030 in the U.S. alone. Over the past two decades, global funding and FDA approvals for cancer medicines have surged, highlighting rapid advancements in oncology. The global market for cancer drugs was valued at approximately $201.75 billion in 2023 and is forecast to more than double to $518.25 billion by 2032, growing at an 11.3% CAGR. This growth is fueled by innovations such as tailored immunotherapies and a comprehensive oncology care process encompassing diagnosis to treatment. Leading biotech and pharmaceutical companies like Krystal Biotech, TG Therapeutics, Protagonist Therapeutics, argenx SE, and Merus N.V. are positioned to benefit from this expanding market.