Oncology Medical Devices Market: Global Upcoming Trends, Growth Drivers, Opportunities, Challenges & Forecast Till 2027

According to a recently published report by Research Nester on “Global Oncology Medical Devices Market Outlook: Industry Insights & Opportunity Assessment 2019–2027”delivers detailed overview of the global oncology medical devices market in terms of market segmentation by product, by therapeutic, by diagnosis, by end user and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The number of patients affected by different types of cancer such as lung, colorectal and breast cancer are increasing day by day due to different reasons.  According to WHO, there were 9.6 million deaths which were recorded in 2018 across the globe and the most common cancer were lung cancer (1.76 million deaths) and the breast cancer (627,000 deaths). The oncology medical devices prove very helpful in diagnosis and treatment of cancer which is estimated to boost the growth of the global oncology medical devices market over the period 2019-2027.

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The market is segmented by product, application, therapeutic and diagnosis, and end user. On the basis of end user, the hospitals segment is anticipated to have significant growth on account of rise in rate of hospitalization for cancer treatment and a wide range of services offered by hospitals at a one place. The product segment is divided into brachytherapy devices and endoscopic devices. The therapeutic segment is divided into chemotherapy, hormone therapy and biotherapy and radiation therapy. The diagnosis segment is divided into biopsy, imaging, endoscopy and blood tests.

Increase in Consumption of Tobacco Products to Boost the Demand for Oncology Medical Devices in the Near Future

The global oncology medical devices market is thriving on the back of increase in consumption of tobacco products. In developing countries such as Brazil, China and India, the people who are consuming tobacco products are increasing which causes which is a major cause of lung cancer among the patient population.

North America is expected to hold a major share in the market during the forecast period owing to rise in incidences of cancer in the region. According to the National Cancer Institute, in 2017, almost 1.73 million new cancer cases were diagnosed in the U.S. Moreover, in 2017, an estimated 15,270 children and adolescents under 19 years of age were diagnosed with cancer. Europe is expected to grow at a significant rate on the back of growth in cancer population and availability of favorable reimbursement policies for diagnosis of cancer.

Asia Pacific is expected to grow attributing to increase in cancer among the tobacco-consuming population, rise in adoption of advanced devices in hospitals and well-developed hospital infrastructures. Middle East & Africa are expected to grow owing to rise in disposable income of people, growing incidence of cancer and availability of modern diagnostic procedures, and favorable health care infrastructure.

Since the oncology devices are used to treat and diagnose cancer, it is very important that the device should give proper information and possess up to date technology so that later there should not be any discrepancy. The oncology medical devices are used for the diagnosis and treatment of cancer which is a fatal disease. There can be side effects of the therapy such as local swelling, local bruising, and others. These factors can inhibit the growth of the oncology medical devices market.

This report also provides the existing competitive scenario of some of the key players of the global oncology medical devices market which includes company profiling of Accuray, GE Healthcare, Oncura Inc., Eckert and Ziegler Bebig, IBA Group, PLC, Biogenex Laboratories Varian Medical System, C.R Bard Inc., Roche Diagnostics and Elekta AB.

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global oncology medical devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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