In this article, we shall cover the top 30 oncology companies in the world. To skip our detailed analysis of the global oncology industry in 2023, go directly and see Top 10 Oncology Companies in the World.
According to a report by McKinsey and Company, the economic outlook for the US healthcare industry in 2023 appears grim, primarily due to non-transitory inflation rates, a glaring healthcare worker shortage and endemic COVID-19. However, according to expanded projections, healthcare profit pools are expected to rise at a CAGR of more than five percent from $654 billion in 2021 to $790 billion in 2026. Although the top oncology companies in the world are navigating significant headwinds, improvement efforts in the global pharmaceutical and biotech industries are aiding the healthcare sector in overcoming challenges in 2024. To read about countries with high cancer rates, check out our coverage of the 20 Countries With The Highest Rates of Cancer.
How To Win In Oncology: Emerging Trends
According to a report by McKinsey and Company, oncology is one of the world's largest and fastest-moving therapeutic areas, valued at around $203.4 billion in 2022. The market is expected to reach $470.6 billion by 2032, at a CAGR of 8.8%. As of 2022, the oncology market represents more than 27% of pharmaceutical sales in the US, with more than 40 FDA approvals in 2022 alone, according to the American Association for Cancer Research. However, according to McKinsey, the oncology segment is also increasing in competitiveness, with more than forty percent of the industry preclinical pipeline now in oncology and nearly all top ten players boasting a commercial presence. In order to bolster positioning within the market and win the incredibly cutthroat and complex oncology space, it is imperative for top oncology companies like Eli Lilly & Company (NYSE:LLY), Johnson & Johnson (NYSE:JNJ), and Merck & Co. (NYSE:MRK) to focus on a set of core capabilities.
According to an annual report by the IQVIA Institute, one of the primary trends driving the oncology sector in 2023 is democratized innovation. Although much of innovative science is carried out largely by non-Big Pharma players, the number of pharmaceutical companies exploring collaborative and innovation-driven models are on the rise. Furthermore, the level of venture-capital investment has also continued to rise, with oncology receiving more than 200 rounds of venture-capital investment between 2009 and 2020.
With data collection practices assuming increasing importance in the current business climate, precision medicine is beginning to represent the vanguard of modern oncology, largely evident by the increasing number of differentiated cancer phenotypes, patient populations, and therapy options available. In this area, one of the most essential components for efficient drug development are biomarkers, with the number of biomarker-coupled therapies tripling since 2012. For top players like Eli Lilly & Company (NYSE:LLY), Johnson & Johnson (NYSE:JNJ), and Merck & Co. (NYSE:MRK) to continue to dominate the current oncology landscape, they will have to develop suitable identification processes for appropriate biomarkers, show their prognostic capabilities, develop companion diagnostics, and reach patients who have the most to gain from this kind of innovation. In this effort, the top oncology companies in the world can learn from the rare-diseases segment, which combine engagement with patient-advocacy groups, the review of oncologists' patient records, and foster partnerships with testing companies to identify patients who are likely to invest more in immunotherapy.
Furthermore, investments in the development of mRNA vaccines for cancer has more than doubled since 2018, with focus largely reserved for solid, malignant tumors. The pandemic shifted interest towards mRNA vaccines for COVID-19, and one of the primary reasons why companies like Pfizer Inc. (NYSE:PFE), Moderna Inc. (NASDAQ:MRNA), and Johnson & Johnson (NYSE:JNJ) were able to develop the vaccines so quickly is largely due to decades of preexisting research on mRNA vaccines in oncology. Since then, oncology companies are renewing their focus on the development of mRNA vaccines for solid melanomas, with oncology vaccines making up for more than 8% of the mRNA pipeline in 2022. Many of the top 30 oncology companies in the world are operating in the 15 Best Countries for Cancer Treatment.
Advanced Analytics in Oncology: An Overview
According to a report by McKinsey, the oncology industry has been making significant strides in integrating advanced analytics and machine learning in modern oncology. Researchers have successfully constructed a model which can accurately estimate molecular subdivisions in head and neck melanomas using radiomics - a machine learning technique which can aid in the identification, classification, and observation of solid tumors from CT, MRI, or PET scans, rather than depending completely on radiographers and needlessly painful biopsies. In other companies, machine-learning models have been deployed to out-perform board-certified dermatologists in pinpointing melanoma through mere image recognition. However, according to the report, many prominent oncology companies like Eli Lilly & Company (NYSE:LLY), Johnson & Johnson (NYSE:JNJ), and Merck & Co. (NYSE:MRK) have still been slow in the systematic application and integration of advanced analytics in their oncology operations, despite the fact that it has proven to deliver unprecedented value at each stage of the product life cycle.
One of the primary reasons for this is the lack of data scientists with expertise in oncology - a major impediment for top oncology companies which want to apply advanced analytics in their product development. However, an even bigger roadblock is an internal and external culture which is uncomfortable with the degree of experimentation inherent in developing advanced-analytics capabilities. Hence, even some of the top oncology companies like are delaying and avoiding the steep learning curve.
To develop advanced-analytics capacities, oncology companies need to invest in the development of a strategic road map. In the absence of an effective and calculated strategy, a company cannot encourage senior leadership to align and commit to priority efforts. Secondly, companies will need to invest in a strong team with technical and business skills. Although large pharmaceutical companies do have a significant number of data scientists, their job descriptions are largely limited to commercial analytics. To harness the complete power of data analytics, companies will need to devote specialist resources to different therapeutic areas.
Top oncology companies will also need to spearhead any potential advanced analytics program with existing data assets. Although the quality, availability and cost of oncology-specific data sets have significantly improved in the last decade, data still remains relatively sparse overall, with depleted samples sizes especially with respect to biomarker data. Furthermore, clinical data usually does not include the specific results of tests or procedures. Hence, to kickstart a potential program, oncology companies need to pick and put to use as many existing data assets as possible, including data on rebate cards, oncology practices and cohorts, and oncologists who have partaken in clinical trials.
Lastly, companies need to challenge the prevailing assumption that data and models must be absolutely perfect before being leveraged for critical decision making. McKinsey argues that this orthodoxy may be correct when applying analytics to selected areas like R&D, but other areas within the company have a lot to gain from imperfect analytical tools. Additionally, considering how fast standards of care can change, companies will inevitably struggle to make any headway if they lie in wait for perfection. Lack of transparency and training can also prove to be a substantial impediment in adoption of analytical tools in company operations. Overcoming such complex and deep-rooted problems require a deliberate attempt by a company to change its internal culture and transform its employee training practices.
To compile our list of the top 30 oncology companies in the world, we carefully screened the global oncology market to pick some of the largest, or most prominent players in the sector. The companies were screened for their product portfolio and overall performance. Then, the companies were ranked based on their overall market capitalization, as of October 8. Details about each company are provided to give the reader some context.
Based in Dublin, Ireland, Jazz Pharmaceuticals plc (NASDAQ:JAZZ) is a biopharmaceutical company founded in 2003. The company has a wide range of products, including treatment drugs for oncology. Many of their cancer drugs focus on relapsed small cell lung cancer, leukemia, and veno-occlusive disease (VOD).
Based in Hyderabad, India, Dr. Reddy’s Laboratories Limited (NYSE:RDY) is an Indian multinational pharmaceutical company. It has an incredibly diverse portfolio and produces more than 190 medications. One of their oncology medicines, Peggrafeel, is the world’s only source of pegfilgrastim and a market leader in the oncology segment.
Headquartered in Tel Aviv, Israel, Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) is a multinational pharmaceutical company with facilities in more than forty locations across the world. Teva Pharmaceuticals (NYSE:TEVA) focuses on an extensive product portfolio, the most prominent being generic drugs and oncology drugs. Some of its medications for cancer include Bendeka, Granix, and Herzuma.
Headquartered in Wilmington, Delaware and Morges, Switzerland, Incyte Corporation (NASDAQ:INCY) is an American multinational pharmaceutical company. The company has an extensive portfolio of medications targeting areas like oncology, inflammation, and autoimmunity. In oncology, Incyte Corporation (NASDAQ:INCY) produces medicines like Jakafi and Pemazyre.
26. Otsuka Pharmaceutical Ltd. (TYO:4578)
Total Market Cap (As of October 8): $19.3B
Based in Naruto, Japan, Otsuka Pharmaceutical Ltd. (TYO:4578) is a pharmaceutical company which was founded in 1964. Through research and development, Otsuka Pharmaceutical Ltd. (TYO:4578) has been working on producing medicinal drugs for the purpose of treating cancer. The company's oncology portfolio includes Dacogen and IV Busulfex.
Headquartered in Beijing, China and Cambridge, Massachusetts, Beigene Ltd. (NASDAQ:BGNE) is a biotechnology company. The company specializes in producing medicinal drugs for cancer treatment. One of its most prominent products is Tislelizumab which prevents cancer tumors from evading the immune system. Another cancer-treatment medicine the company offers is Zanubrutinib.
Headquartered in San Diego, California, Illumina Inc. (NASDAQ:ILMN) is an American biotechnology company which operates in more than 140 countries. The company provides treatments that focus on blood testing in order to identify cancer tumors in the bloodstream.
23. Astellas Pharma Inc. (TYO:4503)
Total Market Cap (As of October 8): $24.94B
Headquartered in Tokyo, Japan, Astellas Pharma Inc. (TYO:4503) is a Japanese multinational pharmaceutical company, with franchise areas like oncology, urology, cardiology, and infectious diseases. In oncology, the company largely focuses on bladder, lung, pancreatic, and prostate cancers. Their flagship cancer-treatment medications include Padcev, Tarceva, and Xtandi.
Based in Mainz, Germany, BioNTech SE (NASDAQ:BNTX) is a German biotechnology company, which produces active immunotherapies, including cell therapy and small immunomodulators as treatments for cancer. In 2023, the company initiated clinical trials for mRNA-based immunotherapies targeting different types of melanomas.
Headquartered in Cambridge, Massachusetts, Biogen Inc. (NASDAQ:BIIB) is an American multinational biotechnology company founded in 1978. It mainly specializes in developing treatments for neurological diseases; their portfolio, however, includes treatments and therapies for oncology as well.
Headquartered in Cambridge, Massachusetts, Moderna Inc. (NASDAQ:MRNA) is a pharmaceutical and biotechnology company that specializes in vaccines for influenza, multiple viruses, and cancer. As part of its oncology segment, the company largely focuses on the treatment of breast cancer, urothelial carcinoma, lymphoma, and melanoma.
Headquartered in Tokyo, Japan, Takeda Pharmaceutical Company Limited (NYSE:TAK) is a Japanese multinational pharmaceutical company founded in 1781. The company has a fully owned subsidiary called Takeda Oncology that deals with cancer treatments and inflammation. Some of its cancer medications include Mepact and Ninlaro.
18. Daiichi Sankyo Company Ltd. (TYO:4568)
Total Market Cap (As of October 8): $52.7B
Based in Tokyo, Daiichi Sankyo Limited (TYO:4568) is one of the largest pharmaceutical companies in Japan. Its primary focus is oncology and cardiovascular disease. Examples of the cancer medication produced by Daiichi Sankyo include Enhertu, Turalio, and Vanflyta.
Headquartered in London, England, GlaxoSmithKline plc. (NYSE:GSK) is a British multinational pharmaceutical company that was founded in 2000. The company produces medicinal drugs for numerous diseases including asthma, cancer, and diabetes. Some of the treatments for cancer that GSK plc. (NYSE:GSK) develops include drugs like Mercaptopurine and Thioguanine.
Next on our list of the top 30 oncology companies in the world is Regeneron Pharmaceuticals Inc. (NASDAQ:REGN). Based in Westchester County, New York, Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) is an American biotechnology company, which produces treatments for cancer, autoinflammatory conditions, and arthritis. Its flagship oncology product is called Zaltrap.
Based in Boston, Massachusetts, Boston, Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) is an American biopharmaceutical company founded in 1989. The company’s portfolio includes treatments for diseases including viral infections, inflammatory and autoimmune disorders, and different cancers.
Headquartered in Foster City, California, Gilead Sciences Inc. (NASDAQ:GILD) is an American biopharmaceutical company. The company focuses on the treatment of different viral diseases and cancer. For decades, Gilead Sciences Inc. (NASDAQ:GILD) has conducted extensive research on developing treatments for cancer, including the production of drugs like Tecartus, Trodelvy, and Yescarta.
Headquartered in Princeton, New Jersey, Bristol-Myers Squibb Company (NYSE:BMY) is an American multinational pharmaceutical company. The company boasts a diverse range of treatments for diseases including cancer, HIV/AIDS, cardiovascular disease, and diabetes. The company's oncology product line includes drugs like Abecma, Breyanzi, and Erbitux.
Based in Paris, Sanofi SA (NSYE:SNY) is a French pharmaceutical company founded in 1973. Some of its main areas of focus include the cardiovascular system, the central nervous system, diabetes, and oncology. In oncology, the company primarily develops drugs for the treatment of breast cancer, prostate cancer, and leukemia. Sanofi’s (NYSE:SNY) products for cancer-treatment include Zaltrap, Caprelsa, Eligard, and Fludara.
Based in Thousand Oaks, California, Amgen Inc. (NASDAQ:AMGN) is an American multinational biopharmaceutical company. The company focuses primarily on different types of cancer, including breast cancer, prostate cancer, and colorectal cancer. Amgen Inc. (NASDAQ:AMGN) produces numerous medicinal drugs to treat cancer including Vectibix and Blincyto. It is number 11 on our list of the top 30 oncology companies in the world.