Oncology: A $748 Billion Opportunity. Which Cancer Therapies Will Lead the Next Decade?

Cancer treatment is becoming more specialised as pharmaceutical companies develop therapies that target specific tumour characteristics, activate the immune system, and deliver drugs directly to cancer cells.

Towards Healthcare estimates that the global oncology sector will grow from $251.01 billion in 2025 to $748.17 billion by 2035, representing an estimated CAGR of 11.54%. This is a market forecast, not a guarantee of future growth.

For pharmaceutical leaders and investors, the opportunity is to identify which technologies can deliver meaningful clinical benefits, gain regulatory approval, and establish a competitive position in increasingly crowded treatment categories.

Which Cancer Therapies Could Lead?

No single category is guaranteed to lead every cancer type. Commercial success depends on clinical efficacy, safety, eligible patient numbers, pricing, reimbursement, and competition.

ADCs: An Important Area to Watch

ADCs combine an antibody with a cytotoxic drug payload. The antibody helps direct the treatment towards cells expressing a selected target, while the payload delivers the therapeutic effect.

Merck's collaboration with Daiichi Sankyo, AstraZeneca's Enhertu partnership with Daiichi Sankyo, and Roche's Kadcyla franchise illustrate the strategic importance of ADC development.

However, the opportunity extends beyond launching another ADC. Companies can investigate new targets, improved payloads, linker technologies, resistance mechanisms, and combinations with other cancer therapies.

Manufacturers and investors should assess clinical differentiation, target expression, safety, production complexity, and the strength of competing clinical programmes before committing capital.

Where Are the Unmet Needs?

Three challenges create potential opportunities for drug developers and supporting technology companies.

Treatment resistance and relapse: Some cancers progress despite initial treatment response. New targets, rational drug combinations, and therapies for resistant disease may address specific unmet clinical needs.

Biomarker-led treatment: Companion diagnostics and molecular profiling can help identify patients more likely to benefit from selected therapies. Opportunities include diagnostic partnerships, biomarker validation, and better integration of testing into treatment pathways.

Treatment affordability and access: Advanced therapies can carry substantial development and treatment costs. Companies that improve manufacturing efficiency, simplify administration, or establish sustainable access programmes may strengthen their commercial position.

These challenges require disease-specific evidence. A promising mechanism does not automatically translate into improved patient outcomes or a commercially viable product.

Which Companies Should Investors Track?

The most useful comparison is not simply the number of drugs in each company's pipeline. Investors should examine clinical-stage distribution, trial milestones, differentiation from standard treatment, partnership obligations, regulatory risks, and the commercial potential of each indication.

Business Opportunities Beyond Drug Development

The oncology opportunity also extends to the companies that help therapies reach patients.

• Clinical development: Specialised CRO services, trial recruitment, biomarker testing, and clinical data management.

• Manufacturing: ADC production, biologics manufacturing, analytical testing, and specialised process development.

• Diagnostics: Companion diagnostics and molecular testing that support patient selection.

• Licensing and partnerships: Identifying complementary assets, regional development partners, and acquisition opportunities.

• Competitive intelligence: Tracking clinical trials, pipeline changes, investment activity, and competitor positioning.

For emerging biotechnology companies, a focused entry strategy may be more practical than competing directly with established pharmaceutical leaders. Specialised research services, enabling technologies, and partnerships around a defined therapeutic area can provide more targeted routes into the oncology ecosystem.

How Towards Healthcare Supports Oncology Decisions

Towards Healthcare offers an Oncology Master Dataset, Competitive Quadrant, and dedicated oncology intelligence dashboard to support company benchmarking, pipeline tracking, and opportunity assessment.

These resources can help pharmaceutical companies and investors compare therapeutic portfolios, monitor clinical developments, identify potential partners, and assess competitive positioning across oncology segments.

The central investment question is which therapies can combine meaningful clinical differentiation with a credible development and commercial pathway. A growing sector creates opportunities, but the strongest decisions require evidence on patient needs, competing treatments, clinical milestones, and market access.

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