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, Roche Diagnostics, and IBA Group.
The global oncology devices market is expected to grow from $91.47 billion in 2021 to $107.81 billion in 2022 at a compound annual growth rate (CAGR) of 17.9%. The market is expected to grow to $216.35 billion in 2026 at a compound annual growth rate (CAGR) of 19%.
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.
The main device types of oncology devices are brachytherapy devices and endoscopic devices.Endoscopic devices are medical devices used in the diagnosis, management, and treatment of cancer.
It is utilized to look internally at a body cavity or organ. These are used in various therapies such as chemotherapy, hormone therapy, biotherapy/immunotherapy, and radiation therapy that are used by various end-users such as hospitals, cancer research institutes, and others.
North America was the largest region in the oncology devices market in 2021.Asia Pacific was the second largest region in the oncology devices market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 capita expenditure on healthcare is very low in emerging economies such as China, India, and Indonesia as compared to developed nations.
For instance in 2020, according to India total per capita, government spending on healthcare has almost doubled from ?1,008 per person in the year 15 to ?1,944 in for the year 2020 but is still low. The total expenditure by the Centre and states for the year 2020 was ?2.6 trillion, or 1.29% of GDP, as well as establishment expenditure comprising salaries, gross budgetary help to different institutions and hospitals, and transfers to states centrally sponsored schemes like Ayushman Bharat.
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.
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.
The countries covered in the oncology devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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