Oncology Market Set to Nearly Triple: Here Are Five Companies Leading the Charge
MWN-AI** Summary
The global oncology market is poised for dramatic growth, expected to nearly triple from $279.98 billion in 2026 to around $748.17 billion by 2035. This expansion is largely fueled by the rising demand for cancer drug revenues, projected to reach $335.2 billion by 2033, spurred by advances in targeted therapies and immunotherapy. Five leading companies at the forefront of this transformation are Oncolytics Biotech (NASDAQ: ONCY), Exelixis (NASDAQ: EXEL), Eli Lilly (NYSE: LLY), Merck (NYSE: MRK), and Gilead Sciences (NASDAQ: GILD).
Oncolytics Biotech is focusing on registrational programs specifically in anal and colorectal cancer, with promising results suggesting a path toward FDA approval for its drug pelareorep. The company intends to streamline its clinical trials efficiently to maximize shareholder value.
Exelixis reported impressive product revenue growth from its cabozantinib franchise and is working toward FDA approval for zanzalintinib, aimed at treating metastatic colorectal cancer.
Eli Lilly's Retevmo showed significant improvements in event-free survival in patients with RET fusion-positive non-small cell lung cancer, further cementing its commitment to early-stage cancer treatment.
Merck received FDA approval for its PD-1 inhibitor KEYTRUDA, now set for use in platinum-resistant ovarian cancer, enhancing its portfolio as treatment options become increasingly critical for patients facing limited alternatives.
Gilead Sciences updated its Yescarta CAR T-cell therapy to include patients with relapsed or refractory primary central nervous system lymphoma, showcasing its therapeutic capabilities.
As cancer prevalence grows, the oncology market is evolving rapidly, with these companies playing pivotal roles in the industry's anticipated expansion.
MWN-AI** Analysis
The oncology market is poised for substantial growth, projected to expand from $279.98 billion in 2026 to approximately $748.17 billion by 2035. This rapid increase is driven primarily by a surge in demand for innovative cancer therapies, particularly targeted and immunotherapies. With cancer drug revenues anticipated to reach $335.2 billion by 2033, focusing investments on key players in this sector could yield significant returns.
Among the leaders in this rapidly evolving field are Oncolytics Biotech (NASDAQ: ONCY), Exelixis (NASDAQ: EXEL), Eli Lilly (NYSE: LLY), Merck (NYSE: MRK), and Gilead Sciences (NASDAQ: GILD). Each of these companies is strategically positioned to capitalize on the expanding market, primarily through novel drug developments and robust clinical pipelines.
Oncolytics Biotech has demonstrated promising results, particularly with its lead asset, pelareorep, now pursuing regulatory approval for challenging cancer indications. By focusing on high-efficacy treatments for rare cancers, Oncolytics offers a unique value proposition that could attract investor interest, especially as it plans to avoid shareholder dilution during its expansion plans.
Exelixis continues to reinforce its portfolio with its new NDA for zanzalintinib, a strong contender in the colorectal cancer space, potentially adding a second lucrative franchise to its lineup. Eli Lilly's advancements with Retevmo also highlight its commitment to improving outcomes in complex cancers, positioning itself as a market leader.
Furthermore, Merck’s KEYTRUDA continues to be a front-runner in immunotherapy, gaining critical regulatory approvals that enhance its competitive stance. Gilead’s Yescarta has expanded its reach with updated approvals, reinforcing its market share in CAR T-cell therapies.
Investors should consider these companies not just for their current positioning but also for their potential to innovate within the fast-growing oncology sector. As the market evolves, keeping an eye on clinical trial outcomes and regulatory approvals will be essential in identifying top-performing stocks in this lucrative landscape.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Canada NewsWire
Issued on behalf of Oncolytics Biotech Inc.
VANCOUVER, BC, Feb. 24, 2026 /CNW/ -- USA News Group News Commentary, The global oncology market is on track to nearly triple in value over the next decade, growing from $279.98 billion in 2026 to an estimated $748.17 billion by 2035[1]. Cancer drug revenues alone are projected to reach $335.2 billion by 2033, driven by a surge in targeted therapies and immunotherapy adoption[2]. Five companies advancing novel approaches in the oncology sector include Oncolytics Biotech (NASDAQ: ONCY), Exelixis (NASDAQ: EXEL), Eli Lilly (NYSE: LLY), Merck (NYSE: MRK), and Gilead Sciences (NASDAQ: GILD).
The immunotherapy drugs market is experiencing significant growth as rising cancer prevalence accelerates demand for targeted treatments and combination therapies[3]. The immuno-oncology segment specifically is forecast to expand from $65.22 billion in 2025 to $170.19 billion by 2032, representing a compound annual growth rate of 14.9%[4].
Oncolytics Biotech Inc. (NASDAQ: ONCY) recently announced its decision to focus on registrational programs in anal and colorectal cancer, concluding enrollment in the GOBLET gastrointestinal study after generating sufficient clinical and translational data to chart a clear path toward FDA approval.
The promising efficacy signal in GOBLET Cohort 4 has defined a clear registrational path for pelareorep in second-line and later squamous cell anal cancer, a setting where available therapies offer only limited benefit to patients. Oncolytics expects to meet with the FDA in mid-April to align on study design, and believes a clinical trial of well under 100 subjects will be sufficient to secure approval in this rare cancer indication.
With sufficient cash on hand to execute near-term milestones, the company expects to avoid immediate material dilution, redirecting capital from the GOBLET cohorts toward its highest-conviction registration programs.
"GOBLET has done its job successfully. We now know where pelareorep can make the greatest impact for patients and where we can pursue approval most efficiently," said Jared Kelly, CEO of Oncolytics Biotech. "Our disciplined strategy is to run registrational or registration-enabling studies with ruthless efficiency that can create maximum shareholder value without unnecessary dilution."
The registration push builds on pelareorep's recent Fast Track Designation from the FDA for second-line KRAS-mutant microsatellite-stable (MSS) metastatic colorectal cancer. Clinical data showed pelareorep combined with standard chemotherapy and Avastin® achieved a 33% response rate versus roughly 10% with chemotherapy and Avastin®, while median overall survival reached 27 months versus 11.2 months with standard treatment.
KRAS-mutant MSS colorectal cancer represents one of the hardest-to-treat populations, with limited options after first-line treatment fails. The global market for second-line treatment in this patient group runs between $3 billion and $5 billion annually. The company plans to launch a controlled study with the first clinical site activating in March and interim data expected by year-end 2026.
Pelareorep is also delivering strong results in anal cancer, where third-line patients achieved a 29% response rate with the median duration of response lasting around 17 months in a setting with no FDA-approved treatments. In second-line or later patients, the 30% response rate more than doubled the benchmark for the FDA-approved immunotherapy.
The company continues strengthening its leadership, having recently appointed John McAdory as EVP of Strategy and Operations and Yujun Wu as Head of Biostatistics. Kelly and Chief Business Officer Andrew Aromando both joined from Ambrx Biopharma, which sold to Johnson & Johnson for $2 billion in 2024.
CONTINUED… Read this and more news for Oncolytics Biotech at:
In other industry developments:
Exelixis (NASDAQ: EXEL) reported strong results for fiscal year 2025, with U.S. net product revenues from its cabozantinib franchise reaching $2.1 billion. The FDA accepted the company's New Drug Application for zanzalintinib in combination with atezolizumab for previously treated metastatic colorectal cancer.
"The team is highly motivated to build a second Exelixis oncology franchise with zanzalintinib and is working diligently to advance a first potential indication in metastatic colorectal cancer, following the recent acceptance of our New Drug Application by U.S. regulatory authorities," said Michael M. Morrissey, Ph.D., President and CEO of Exelixis.
The company has a target FDA action date of December 2026 for zanzalintinib, which could establish a second major oncology franchise.
Eli Lilly (NYSE: LLY) announced positive results from its Phase 3 LIBRETTO-432 trial, showing that Retevmo delivered a highly statistically significant improvement in event-free survival as adjuvant therapy in early-stage RET fusion-positive non-small cell lung cancer. The trial is the first randomized Phase 3 study to evaluate a selective RET kinase inhibitor in this population.
"We have consistently observed that cancer medicines can deliver their greatest impact when administered early in the course of a patient's treatment journey," said Jacob Van Naarden, executive vice president and president of Lilly Oncology.
The company plans to present detailed results at an upcoming medical congress and discuss findings with global health authorities.
Merck (NYSE: MRK) received FDA approval for KEYTRUDA and its subcutaneous formulation KEYTRUDA QLEX plus paclitaxel for adults with PD-L1-positive platinum-resistant ovarian cancer. KEYTRUDA is the first PD-1 inhibitor approved for platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal carcinoma.
"For many patients with ovarian cancer, the disease can become platinum-resistant, at which point recurrence is not just a setback, it's when options can become limited, and the reality patients face can change very quickly," said Dr. Bradley Monk, gynecologic oncologist at Florida Cancer Specialists and Research Institute.
The KEYNOTE-B96 trial demonstrated a 28% reduction in the risk of disease progression or death and a 24% reduction in the risk of death compared to placebo.
Gilead Sciences (NASDAQ: GILD) received an updated label for its Kite subsidiary's Yescarta CAR T-cell therapy, with the FDA removing previous limitations of use in relapsed or refractory primary central nervous system lymphoma. Yescarta is now the only CAR T-cell therapy approved for large B-cell lymphoma with this designation.
"This update to the axi-cel prescribing information provides clinicians with important evidence for patients who have historically had very limited treatment options," said Lakshmi Nayak, MD, Director of the Center for CNS Lymphoma at Dana-Farber Cancer Institute.
Article Source: https://usanewsgroup.com/2024/09/21/is-oncolytics-biotech-the-markets-most-undervalued-cancer-opportunity/
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SOURCES:
- https://www.pharmiweb.com/press-release/2026-02-19/oncology-market-value-to-more-than-double-reaching-usd-74817-billion-by-2035
- https://www.prnewswire.com/news-releases/oncologycancer-drugs-market-to-reach-335-2-billion-by-2033-globally-at-7-2-cagr-allied-market-research-302683974.html
- https://www.globenewswire.com/news-release/2026/02/17/3239494/28124/en/Immunotherapy-Drugs-Market-Research-and-Forecast-Report-2020-2025-2025-2026-with-Analyst-Recommendations-Adoption-of-AI-in-Drug-Discovery-Combination-Therapies.html
- https://www.openpr.com/news/4395526/immuno-oncology-market-set-for-remarkable-expansion-as
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FAQ**
How is Merck & Company Inc. MRK addressing the challenges in the treatment of platinum-resistant ovarian cancer through its recent FDA approval of KEYTRUDA QLEX?
What strategies are Merck & Company Inc. MRK implementing to capitalize on the growth forecast for the immuno-oncology market as it expands rapidly?
With the oncology market set to nearly triple, how does Merck & Company Inc. MRK plan to maintain its competitive edge against other leading companies in the sector?
In what ways could the success of KEYTRUDA influence Merck & Company Inc. MRK's future research and development initiatives in oncology?
4. Considering the competitive landscape, how does Gilead Sciences Inc. (GILD) differentiate itself from other key players in the oncology market, especially regarding its innovative treatment approaches?
**MWN-AI FAQ is based on asking OpenAI questions about Oncolytics Biotech Inc. (NASDAQ: ONCY).
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