Oncology Market Size, Share, Growth Analysis, By Cancer Diagnostics & Treatment(Cancer Diagnostics {Tumor Biomarker Test, Imaging, Biopsy, Liquid Biopsy), By Cancer Type(Lung Cancer, Prostate Cancer, Colon & Rectal Cancer, Gastric Cancer), By End Use(Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Academia), By Region - Industry Forecast 2024-2031

North America holds the leading position in the oncology market in 2023, based on the massive number of cases of cancer prevalent in significant markets such as the United States. According to the American Cancer Society, more than 606,520 deaths were caused due to cancer in 2020 and over 1.8 million new cases of cancer were reported in the United States. The most frequently diagnosed cancer types are breast cancer, prostate cancer, colorectal cancer, and lung cancer in this region. In North America, the oncology market is expected to be led due to an advanced system of healthcare, high expenditures on health care, and a rapid embrace of new therapies used in the treatment of cancers. Interestingly, the incidence of deaths from cancer has declined by nearly 29% over the last two decades since these drugs have been in use since 1991. 

Over the projection period, Europe is predicted to be the most promising oncology market. Prime growth drivers for this expansion are the technological improvements in cancer diagnosis, particularly more accurate instruments in imaging and genetic testing. In addition, the rising incidence and mortality rate of cancer in Europe drives the demand for better diagnosis and treatment. The European Commission has estimated that in 2020, there were approximately 1.3 million deaths from cancer and 2.7 million new cases of cancer diagnosed in Europe. Further growth in the European oncology industry is expected with improvements in preventive and treatment methods, and the steady development of healthcare systems across the continent.