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 global oncology devices market is expected to decline from $99.15 billion in 2019 to $96.3 billion in 2020 at a compound annual growth rate (CAGR) of -2.84%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $148.6 billion in 2023 at a CAGR of 15.54%.