Oncology Devices Global Market Report 2021: COVID 19 Growth And Change to 2030

Oncology Devices Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071087 •
  • Format: PDF
Major players in the oncology devices market are Eckert & Ziegler BEBIG, Oncura Inc, GE Healthcare, Medtronic plc, Varian Medical Systems Inc, Elekta AB, Theragenics Corporation, Accuray Incorporated, and Roche Diagnostics.

The global oncology devices market is expected to grow from $96.335 billion in 2020 to $110.44 billion in 2021 at a compound annual growth rate (CAGR) of 14.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $196.963 billion in 2025 at a CAGR of 16%.

The oncology devices market consists of sales of oncology devices and related services provided by the manufacturer of oncology devices.Oncology is a branch of science that investigates cancer cells.

Oncology devices are medical devices used in the diagnosis, management, and treatment of cancer including breast cancer, lung cancer, pancreatic cancer, blood cancer, ovarian cancer, gastric cancer, skin cancer, kidney cancer, and brain tumor.

Major companies in the market, research institutes and governments are continuously focusing on developing new devices to treat cancer patients. For instance, AIROS Medical Inc., a medical technology company based in the USA, launched AIROS 6 sequential compression therapy device and garment system to treat breast cancer patients. The advanced technology expanded upper extremity post-mastectomy treatment options for patients with lymphedema.

The oncology devices market covered in this report is segmented by device type into brachytherapy devices; endoscopic devices. It is also segmented by therapy into chemotherapy; hormone therapy; biotherapy/immunotherapy; radiation therapy and by end user into hospitals; cancer research institutes; others.

In June 2019, Varian Medical Systems, a US-based company that specializes in radiation oncology treatment and software, announced the acquisition of Endocare, Inc., and Alicon for $185 million. With the acquisition of Endocare Inc. and Alicon, Varian Medical Systems plans to expand its cancer care solutions. Endocare, Inc. is a US-based company that offers systems and disposables for cryoablation and microwave ablation. Alicon is a company based in China and engaged in making embolic therapy for treating liver cancer.

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 the demand for oncology devices to treat cancer patients.The four most common types of cancer globally are prostate, lung, bowel, and female breast cancer, accounting for 43% of all the new cancer cases.

According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. Therefore, the rise in cancer incidence is anticipated to boost the demand for the oncology drugs market.

The low per capita expenditure on healthcare in developing countries is anticipated to limit the growth of the oncology devices market.The per capital expenditure on healthcare is very low in emerging economies such as China, India, and Indonesia as compared to developed nations.

For instance, in 2018, the per capita expenditure in the USA was estimated at $10,586, which was much higher than per capita healthcare expenditure in countries such as India - $209, Indonesia - $301, and China - $688. Low per capita healthcare expenditure is a key restraint for the oncology devices market expansion over the forthcoming years.