Healthcare analysts Laing and Buisson claimed that the costs are likely to go up from 9.4billion pounds in 2010 to 15.3billion pounds by 2021.
It implies that the average cost of treating a cancer patient will increase from 30,000 pounds in 2010 to 40,000 pounds in 2021.
The leap is primarily because of Britain's ageing population, which is predicted to lead to a 20 per cent growth in cancer rates by 2021.
Other factors include the rising costs of treatments and technology.
"If we do not address the rising cost of cancer, we are unlikely to be able to afford the desired and expected level of cancer diagnosis and treatment over the next 10 years and beyond," The Cancer Diagnosis and Treatment: A 2021 Projection report, carried out for private healthcare firm Bupa, said.
"This possibility will mean that the UK's cancer survival rate could fall even further behind that of other developed countries," the report added.