At what pace is the oncology devices market growing, and what is its estimated value?
The oncology devices market size has grown rapidly in recent years. It will grow from $150.3 billion in 2024 to $178.95 billion in 2025 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to rising prevalence of cancer, growing aging population, increasing demand for personalized cancer treatments, genomic profiling.
The oncology devices market size is expected to see rapid growth in the next few years. It will grow to $346.48 billion in 2029 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to minimally invasive surgical techniques, biodegradable implants, global expansion of healthcare, value-based care models, digital health integration. Major trends in the forecast period include advancements in radiation therapy, early detection technologies, advancements in oncology devices, liquid biopsies, ai-powered decision support.
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What are the top drivers to the rising demand in the oncology devices market?
A growing number of cancer cases across the globe is anticipated to boost the demand for the oncology devices market. Cancer is a major health problem across the globe and is the second leading cause of death in the USA. The increasing incidence of cancer is contributing to the surge in demand for oncology devices to treat cancer patients. For instance, in October 2022, Macmillan Cancer Support, a UK-based health care charity organization, estimated that there were 3.5 million people will have cancer by 2025, 4 million by 2030, and 5.3 million by 2040. Therefore, the rise in cancer incidence is anticipated to boost the demand for the oncology drugs market.
How is the oncology devices market segmented?
The oncology devices market covered in this report is segmented –
1) By Device Type: Brachytherapy Devices, Endoscopic Devices
2) By Therapy: Chemotherapy, Hormone Therapy, Biotherapy/Immunotherapy, Radition Therapy
3) By End User: Hospitals, Cancer Research Institutes, Other End Users
Subsegments:
1) By Brachytherapy Devices: Afterloaders (High-Dose Rate (HDR) And Low-Dose Rate (LDR)), Applicators, Seeds, Accessories
2) By Endoscopic Devices: Endoscopes (Flexible, Rigid, Capsule), Endoscopic Ultrasound Systems, Endoscopic Accessories
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Who are the top competitors in the oncology devices market?
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.
What are the most influential trends expected to drive the oncology devices market forward?
Major companies operating in the oncology devices market are focusing on innovative products such as benchmark ultra plus system to drive revenues in their market. The benchmark ultra plus system is a fully automated and integrated platform used in pathology and diagnostic laboratories for various laboratory processes, including the preparation, staining, and imaging of tissue samples and slides. For instance, in June 2022, F. Hoffmann-La Roche AG, a Switzerland-based healthcare company that manufactures oncology devices launched the benchmark ultra plus system. This system comes with a number of advances, including updated software that is more user-friendly, remote monitoring capabilities, an integrated touchscreen for an improved user experience, and a more environmentally friendly waste system and product packaging. It can deliver high-quality, urgent results to physicians and patients because of its optimized workflow, testing effectiveness, and environmentally friendly features.
What are the major regional insights for the oncology devices market, and which region holds the top position?
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.
What Does The Oncology Devices Market Report 2025 Offer?
The oncology devices market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Oncology devices are medical instruments and technologies used in the diagnosis, treatment, and management of cancer. These devices are essential for detecting cancer early, monitoring its progression, delivering targeted treatments, and improving patient outcomes. They play a crucial role in various stages of cancer care, from screening and diagnosis to treatment and recovery.
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