An updated edition of the August 26, 2026, article.
The global oncology market is evolving rapidly, fueled by rising cancer incidence, aging populations and continued medical advances. According to the American Cancer Society, the United States is projected to record nearly 2.1 million new cancer cases and more than 626,000 cancer deaths in 2026. Worldwide, demographic shifts and risk factors such as smoking, obesity and physical inactivity are contributing to the growing cancer burden and increasing demand for treatments.
Meanwhile, advances in medical science are transforming cancer care. Immunotherapies, targeted medicines and personalized cancer vaccines are expanding treatment options beyond conventional chemotherapy and radiation. Approaches such as checkpoint inhibitors, CAR-T therapies, therapeutic vaccines and oncolytic viruses offer new ways to fight cancer. Targeted drugs address specific genetic or molecular changes, while personalized vaccines aim to tailor treatment to individual patients.
Genomic sequencing, artificial intelligence and machine learning are also improving biomarker identification, patient selection and diagnostic precision. While a universal cure remains elusive, advances in screening, early detection and treatment are helping improve survival and patient outcomes across several cancer types.
Pharmaceutical companies are making oncology a key growth priority, investing heavily in R&D and expanding their pipelines. Industry leaders such as Novartis NVS, AstraZeneca AZN, J&J JNJ, Pfizer PFE, AbbVie ABBV, Merck, Bristol Myers Squibb and Eli Lilly are developing innovative treatments, including antibody-drug conjugates (ADCs), bispecific antibodies and next-generation immunotherapies. Smaller biotech companies are also contributing to innovation, with their novel targets and technologies attracting partnerships, licensing deals and acquisition interest.
Ongoing scientific advances, unmet medical needs and an expanding range of treatment options make oncology an important long-term growth area for the healthcare industry, creating potential opportunities for pharmaceutical companies and investors.
With our thematic screens, you can easily spot stocks tied to trends shaping the future of investing. For those looking to gain exposure to the oncology space, companies such as Pfizer, Merit Medical Systems MMSI and Abbott Laboratories ABT may be worth evaluating as part of a forward-looking portfolio strategy.
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Pfizer is one of the world’s leading oncology drugmakers with a broad portfolio of marketed cancer therapies as well as a deep oncology pipeline spanning multiple treatment modalities, including small molecules, antibody-drug conjugates (ADCs) and immuno-oncology biologics.
Oncology sales comprise around 27% of its total revenues. Its oncology revenues grew 5% in the first half of 2026, driven by drugs like Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev. Pfizer considers Padcev to be a potential growth driver in the oncology segment and plans to invest in this asset.
Pfizer has ventured into the oncology biosimilars space and markets six biosimilars for cancer. It is also advancing its oncology clinical pipeline across areas such as breast, thoracic, gastrointestinal and blood cancers. Several oncology candidates have entered late-stage development, such as atirmociclib (a selective CDK4 inhibitor for HR-positive/HER2-negative breast cancer), sigvotatug vedotin (an antibody-drug conjugate for first-line metastatic non-small cell lung cancer) and mevrometostat (an EZH2 inhibitor being developed in combination with enzalutamide for prostate cancer).
A key candidate in its oncology pipeline is PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025. Pfizer has initiated nine studies, including two pivotal phase III studies for PF-08634404 in first-line metastatic colorectal cancer and first-line NSCLC. Pfizer aims to establish PF-08634404 as a potential backbone therapy across multiple tumor types. By 2030, Pfizer expects to have eight or more blockbuster oncology medicines in its portfolio.
Pfizer has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Merit Medical Systems’ oncology business is becoming an increasingly important part of its Therapeutic portfolio, although it is still relatively small compared with the company’s overall revenue base.
Merit Medical Systems’ oncology portfolio includes SCOUT and SCOUT MD for wire-free tumor localization, OneMark for lesion marking during breast biopsies, soft-tissue biopsy devices, SAVI for partial-breast brachytherapy, and interventional oncology products such as Embosphere and HepaSphere microspheres.
Its oncology revenues grew 7% to $49.3 million in the first half of 2026. The launch of SCOUT MD and the addition of the OneMark system from the April 2026 acquisition of View Point Medical have significantly expanded the addressable market for Merit’s oncology products.
Management estimates the U.S. oncology opportunity to increase from about 400,000 to 1.3 million procedures annually, supporting potentially stronger oncology growth over the next few years.
MMSI has a Zacks Rank #2.
Abbott has expanded its cancer portfolio significantly through its acquisition of Exact Sciences, a cancer diagnostics company, in March 2026, adding cancer screening, precision oncology and disease-monitoring tests to its existing diagnostic products and oncology biosimilars. Its key cancer diagnostics include Cologuard, a noninvasive stool-based test for colorectal cancer screening; Cancerguard, a blood-based multi-cancer early-detection test designed to screen for signals of more than 50 cancer types; Oncotype DX, which helps guide treatment decisions for patients with certain early-stage breast cancers and colon cancer by assessing recurrence risk and potential treatment benefit; and Oncodetect, a tumor-informed molecular residual disease (MRD) test that detects traces of cancer DNA to help monitor recurrence.
Abbott also offers hereditary cancer testing through Riskguard. In addition, its international pharmaceutical business includes oncology biosimilars and biologic treatments, such as bevacizumab and trastuzumab biosimilars, used for certain solid tumors.
Cancer diagnostics sales grew 13% to $919 million in the second quarter of 2026, supported by Cologuard and precision oncology.
Abbott's key cancer pipeline opportunities are next-generation blood-based colorectal cancer tests, improved MRD testing platforms to detect cancer recurrence, and screening technologies targeting cancers such as liver cancer, for which routine screening options remain limited.
Abbott has a Zacks Rank of 2.
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This article originally published on Zacks Investment Research (zacks.com).