Global Oncology Devices Market Forecast To 2023
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%. A growing number of cancer cases across the globe is anticipated to boost the demand for the oncology devices market. However, the low per capita expenditure on healthcare in developing countries is anticipated to limit the growth of the oncology devices market.
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.
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The global oncology devices market is further segmented based on type and geography.
By Device Type: Brachytherapy Devices, Endoscopic Devices
By Therapy: Chemotherapy, Hormone Therapy, Biotherapy/Immunotherapy, Radiation Therapy
By End User: Hospitals, Cancer Research Institutes, Others.
By Geography: The global oncology devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American oncology devices market accounts for the largest share in the global oncology devices market.
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Trends In The Oncology Devices Market
Major companies in the market, research institutes and governments are continuously focusing on developing new devices to treat cancer patients.
Oncology Devices Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides oncology devices market overviews, analyzes and forecasts oncology devices market size and growth for the global oncology devices market, oncology devices market share, oncology devices market players, oncology devices market size, oncology devices market segments and geographies, oncology devices market trends, oncology devices market drivers and oncology devices market restraints, oncology devices market’s leading competitors’ revenues, profiles and market shares. The oncology devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.