The global oncology devices market is expected to grow during the forecast period owing to the increasing prevalence of cancer globally and the healthcare expenditure level of the patients. According to W.H.O, cancer accounted for approximately 8.2 million deaths worldwide in 2013. However, stringency in regulatory policies related to medical devices is expected to impede the growth of the market.
The oncology devices market can be studied with respect to two broad segments based on diagnosis and therapeutics. The therapeutic segment is divided into chemotherapy, hormone therapy, biotherapy, and radiation therapy. The diagnosis segment is sub-segmented into biopsy, imaging, endoscopy, and blood tests. The endoscopy segment is identified to be one of the major revenue-generating segments owing to the benefits such as minimally invasive and cost-effective in nature. Operative endoscopy devices are expected to be one of the fastest-growing segments. Biotherapy or biotech drugs are gaining popularity owing to its effectiveness. Radiation therapy was identified as one of the major markets in 2013 owing to the greater usage rate. Similarly, chemotherapy is also expected to exhibit a notable growth in the forecast period. Early detection of cancer can be instrumental in reducing cancer fatalities, hence R&D is going on to develop devices and technologies which would be helpful in the early prognosis of cancer.
Geographically, the oncology devices market is studied with respect to four regions such as North America, Europe, Asia Pacific, and RoW. The higher prevalence rate of cancer along with advanced healthcare infrastructure and supportive reimbursement policies have helped North America to be the most mature market in 2013. European market is expected to follow North American market. Asia Pacific market is expected to be the most lucrative market owing to increasing penetration, untapped opportunity, increasing patient & healthcare professionals awareness levels and rapidly improvising healthcare infrastructure in emerging economies such as China & India.
The oncology devices market has few prominent players investing majorly on R&D. Prominent players studied in this market include Accuray, GE healthcare, Oncura Inc, Eckert and Ziegler Bebig, IBA group, PLC, Biogenex Laboratories Varian Medical Systems, C.R Bard Inc., Roche diagnostics, Elekta AB, and Theragenics Corporation.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
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