PUBLISHER: The Business Research Company | PRODUCT CODE: 1387736
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387736
“Oncology Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oncology devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oncology devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The oncology devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Oncology devices are specialized medical devices utilized for the diagnosis, management, and treatment of cancer.
The primary device categories within the field of oncology devices include brachytherapy devices and endoscopic devices. Endoscopic devices serve a critical role in the diagnosis, management, and treatment of cancer by allowing healthcare professionals to visually inspect the internal body cavities and organs for abnormalities. These devices find applications in various cancer therapies, including chemotherapy, hormone therapy, biotherapy/immunotherapy, and radiation therapy. They are employed by a range of end-users, including hospitals, cancer research institutes, and other medical facilities dedicated to cancer care and research.
The oncology devices market research report is one of a series of new reports from The Business Research Company that provides oncology devices market statistics, including oncology devices industry global market size, regional shares, competitors with a oncology devices market share, detailed oncology devices market segments, market trends and opportunities, and any further data you may need to thrive in the oncology devices industry. This oncology devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oncology devices market size has grown rapidly in recent years. It will grow from $128.46 billion in 2023 to $153.93 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth observed during the historic period in the field of oncology devices can be attributed to several key factors, including the rising prevalence of cancer cases, the growing aging population, an increasing demand for personalized cancer treatments, and the use of genomic profiling to tailor therapies to individual patients. These factors have driven advancements in oncology devices and the delivery of cancer care.
The oncology devices market is poised for rapid growth in the coming years, with a projected size of $298.31 billion by 2028, exhibiting a robust compound annual growth rate (CAGR) of 18.0%. Several factors are contributing to this anticipated growth, including the increasing adoption of minimally invasive surgical techniques, the development of biodegradable implants, the global expansion of healthcare services, the implementation of value-based care models, and the integration of digital health technologies into cancer care. Key trends in the forecast period include advancements in radiation therapy techniques, the emergence of early cancer detection technologies, innovations in oncology devices, the use of liquid biopsies for diagnosis, and the integration of AI-powered decision support systems to enhance cancer diagnosis and treatment.
The rising number of cancer cases worldwide is expected to drive the demand for oncology devices. Cancer remains a significant global health concern and ranks as the second leading cause of death in the USA. The increasing incidence of cancer is fueling the need for oncology devices to manage and treat cancer patients. The most common types of cancer globally, including prostate, lung, bowel, and female breast cancer, collectively account for 43% of new cancer cases. In 2021, the American Cancer Society reported 1.9 million new cases and 608,570 cancer-related deaths in the USA. Consequently, the uptick in cancer cases is projected to stimulate the demand for oncology devices.
The growing demand for chemotherapy is set to propel the oncology devices market's expansion. Chemotherapy is a systemic treatment method targeting rapidly dividing cells, including cancer cells. Oncology devices play a crucial role in chemotherapy by ensuring precise drug delivery, reducing systemic toxicity and side effects, and enhancing treatment effectiveness. For example, projections from Healthcare IT News in February 2022 suggest that the demand for cancer chemotherapy will rise from 10 million to 15 million by 2040. Hence, the increasing need for chemotherapy is a driving force behind the growth of the oncology devices market.
The limited per capita healthcare expenditure in developing nations may act as a constraint on the oncology devices market. Emerging economies like China, India, and Indonesia exhibit significantly lower per capita healthcare spending compared to developed countries. For instance, data from the Health System Tracker in February 2023 reveals that the USA spent $12,914 per person on healthcare in 2021.
Leading companies in the oncology devices market are actively focusing on innovative products like the benchmark ultra plus system to enhance their revenues. The benchmark ultra plus system is an integrated, fully automated platform used in pathology and diagnostic laboratories for various laboratory processes, including sample and slide preparation, staining, and imaging. In June 2022, F. Hoffmann-La Roche AG, a Swiss healthcare company specializing in oncology devices, launched the benchmark ultra plus system. This system comes with several improvements, such as user-friendly software, remote monitoring capabilities, an integrated touchscreen for an enhanced user experience, and more eco-friendly waste management and product packaging. These enhancements enable the system to provide high-quality and timely results to physicians and patients by optimizing workflow, testing efficiency, and environmental sustainability.
Prominent companies in the market, alongside research institutions and governments, maintain a steadfast commitment to developing novel devices for the treatment of cancer patients. A prime example of such innovation is AIROS Medical Inc., a USA-based medical technology company, which introduced the AIROS 6 sequential compression therapy device and garment system designed to aid breast cancer patients. This advanced technology has expanded treatment options for upper extremity post-mastectomy care, particularly for patients dealing with lymphedema.
In May 2021, GE Healthcare, a manufacturer of medical devices headquartered in the USA, completed the acquisition of Zionexa for an undisclosed sum. This strategic acquisition positions GE Healthcare to advance the development of more personalized cancer treatments. Zionexa, a French company, specializes in the development of biomarkers for cancer and neurology, contributing to the evolution of tailored therapies for patients.
Major companies operating in the oncology devices market include Eckert & Ziegler BEBIG GmbH, Oncura Inc., GE Healthcare, Medtronic PLC, Varian Medical Systems Inc., Elekta AB, Theragenics Corporation, Accuray Incorporated, Roche Diagnostics, IBA Group, Biogenex Laboratories, Becton Dickinson and Company, Siemens Healthineers, Philips Healthcare, Hologic Inc., IBA AG, ViewRay Inc., Canon Medical Systems Corporation, Brainlab, PerkinElmer, RaySearch Laboratories, Mevion Medical Systems, Vision RT, IsoRay, RefleXion Medical, Alpha Tau Medical, Nanobiotix, Mirada Medical Ltd., Navidea Biopharmaceuticals Inc.
North America was the largest region in the oncology devices market in 2023. Asia-Pacific was the second-largest region in the oncology devices market report. The regions covered in the oncology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the oncology devices market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The oncology devices market consists of sales of brachytherapy devices and endoscopic devices. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.