Oncology Devices Market Pegged for Robust Expansion by 2026
Oncology is a branch of science that investigates cancer cells. The oncology devices market comprises medical devices that help in the diagnosing and treating of cancer diseases. Cancer screening and detection at an early stage are crucial for the successful treatment of cancer.
Based on device type, the oncology devices market can be classified into brachytherapy devices and endoscopic devices. The endoscopic devices segment is projected to account for a major share of the market due to growing preference for these devices among doctors for screening of the infected site, which helps in the early detection of cancer. In terms of application, the oncology devices market can be segmented into external radiation beam therapy, systemic radiation therapy, and the brachytherapy. The external radiation beam therapy segment is expected to grow at a significant rate during the forecast period as the therapy effectively works on cancerous cells and shrinks tumors in a short span of time. In terms of end-user, the oncology devices market can be divided into hospitals and research institutes. The hospitals segment is expected to hold a considerable share of the market during the forecast period due to rise in rate of hospitalization for cancer treatment and a wide range of services offered by hospitals under one roof.
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Growth of the oncology devices market is majorly driven by rise in demand for these devices from the ever-growing number of patients affected with different types of cancer, such as, breast, colorectal, and lung cancer. According to a report published by WHO, 2018, lung cancer is the predominant among cancers and caused approximately 1.69 million deaths in 2015. Increase in consumption of tobacco products in developing nations, particularly in Brazil, India, China, is a major cause of lung cancer in the world. However, high cost of oncology devices, stringent approval processes required for products, and side-effects of the therapy, such as local swelling, local bruising, etc. are anticipated to hamper the global oncology devices market in the next few years.
In terms of region, the global oncology devices market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global oncology devices market. The region is projected to account for a significant share of the global oncology devices market during the forecast period due to rise in incidence of cancer. 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.
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Growth in cancer population and availability of favorable reimbursement policies for diagnosis of cancer are the key factors anticipated to drive the oncology devices market in Europe from 2018 to 2026. Increase in prevalence of cancer among the tobacco-consuming population and rise in adoption of advanced diagnostic tools in the health care system in Asia Pacific are anticipated to fuel the oncology devices market in the region during the forecast period. Moreover, rise in adoption rate of advanced devices in hospitals and well-developed hospital infrastructure in countries such as Japan and China are attracting market players to these countries. Rise in disposable income of people, growing incidence of cancer and availability of modern diagnostic procedures, and favorable health care infrastructure are likely to augment the oncology devices market in Middle East & Africa during the forecast period.
Major players operating in the global oncology devices market include Eckert & Ziegler BEBIG, Oncura Inc, GE Healthcare, Medtronic plc, Varian Medical Systems, Inc., Elekta AB (pub), Theragenics Corporation, and Accuray Incorporated.